Piper Sandler Increases Lyft (NASDAQ:LYFT) Price Target to $23.00

Lyft (NASDAQ:LYFT) had its price target raised by Piper Sandler from $22.00 to $23.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the ride-sharing company’s stock. Piper Sandler’s price objective would indicate a potential upside of 30.83% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. TD Cowen raised their target price on shares of Lyft from $10.00 to $12.00 and gave the company a “market perform” rating in a research note on Monday, January 22nd. Royal Bank of Canada raised shares of Lyft from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $17.00 to $23.00 in a report on Monday, March 4th. Barclays raised their price target on shares of Lyft from $14.00 to $17.00 and gave the company an “equal weight” rating in a research report on Thursday, February 15th. Wedbush upped their price objective on shares of Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Argus upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $16.04.

Lyft Stock Up 5.9 %

LYFT stock traded up $0.98 during trading on Wednesday, hitting $17.58. 23,748,348 shares of the company’s stock traded hands, compared to its average volume of 16,426,936. The business has a fifty day simple moving average of $17.75 and a two-hundred day simple moving average of $14.58. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55. The firm has a market capitalization of $7.03 billion, a P/E ratio of -19.51 and a beta of 2.05. Lyft has a 1 year low of $7.85 and a 1 year high of $20.82.

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

Insider Buying and Selling at Lyft

In other news, President Kristin Sverchek sold 5,670 shares of Lyft stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total transaction of $85,163.40. Following the completion of the sale, the president now directly owns 633,950 shares of the company’s stock, valued at approximately $9,521,929. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Logan Green sold 11,867 shares of Lyft stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $15.69, for a total transaction of $186,193.23. Following the sale, the director now directly owns 346,341 shares in the company, valued at approximately $5,434,090.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Kristin Sverchek sold 5,670 shares of Lyft stock in a transaction 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 $9,521,929. The disclosure for this sale can be found here. Insiders sold 280,526 shares of company stock valued at $5,358,031 in the last 90 days. Company insiders own 3.16% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several hedge funds and other institutional investors have recently bought and sold shares of LYFT. Charles Schwab Investment Management Inc. increased its stake in Lyft by 42.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,488,609 shares of the ride-sharing company’s stock valued at $36,770,000 after purchasing an additional 1,043,719 shares during the period. Invesco Ltd. grew its position in shares of Lyft by 21.3% in the third quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock valued at $46,647,000 after purchasing an additional 778,563 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Lyft by 3.7% in 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 during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Lyft in the third quarter valued at approximately $1,224,000. Finally, Canada Pension Plan Investment Board grew 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 valued at $12,740,000 after purchasing an additional 667,600 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Lyft Company Profile

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.