Lyft (NASDAQ:LYFT) Earns “Neutral” Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their neutral rating on shares of Lyft (NASDAQ:LYFT) in a research note issued to investors on Monday morning, Benzinga reports. The firm currently has a $13.00 price objective on the ride-sharing company’s stock.

Other research analysts have also recently issued reports about the stock. Fox Advisors upgraded shares of Lyft from an equal weight rating to an overweight rating and set a $20.00 target price on the stock in a report on Friday, June 7th. Wedbush dropped their price objective on shares of Lyft from $19.00 to $12.00 and set a neutral rating on the stock in a research note on Thursday, August 8th. Piper Sandler reissued an overweight rating and set a $24.00 price objective (up from $23.00) on shares of Lyft in a report on Friday, June 7th. JPMorgan Chase & Co. lowered their target price on Lyft from $18.00 to $15.00 and set a neutral rating for the company in a report on Thursday, August 8th. Finally, Melius Research initiated coverage on Lyft in a report on Monday, July 22nd. They issued a hold rating and a $15.00 price target on the stock. Twenty-six 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. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $15.65.

Lyft Stock Performance

Lyft stock opened at $12.36 on Monday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. The company has a market capitalization of $4.99 billion, a PE ratio of -26.30 and a beta of 2.04. The company has a 50 day moving average price of $11.58 and a 200-day moving average price of $14.39. Lyft has a fifty-two week low of $8.85 and a fifty-two week high of $20.82.

Lyft (NASDAQ:LYFT) last issued its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.39 billion. During the same period in the previous year, the company posted ($0.14) EPS. Lyft’s revenue was up 40.6% on a year-over-year basis. As a group, equities analysts forecast that Lyft will post -0.16 earnings per share for the current year.

Insider Activity

In related news, Director Logan Green sold 10,323 shares of Lyft stock in a transaction dated Tuesday, August 27th. The stock was 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 owns 330,790 shares of the company’s stock, valued at $3,843,779.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction on 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 transaction, the director now owns 330,790 shares of the company’s stock, valued at $3,843,779.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total transaction of $99,795.36. Following the completion of the sale, the insider now directly owns 764,332 shares in the company, valued at $8,988,544.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,664 shares of company stock valued at $380,048. Company insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Lyft by 251.0% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 87,800 shares of the ride-sharing company’s stock worth $1,238,000 after purchasing an additional 62,786 shares during the period. Sanctuary Advisors LLC acquired a new stake in Lyft during the second quarter valued at $388,000. B. Riley Wealth Advisors Inc. grew its position in Lyft by 40.9% during the second quarter. B. Riley Wealth Advisors Inc. now owns 33,514 shares of the ride-sharing company’s stock valued at $473,000 after buying an additional 9,731 shares during the period. Quarry LP increased its holdings in Lyft by 4,032.6% in the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after buying an additional 3,468 shares in the last quarter. Finally, Algert Global LLC raised its position in shares of Lyft by 92.0% in the second quarter. Algert Global LLC now owns 213,039 shares of the ride-sharing company’s stock worth $3,004,000 after acquiring an additional 102,109 shares during the period. 83.07% of the stock is owned by institutional investors and hedge funds.

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.