Lyft (NASDAQ:LYFT) Shares Gap Up After Analyst Upgrade

Lyft, Inc. (NASDAQ:LYFT)’s share price gapped up before the market opened on Thursday after Barclays raised their price target on the stock from $14.00 to $20.00. The stock had previously closed at $14.40, but opened at $17.78. Barclays currently has an equal weight rating on the stock. Lyft shares last traded at $18.74, with a volume of 20,496,783 shares trading hands.

A number of other brokerages also recently issued reports on LYFT. Roth Mkm boosted their price objective on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday. Jefferies Financial Group boosted their price objective on Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Bank of America boosted their price objective on Lyft from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday. UBS Group boosted their price target on Lyft from $13.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Loop Capital lowered their price target on Lyft from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. Twenty-eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $17.23.

Insider Activity at Lyft

In related news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $11.32, for a total transaction of $27,439.68. Following the sale, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $11.32, for a total transaction of $27,439.68. Following the sale, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total value of $99,795.36. Following the sale, the insider now directly owns 764,332 shares in the company, valued at approximately $8,988,544.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,664 shares of company stock valued at $380,048 over the last quarter. 3.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently added to or reduced their stakes in the business. Crossmark Global Holdings Inc. boosted its holdings in Lyft by 4.4% in the second quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company’s stock worth $330,000 after acquiring an additional 993 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in Lyft by 9.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company’s stock worth $196,000 after acquiring an additional 1,160 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in Lyft by 6.1% in the second quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company’s stock worth $350,000 after acquiring an additional 1,437 shares in the last quarter. CWM LLC lifted its holdings in shares of Lyft by 26.4% during the second quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock worth $98,000 after purchasing an additional 1,457 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Lyft by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company’s stock worth $2,612,000 after purchasing an additional 1,477 shares during the period. Institutional investors and hedge funds own 83.07% of the company’s stock.

Lyft Price Performance

The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. The stock has a fifty day moving average of $12.96 and a 200 day moving average of $13.54.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative return on equity of 1.67% and a negative net margin of 1.19%. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the company posted ($0.14) earnings per share. The company’s revenue was up 40.6% compared to the same quarter last year. On average, equities analysts anticipate that Lyft, Inc. will post -0.06 EPS 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.