Lyft (NASDAQ:LYFT) Shares Down 3% After Analyst Downgrade

Shares of Lyft, Inc. (NASDAQ:LYFT) were down 3% during trading on Monday after Wells Fargo & Company lowered their price target on the stock from $18.00 to $17.00. Wells Fargo & Company currently has an equal weight rating on the stock. Lyft traded as low as $13.65 and last traded at $13.67. Approximately 1,148,740 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 15,568,890 shares. The stock had previously closed at $14.10.

Several other brokerages have also commented on LYFT. TD Cowen upped their price objective on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, June 7th. 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 research note on Friday, June 7th. Truist Financial raised their target price on shares of Lyft from $15.00 to $18.00 and gave the company a “hold” rating in a report on Wednesday, May 8th. Piper Sandler restated an “overweight” rating and issued a $24.00 price objective (up from $23.00) on shares of Lyft in a report on Friday, June 7th. Finally, Tigress Financial boosted their target price on shares of Lyft from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Lyft currently has an average rating of “Hold” and a consensus target price of $18.00.

Insider Buying and Selling

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

Hedge Funds Weigh In On Lyft

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. Kestra Advisory Services LLC acquired a new position in shares of Lyft during the 3rd quarter worth approximately $121,000. Treasurer of the State of North Carolina lifted its position in shares of Lyft by 10.1% in the third quarter. Treasurer of the State of North Carolina now owns 147,468 shares of the ride-sharing company’s stock valued at $1,554,000 after acquiring an additional 13,510 shares in the last quarter. Teza Capital Management LLC acquired a new stake in shares of Lyft during the third quarter valued at $231,000. Fred Alger Management LLC purchased a new stake in Lyft during the 3rd quarter worth about $60,000. Finally, Gotham Asset Management LLC lifted its holdings in Lyft by 274.6% in the 3rd quarter. Gotham Asset Management LLC now owns 158,116 shares of the ride-sharing company’s stock valued at $1,667,000 after purchasing an additional 115,904 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.

Lyft Price Performance

The company has a market capitalization of $5.52 billion, a price-to-earnings ratio of -30.00 and a beta of 2.09. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.92. The company’s 50 day simple moving average is $15.63 and its 200-day simple moving average is $15.75.

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

Lyft Company Profile

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.