LYFT Inc (NASDAQ:LYFT) Receives Average Recommendation of “Buy” from Brokerages

LYFT Inc (NASDAQ:LYFT) has been assigned an average rating of “Buy” from the forty brokerages that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and twenty-nine have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $69.88.

Several brokerages have recently commented on LYFT. Piper Jaffray Companies lowered their price objective on LYFT from $79.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 3rd. Citigroup increased their target price on LYFT from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Morgan Stanley began coverage on LYFT in a research note on Thursday, October 24th. They set an “equal weight” rating and a $50.00 target price on the stock. Deutsche Bank initiated coverage on LYFT in a research note on Thursday, September 5th. They set a “buy” rating and a $70.00 target price on the stock. Finally, JPMorgan Chase & Co. set a $90.00 price target on LYFT and gave the stock a “buy” rating in a report on Friday, August 23rd.

In related news, General Counsel Kristin Sverchek sold 4,500 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.00, for a total transaction of $216,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President John Patrick Zimmer sold 39,037 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $43.60, for a total value of $1,702,013.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 261,909 shares of company stock worth $11,623,677.

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of LYFT by 2,285.8% in the second quarter. Vanguard Group Inc. now owns 3,329,568 shares of the ride-sharing company’s stock valued at $218,786,000 after acquiring an additional 3,190,012 shares during the period. Nuveen Asset Management LLC bought a new position in LYFT during the 2nd quarter valued at about $175,033,000. BlackRock Inc. grew its holdings in LYFT by 24.2% during the 2nd quarter. BlackRock Inc. now owns 1,758,948 shares of the ride-sharing company’s stock valued at $115,581,000 after purchasing an additional 343,209 shares during the last quarter. Baillie Gifford & Co. grew its holdings in LYFT by 73.5% during the 2nd quarter. Baillie Gifford & Co. now owns 1,735,207 shares of the ride-sharing company’s stock valued at $114,021,000 after purchasing an additional 735,207 shares during the last quarter. Finally, Invesco Ltd. raised its position in LYFT by 112.5% in the 2nd quarter. Invesco Ltd. now owns 1,713,033 shares of the ride-sharing company’s stock worth $112,564,000 after purchasing an additional 906,762 shares during the period. Institutional investors and hedge funds own 43.94% of the company’s stock.

LYFT opened at $45.20 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.49 and a current ratio of 1.49. LYFT has a fifty-two week low of $37.07 and a fifty-two week high of $88.60. The firm’s fifty day moving average is $44.46 and its 200 day moving average is $52.02.

LYFT (NASDAQ:LYFT) last issued its earnings results on Wednesday, October 30th. The ride-sharing company reported ($1.57) earnings per share for the quarter, topping the consensus estimate of ($1.66) by $0.09. The firm had revenue of $955.60 million during the quarter, compared to the consensus estimate of $915.15 million. The firm’s quarterly revenue was up 63.4% on a year-over-year basis. Equities analysts forecast that LYFT will post -10.59 earnings per share for the current fiscal year.

About LYFT

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders.

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Analyst Recommendations for LYFT (NASDAQ:LYFT)

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