Cantor Fitzgerald Reiterates “Neutral” Rating for Lyft (NASDAQ:LYFT)

Lyft (NASDAQ:LYFT)‘s stock had its “neutral” rating reaffirmed by research analysts at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They currently have a $13.00 price objective on the ride-sharing company’s stock. Cantor Fitzgerald’s price objective would suggest a potential downside of 2.48% from the stock’s current price.

Several other analysts also recently commented on LYFT. Truist Financial dropped their price objective on Lyft from $18.00 to $13.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Loop Capital dropped their price target on Lyft from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd. UBS Group decreased their price objective on Lyft from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada dropped their target price on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, Fox Advisors upgraded shares of Lyft from an “equal weight” rating to an “overweight” rating and set a $20.00 price target for the company in a report on Friday, June 7th. Twenty-seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $15.65.

Lyft Price Performance

Lyft stock opened at $13.33 on Monday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $5.38 billion, a P/E ratio of -28.36 and a beta of 2.04. The business has a 50-day moving average of $11.54 and a 200-day moving average of $14.59. Lyft has a 1 year low of $8.85 and a 1 year high of $20.82.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.39 billion. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The business’s revenue for the quarter was up 40.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.14) earnings per share. On average, equities analysts anticipate that Lyft will post -0.16 EPS for the current year.

Insider Transactions at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $11.32, for a total value of $27,439.68. Following the transaction, the director now directly owns 929,638 shares of the company’s stock, valued at approximately $10,523,502.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the sale, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Logan Green sold 10,323 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total transaction of $119,953.26. Following the completion of the sale, the director now directly owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. The disclosure for this sale can be found here. Insiders sold a total of 39,164 shares of company stock worth $470,513 over the last quarter. Company insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Hedge funds have recently added to or reduced their stakes in the stock. Kodai Capital Management LP bought a new position in Lyft in the 4th quarter valued at about $26,069,000. Bank of Nova Scotia acquired a new position in Lyft during the fourth quarter valued at approximately $21,433,000. Price T Rowe Associates Inc. MD raised its position in Lyft by 592.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock valued at $27,562,000 after purchasing an additional 1,218,620 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Lyft by 27,739.2% in the 2nd quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock valued at $16,665,000 after purchasing an additional 1,188,625 shares in the last quarter. Finally, Ogborne Capital Management LLC bought a new position in shares of Lyft in the 4th quarter valued at $14,990,000. 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.