Lyft (NASDAQ:LYFT) Price Target Raised to $17.00

Lyft (NASDAQ:LYFT) had its price objective boosted by Canaccord Genuity Group from $16.00 to $17.00 in a research note issued to investors on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the ride-sharing company’s stock.

Several other analysts also recently weighed in on LYFT. Guggenheim downgraded Lyft from a “buy” rating to a “neutral” rating and dropped their price target for the company from $22.00 to $16.00 in a research note on Thursday, September 17th. TD Cowen reduced their price target on shares of Lyft from $30.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday, October 21st. Cantor Fitzgerald lowered their price target on shares of Lyft from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, October 19th. Morgan Stanley upped their price objective on shares of Lyft from $17.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Finally, Susquehanna restated a “neutral” rating on shares of Lyft in a report on Monday. Ten equities research analysts have rated the stock with a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Lyft presently has an average rating of “Hold” and a consensus price target of $18.89.

Lyft Stock Up 1.6%

Lyft stock opened at $17.29 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.60 and a debt-to-equity ratio of 0.34. The firm has a market cap of $6.54 billion, a P/E ratio of 121.57, a P/E/G ratio of 1.06 and a beta of 2.06. Lyft has a twelve month low of $12.46 and a twelve month high of $25.54. The business has a fifty day moving average of $16.19 and a two-hundred day moving average of $15.11.

Lyft (NASDAQ:LYFT) last posted its earnings results on Thursday, November 5th. The ride-sharing company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.23). Lyft had a net margin of 40.67% and a return on equity of 1.25%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.92 billion. During the same quarter last year, the firm earned $0.11 EPS. Lyft’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, analysts forecast that Lyft will post 0.81 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Stephen W. Hope sold 5,982 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $17.34, for a total value of $103,727.88. Following the transaction, the chief accounting officer owned 299,974 shares in the company, valued at $5,201,549.16. The trade was a 1.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Lawee sold 4,613 shares of Lyft stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $17.33, for a total transaction of $79,943.29. Following the completion of the sale, the director directly owned 119,124 shares in the company, valued at approximately $2,064,418.92. The trade was a 3.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 61,586 shares of company stock valued at $1,024,326 over the last 90 days. Insiders own 0.92% of the company’s stock.

Institutional Trading of Lyft

A number of institutional investors have recently bought and sold shares of LYFT. Wedmont Private Capital raised its holdings in shares of Lyft by 5.0% in the third quarter. Wedmont Private Capital now owns 13,517 shares of the ride-sharing company’s stock worth $218,000 after acquiring an additional 642 shares during the last quarter. BOKF NA raised its holdings in Lyft by 4.7% in the 3rd quarter. BOKF NA now owns 15,360 shares of the ride-sharing company’s stock valued at $231,000 after acquiring an additional 695 shares during the last quarter. Bessemer Group Inc. raised its holdings in Lyft by 62.4% in the 3rd quarter. Bessemer Group Inc. now owns 2,197 shares of the ride-sharing company’s stock valued at $33,000 after acquiring an additional 844 shares during the last quarter. Nicollet Investment Management Inc. lifted its stake in shares of Lyft by 2.0% during the 3rd quarter. Nicollet Investment Management Inc. now owns 50,501 shares of the ride-sharing company’s stock worth $758,000 after purchasing an additional 999 shares during the period. Finally, Evergreen Capital Management LLC lifted its stake in shares of Lyft by 5.8% during the 3rd quarter. Evergreen Capital Management LLC now owns 19,742 shares of the ride-sharing company’s stock worth $296,000 after purchasing an additional 1,077 shares during the period. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Latest Lyft News

Investors following LYFT have been watching these news items:

• Positive Sentiment: Canaccord Genuity Group raised its price target for Lyft, providing a potentially supportive analyst signal; the report did not specify the new target. Article: Lyft Stock Gets Price Target Increase from Canaccord Genuity Group
• Negative Sentiment: The Justice Department filed a lawsuit alleging Lyft and its drivers routinely denied rides to passengers with disabilities, including people using stowable wheelchairs or traveling with service animals. The DOJ is seeking $53 million and alleges some passengers were charged cancellation fees after drivers refused service. Lyft disputes the allegations. The suit creates potential legal, financial, and reputational risks. Article: Justice Department Sues Lyft
• Negative Sentiment: Fox Advisors lowered its rating on Lyft to “Equal Weight,” signaling a less favorable view of the shares. Article: Lyft Rating Lowered to Equal Weight at Fox Advisors

About Lyft

Lyft operates a mobile platform that connects people seeking transportation with drivers who provide rides. Through its app, customers can request on-demand trips, schedule rides in advance, and access other ride options where available. The company also offers Lyft Pink, a membership program with benefits for eligible rides and services. Lyft provides transportation programs for businesses and organizations through Lyft Business, including tools for arranging and managing rides. The company’s platform primarily serves markets in the United States and Canada.