Lyft (NASDAQ:LYFT) Price Target Raised to $18.00 at DA Davidson

Lyft (NASDAQ:LYFT) had its price objective lifted by DA Davidson from $15.00 to $18.00 in a research report report published on Wednesday morning, Benzinga reports. DA Davidson currently has a neutral rating on the ride-sharing company’s stock.

A number of other research firms also recently issued reports on LYFT. The Goldman Sachs Group downgraded shares of Lyft from a buy rating to a neutral rating and boosted their target price for the company from $12.00 to $15.00 in a research report on Thursday, January 11th. Moffett Nathanson upgraded Lyft from a sell rating to a neutral rating in a research note on Wednesday, February 14th. Tigress Financial lifted their price target on Lyft from $22.00 to $24.00 and gave the company a buy rating in a research report on Thursday, April 18th. JPMorgan Chase & Co. upped their price objective on Lyft from $11.00 to $13.00 and gave the stock a neutral rating in a research report on Wednesday, February 14th. Finally, Wells Fargo & Company raised their price objective on shares of Lyft from $15.00 to $18.00 and gave the stock an equal weight rating in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $16.52.

Lyft Stock Performance

Shares of Lyft stock opened at $17.78 on Wednesday. The company has a market capitalization of $7.11 billion, a PE ratio of -19.98 and a beta of 2.05. The company has a 50-day simple moving average of $17.75 and a two-hundred day simple moving average of $14.58. Lyft has a one year low of $7.85 and a one year high of $20.82. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.87 and a current ratio of 0.87.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.14. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Research analysts expect that Lyft will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lyft news, CAO Lisa Blackwood-Kapral sold 18,065 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $16.06, for a total transaction of $290,123.90. Following the completion of the sale, the chief accounting officer now directly owns 255,817 shares of the company’s stock, valued at approximately $4,108,421.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Lyft news, President Kristin Sverchek sold 5,670 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total transaction of $85,163.40. Following the transaction, the president now owns 633,950 shares in the company, valued at approximately $9,521,929. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 18,065 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $16.06, for a total transaction of $290,123.90. Following the sale, the chief accounting officer now directly owns 255,817 shares in the company, valued at approximately $4,108,421.02. The disclosure for this sale can be found here. In the last three months, insiders have sold 280,526 shares of company stock valued at $5,358,031. Insiders own 3.16% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in LYFT. Charles Schwab Investment Management Inc. increased its position in Lyft by 42.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,488,609 shares of the ride-sharing company’s stock worth $36,770,000 after purchasing an additional 1,043,719 shares during the last quarter. Invesco Ltd. increased its stake in Lyft by 21.3% during the third quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock worth $46,647,000 after acquiring an additional 778,563 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Lyft by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock worth $331,562,000 after purchasing an additional 1,135,036 shares during the period. Schonfeld Strategic Advisors LLC acquired a new position in shares of Lyft in the 3rd quarter valued at about $1,224,000. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Lyft by 123.4% during the 3rd quarter. Canada Pension Plan Investment Board now owns 1,208,700 shares of the ride-sharing company’s stock worth $12,740,000 after purchasing an additional 667,600 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.