Lyft (NASDAQ:LYFT) Price Target Cut to $13.00

Lyft (NASDAQ:LYFT) had its price target cut by research analysts at Roth Mkm from $19.00 to $13.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the ride-sharing company’s stock. Roth Mkm’s price objective would suggest a potential upside of 28.97% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. Truist Financial cut their price objective on shares of Lyft from $18.00 to $13.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Lyft from $15.00 to $11.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Loop Capital upgraded shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Friday, June 7th. Wolfe Research initiated coverage on shares of Lyft in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Finally, Wells Fargo & Company lowered their target price on shares of Lyft from $17.00 to $12.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $15.87.

Lyft Stock Performance

Shares of LYFT traded up $0.02 during trading hours on Wednesday, hitting $10.08. The stock had a trading volume of 2,670,875 shares, compared to its average volume of 15,792,569. 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 firm has a 50-day moving average price of $12.92 and a 200 day moving average price of $15.36. Lyft has a fifty-two week low of $8.85 and a fifty-two week high of $20.82. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of -21.55 and a beta of 2.06.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the previous year, the firm earned ($0.14) EPS. The firm’s revenue was up 40.6% compared to the same quarter last year. As a group, research analysts anticipate that Lyft will post -0.18 EPS for the current year.

Insider Activity

In other news, President Kristin Sverchek sold 3,000 shares of the business’s stock in a transaction 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 directly owns 47,778 shares of the company’s stock, valued at approximately $659,814.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, President Kristin Sverchek sold 3,000 shares of the company’s stock in a transaction 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 directly owns 47,778 shares of the company’s stock, valued at approximately $659,814.18. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Patrick Zimmer sold 7,923 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $16.54, for a total transaction of $131,046.42. Following the sale, the director now directly owns 924,621 shares of the company’s stock, valued at $15,293,231.34. The disclosure for this sale can be found here. Insiders sold 33,333 shares of company stock valued at $518,714 in the last ninety days. Company insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LYFT. International Assets Investment Management LLC purchased a new position in Lyft in the 4th quarter valued at about $645,000. CWM LLC raised its stake in shares of Lyft by 15.4% in the 4th quarter. CWM LLC now owns 8,190 shares of the ride-sharing company’s stock valued at $123,000 after purchasing an additional 1,093 shares in the last quarter. Handelsbanken Fonder AB raised its stake in shares of Lyft by 29.2% in the 4th quarter. Handelsbanken Fonder AB now owns 63,300 shares of the ride-sharing company’s stock valued at $949,000 after purchasing an additional 14,300 shares in the last quarter. Duality Advisers LP acquired a new stake in shares of Lyft in the 4th quarter valued at about $3,177,000. Finally, Truist Financial Corp raised its stake in shares of Lyft by 3.2% in the 4th quarter. Truist Financial Corp now owns 58,094 shares of the ride-sharing company’s stock valued at $871,000 after purchasing an additional 1,781 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.