Royal Bank of Canada Cuts Lyft (NASDAQ:LYFT) Price Target to $17.00

Lyft (NASDAQ:LYFT) had its price objective reduced by Royal Bank of Canada from $24.00 to $17.00 in a research note released on Thursday, Benzinga reports. They currently have an outperform rating on the ride-sharing company’s stock.

A number of other research analysts also recently commented on the company. Citigroup boosted their target price on Lyft from $15.00 to $18.00 and gave the company a neutral rating in a research note on Wednesday, May 8th. Tigress Financial boosted their target price on Lyft from $22.00 to $24.00 and gave the company a buy rating in a research note on Thursday, April 18th. The Goldman Sachs Group upped their price target on Lyft from $19.00 to $21.00 and gave the stock a neutral rating in a research note on Friday, June 7th. Deutsche Bank Aktiengesellschaft decreased their price target on Lyft from $15.00 to $11.00 and set a hold rating for the company in a research note on Thursday. Finally, Morgan Stanley upped their price target on Lyft from $17.00 to $18.00 and gave the stock an equal weight rating in a research note on Friday, June 7th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $16.03.

Lyft Stock Down 3.1 %

Shares of LYFT stock traded down $0.31 on Thursday, reaching $9.76. 18,693,449 shares of the company’s stock traded hands, compared to its average volume of 15,903,942. Lyft has a 12-month low of $8.85 and a 12-month high of $20.82. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $3.94 billion, a P/E ratio of -20.77 and a beta of 2.06. The business’s 50 day moving average price is $13.14 and its two-hundred day moving average price is $15.35.

Lyft (NASDAQ:LYFT) last issued its earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.17 billion. On average, equities analysts forecast that Lyft will post -0.18 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in LYFT. International Assets Investment Management LLC acquired a new position in shares of Lyft in the 4th quarter valued at $645,000. Allworth Financial LP raised its stake in Lyft by 685.2% during the 4th quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock worth $29,000 after buying an additional 1,672 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Lyft by 1,142.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 376,202 shares of the ride-sharing company’s stock worth $5,639,000 after buying an additional 345,919 shares during the period. Lecap Asset Management Ltd. acquired a new stake in Lyft during the 4th quarter worth $1,351,000. Finally, CWM LLC raised its stake in Lyft by 15.4% during the 4th quarter. CWM LLC now owns 8,190 shares of the ride-sharing company’s stock worth $123,000 after buying an additional 1,093 shares during the period. Institutional investors and hedge funds 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.