Lyft (NASDAQ:LYFT) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Lyft (NASDAQ:LYFT) had its price target lifted by Cantor Fitzgerald from $13.00 to $16.00 in a research note released on Thursday,Benzinga reports. They currently have a neutral rating on the ride-sharing company’s stock.

LYFT has been the subject of a number of other reports. Evercore ISI upped their price objective on Lyft from $17.00 to $19.00 and gave the stock an “in-line” rating in a report on Thursday. Melius Research began coverage on Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 target price for the company. Deutsche Bank Aktiengesellschaft dropped their target price on Lyft from $15.00 to $11.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Melius assumed coverage on Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 target price for the company. Finally, TD Cowen lowered their price target on Lyft from $18.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Twenty-eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $17.23.

Lyft Price Performance

NASDAQ LYFT traded up $0.09 during trading on Thursday, reaching $17.78. The company’s stock had a trading volume of 26,956,051 shares, compared to its average volume of 15,113,094. The stock has a market capitalization of $7.29 billion, a PE ratio of -110.81 and a beta of 2.04. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a fifty day moving average of $12.71 and a 200 day moving average of $13.50. Lyft has a one year low of $8.93 and a one year high of $20.82.

Lyft (NASDAQ:LYFT) last announced its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same period in the prior year, the company earned ($0.14) EPS. The company’s quarterly revenue was up 40.6% compared to the same quarter last year. Analysts expect that Lyft will post -0.06 EPS for the current fiscal year.

Insider Activity at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.00, for a total value of $50,916.00. Following the completion of the transaction, the insider now owns 760,089 shares of the company’s stock, valued at $9,121,068. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Logan Green sold 10,323 shares of Lyft stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the transaction, the director now owns 330,790 shares in the company, valued at approximately $3,843,779.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of Lyft stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $12.00, for a total value of $50,916.00. Following the completion of the transaction, the insider now owns 760,089 shares of the company’s stock, valued at approximately $9,121,068. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,664 shares of company stock worth $380,048. Corporate 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 modified their holdings of LYFT. Price T Rowe Associates Inc. MD boosted its holdings in shares of Lyft by 592.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock worth $27,562,000 after purchasing an additional 1,218,620 shares during the period. National Bank of Canada FI boosted its holdings in Lyft by 27,739.2% during 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 acquiring an additional 1,188,625 shares during the period. Bank of New York Mellon Corp boosted its holdings in Lyft by 39.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock valued at $40,475,000 after acquiring an additional 812,926 shares during the period. Vanguard Group Inc. boosted its holdings in Lyft by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after acquiring an additional 782,736 shares during the period. Finally, Quadrature Capital Ltd boosted its holdings in Lyft by 600.2% during the 1st quarter. Quadrature Capital Ltd now owns 608,430 shares of the ride-sharing company’s stock valued at $11,767,000 after acquiring an additional 521,537 shares during the period. Hedge funds and other institutional investors own 83.07% of the company’s stock.

About Lyft

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.