Lyft (NASDAQ:LYFT) PT Raised to $19.00

Lyft (NASDAQ:LYFT) had its target price hoisted by equities research analysts at Sanford C. Bernstein from $15.00 to $19.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “market perform” rating on the ride-sharing company’s stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 8.08% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company boosted their price objective on shares of Lyft from $15.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Monday, April 8th. Piper Sandler upped their price target on Lyft from $17.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, March 15th. DA Davidson lifted their price objective on Lyft from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Wednesday. UBS Group raised their price target on Lyft from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Finally, Wedbush upped their price target on shares of Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $16.04.

Lyft Stock Up 5.9 %

Shares of NASDAQ:LYFT traded up $0.98 during trading on Wednesday, hitting $17.58. The stock had a trading volume of 23,748,348 shares, compared to its average volume of 16,426,936. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55. Lyft has a 12 month low of $7.85 and a 12 month high of $20.82. The company has a market capitalization of $7.03 billion, a PE ratio of -19.51 and a beta of 2.05. The firm’s fifty day moving average is $17.75 and its 200 day moving average is $14.58.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.14. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Analysts anticipate that Lyft will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Lyft news, President Kristin Sverchek sold 5,670 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total value of $85,163.40. Following the transaction, the president now directly owns 633,950 shares in the company, valued at $9,521,929. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Logan Green sold 11,867 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $15.69, for a total transaction of $186,193.23. Following the completion of the transaction, the director now directly owns 346,341 shares in the company, valued at approximately $5,434,090.29. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Kristin Sverchek sold 5,670 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total transaction of $85,163.40. Following the sale, the president now owns 633,950 shares in the company, valued at approximately $9,521,929. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 280,526 shares of company stock valued at $5,358,031. 3.16% of the stock is owned by insiders.

Institutional Trading of Lyft

A number of hedge funds and other institutional investors have recently modified their holdings of LYFT. Charles Schwab Investment Management Inc. boosted its stake in Lyft by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,488,609 shares of the ride-sharing company’s stock worth $36,770,000 after purchasing an additional 1,043,719 shares during the period. Invesco Ltd. lifted its stake in Lyft by 21.3% in the 3rd quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock worth $46,647,000 after purchasing an additional 778,563 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Lyft by 3.7% during the third quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock valued at $331,562,000 after purchasing an additional 1,135,036 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of Lyft in the third quarter worth about $1,224,000. Finally, Canada Pension Plan Investment Board lifted its position in shares of Lyft by 123.4% in the third quarter. Canada Pension Plan Investment Board now owns 1,208,700 shares of the ride-sharing company’s stock worth $12,740,000 after buying an additional 667,600 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

About Lyft

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. The company's platform provides a ridesharing marketplace, which connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.