Wells Fargo & Company Lowers Lyft (NASDAQ:LYFT) Price Target to $17.00

Lyft (NASDAQ:LYFT) had its price objective lowered by research analysts at Wells Fargo & Company from $18.00 to $17.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the ride-sharing company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 20.57% from the company’s previous close.

Several other brokerages have also issued reports on LYFT. Fox Advisors raised Lyft from an “equal weight” rating to an “overweight” rating and set a $20.00 target price for the company in a research report on Friday, June 7th. BMO Capital Markets lifted their price objective on shares of Lyft from $18.00 to $19.00 and gave the stock a “market perform” rating in a research report on Friday, June 7th. Wedbush increased their target price on shares of Lyft from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, June 7th. Royal Bank of Canada restated an “outperform” rating and set a $24.00 price target on shares of Lyft in a research note on Friday, June 7th. Finally, Argus upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Tuesday, March 5th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $18.00.

Lyft Price Performance

Lyft stock opened at $14.10 on Friday. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of -30.00 and a beta of 2.09. Lyft has a 52-week low of $8.85 and a 52-week high of $20.82. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50 day moving average price is $15.63 and its two-hundred day moving average price is $15.75.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. On average, equities analysts predict that Lyft will post -0.19 earnings per share for the current year.

Insider Activity at Lyft

In related news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total transaction of $142,330.61. Following the completion of the transaction, the chief accounting officer now owns 351,853 shares in the company, valued at $5,513,536.51. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total transaction of $142,330.61. Following the transaction, the chief accounting officer now owns 351,853 shares in the company, valued at approximately $5,513,536.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Kristin Sverchek sold 3,500 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $17.50, for a total value of $61,250.00. Following the transaction, the president now directly owns 60,778 shares of the company’s stock, valued at approximately $1,063,615. The disclosure for this sale can be found here. Insiders sold 36,833 shares of company stock worth $590,509 in the last three months. 3.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LYFT. Vanguard Group Inc. boosted its position in Lyft by 3.7% in the third 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 last quarter. Schonfeld Strategic Advisors LLC purchased a new position in shares of Lyft in the third quarter worth $1,224,000. Corient Private Wealth LLC boosted its position in shares of Lyft by 163.9% during the fourth quarter. Corient Private Wealth LLC now owns 100,826 shares of the ride-sharing company’s stock worth $1,511,000 after acquiring an additional 62,623 shares during the last quarter. Range Financial Group LLC purchased a new position in shares of Lyft during the first quarter valued at about $470,000. Finally, HighTower Advisors LLC lifted its position in shares of Lyft by 3.8% in the third quarter. HighTower Advisors LLC now owns 49,804 shares of the ride-sharing company’s stock worth $524,000 after buying an additional 1,801 shares in the last quarter. 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.