Lyft (NASDAQ:LYFT) Stock Price Expected to Rise, Truist Financial Analyst Says

Lyft (NASDAQ:LYFT) had its price objective hoisted by equities research analysts at Truist Financial from $16.00 to $18.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the ride-sharing company’s stock. Truist Financial‘s target price points to a potential upside of 7.26% from the stock’s current price.

LYFT has been the subject of a number of other research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $21.00 price target (up from $20.00) on shares of Lyft in a report on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Lyft in a research report on Friday, October 30th. Scotiabank initiated coverage on Lyft in a research note on Wednesday, September 9th. They issued a “sector perform” rating and a $17.00 price objective for the company. Zacks Research upgraded Lyft from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $17.00 target price on shares of Lyft in a research report on Monday, August 10th. Ten analysts have rated the stock with a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Lyft currently has an average rating of “Hold” and a consensus target price of $19.04.

Lyft Price Performance

LYFT stock traded down $1.06 during trading on Friday, reaching $16.78. The company’s stock had a trading volume of 11,057,159 shares, compared to its average volume of 13,712,597. Lyft has a 1 year low of $12.46 and a 1 year high of $25.54. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $6.35 billion, a P/E ratio of 2.45, a price-to-earnings-growth ratio of 1.16 and a beta of 2.06. The company’s fifty day moving average is $16.20 and its 200-day moving average is $15.13.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Thursday, November 5th. The ride-sharing company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.20 by ($0.23). Lyft had a negative return on equity of 1.20% and a net margin of 42.32%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.92 billion. During the same quarter in the previous year, the firm earned $0.11 EPS. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, research analysts expect that Lyft will post 0.81 earnings per share for the current fiscal year.

Insider Activity at Lyft

In other news, Director David Lawee sold 4,613 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $17.33, for a total value of $79,943.29. Following the completion of the transaction, the director directly owned 119,124 shares of the company’s stock, valued at approximately $2,064,418.92. The trade was a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Janey Whiteside sold 5,480 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $17.68, for a total transaction of $96,886.40. Following the sale, the director directly owned 60,704 shares of the company’s stock, valued at approximately $1,073,246.72. The trade was a 8.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 61,586 shares of company stock valued at $1,024,326 over the last quarter. 0.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Lyft

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. Plato Investment Management Ltd purchased a new position in shares of Lyft during the 2nd quarter valued at approximately $27,000. Heritage Family Offices LLP purchased a new stake in Lyft during the third quarter worth $29,000. Boreal Capital Management LLC acquired a new stake in Lyft during the first quarter valued at $31,000. Bessemer Group Inc. grew its position in Lyft by 1,851.9% during the first quarter. Bessemer Group Inc. now owns 2,635 shares of the ride-sharing company’s stock valued at $35,000 after buying an additional 2,500 shares during the period. Finally, Signaturefd LLC grew its position in Lyft by 166.5% during the third quarter. Signaturefd LLC now owns 2,593 shares of the ride-sharing company’s stock valued at $39,000 after buying an additional 1,620 shares during the period. 83.07% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Lyft

Here are the key news stories impacting Lyft this week:

• Positive Sentiment: Lyft reported record rides and gross bookings, with rider growth extending to an eighth consecutive quarter of double-digit gains. Management also highlighted strong bookings and EBITDA, suggesting underlying business momentum. Article: Lyft CEO on Q3 results
• Positive Sentiment: Lyft introduced Lyft Go, a $9.99 monthly membership bundling DoorDash DashPass with 8% credits on Lyft rides and DoorDash orders. The company also plans to expand its Waymo robotaxi fleet in Nashville by year-end and says autonomous vehicles are not hurting its business. Article: Lyft and DoorDash membership Article: Waymo fleet expansion
• Neutral Sentiment: Rosenblatt Securities lowered its price target from $19 to $18 and maintained a neutral rating. The reduced target reflects tempered expectations, although it remains above the cited share price. Article: Rosenblatt Securities rating
• Negative Sentiment: Lyft’s reported third-quarter loss of $0.03 per share and $1.82 billion in revenue fell short of analyst estimates of $0.20 per share and $1.92 billion, respectively. Revenue still grew 8.1% year over year, but a roughly $117.9 million legal, tax and regulatory reserve charge weighed on results. The company’s in-line outlook did little to offset the earnings disappointment. Article: Lyft posts surprise loss

Lyft Company Profile

Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.

The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.