Lyft (NASDAQ:LYFT) Given New $13.00 Price Target at Truist Financial

Lyft (NASDAQ:LYFT) had its price target trimmed by Truist Financial from $18.00 to $13.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a hold rating on the ride-sharing company’s stock.

Several other analysts also recently weighed in on LYFT. Barclays boosted their price target on shares of Lyft from $17.00 to $20.00 and gave the stock an equal weight rating in a research note on Wednesday, May 8th. Wedbush boosted their price target on shares of Lyft from $18.00 to $19.00 and gave the stock a neutral rating in a research note on Friday, June 7th. Citigroup boosted 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, May 8th. Wolfe Research started coverage on shares of Lyft in a research note on Tuesday, July 16th. They issued a peer perform rating for the company. Finally, Wells Fargo & Company lowered their price objective on shares of Lyft from $18.00 to $17.00 and set an equal weight rating for the company in a research note on Friday, June 28th. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $16.03.

Lyft Price Performance

NASDAQ:LYFT traded down $0.31 during midday trading on Thursday, hitting $9.76. The company had a trading volume of 18,693,449 shares, compared to its average volume of 15,903,942. Lyft has a 52-week low of $8.85 and a 52-week high of $20.82. The stock’s fifty day moving average price is $13.14 and its 200-day moving average price is $15.35. The company has a market capitalization of $3.94 billion, a PE ratio of -20.77 and a beta of 2.06. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.92.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.09. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.17 billion. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. As a group, research analysts expect that Lyft will post -0.18 earnings per share for the current year.

Insider Buying and Selling at Lyft

In related news, President Kristin Sverchek sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $13.81, for a total transaction of $41,430.00. Following the completion of the sale, the president now owns 47,778 shares of the company’s stock, valued at $659,814.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $15.67, for a total transaction of $142,330.61. Following the completion of the sale, the chief accounting officer now owns 351,853 shares of the company’s stock, valued at $5,513,536.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Kristin Sverchek sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $13.81, for a total transaction of $41,430.00. Following the sale, the president now directly owns 47,778 shares of the company’s stock, valued at approximately $659,814.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,333 shares of company stock valued at $518,714. Corporate insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several institutional investors and hedge funds have recently made changes to their positions in LYFT. FinTrust Capital Advisors LLC increased its position in shares of Lyft by 277.8% during the first quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after acquiring an additional 1,000 shares in the last quarter. Allworth Financial LP boosted its holdings in Lyft by 685.2% in the fourth quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock worth $29,000 after purchasing an additional 1,672 shares during the last quarter. a16z Perennial Management L.P. purchased a new stake in Lyft in the fourth quarter worth approximately $34,000. Kapitalo Investimentos Ltda purchased a new stake in Lyft in the fourth quarter worth approximately $34,000. Finally, International Assets Investment Management LLC purchased a new stake in Lyft in the second quarter worth approximately $35,000. Institutional investors own 83.07% of the company’s stock.

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.