Lyft (NASDAQ:LYFT) Price Target Lowered to $18.00 at Wedbush

Lyft (NASDAQ:LYFT) had its price objective reduced by Wedbush from $20.00 to $18.00 in a research report report published on Monday,Benzinga reports. They currently have a neutral rating on the ride-sharing company’s stock.

A number of other research analysts have also recently weighed in on LYFT. Loop Capital lifted their price objective on Lyft from $16.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Raymond James started coverage on shares of Lyft in a research note on Tuesday, September 24th. They set a “market perform” rating on the stock. Susquehanna raised their price target on Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, November 11th. BMO Capital Markets increased their target price on Lyft from $13.00 to $18.00 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. Finally, Piper Sandler reissued an “overweight” rating and issued a $23.00 price target (up from $17.00) on shares of Lyft in a report on Thursday, November 7th. Twenty-seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $17.78.

Lyft Stock Up 0.8 %

LYFT stock opened at $14.39 on Monday. The business’s 50-day moving average is $15.43 and its two-hundred day moving average is $13.42. The company has a market cap of $5.97 billion, a price-to-earnings ratio of -89.94, a P/E/G ratio of 4.10 and a beta of 2.14. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $20.82. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75.

Lyft (NASDAQ:LYFT) last announced its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.09. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the business posted ($0.02) earnings per share. The firm’s quarterly revenue was up 31.6% compared to the same quarter last year. As a group, analysts forecast that Lyft will post 0.08 earnings per share for the current year.

Insider Activity

In other news, insider Lindsay Catherine Llewellyn sold 4,242 shares of Lyft stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $17.76, for a total transaction of $75,337.92. Following the completion of the sale, the insider now owns 755,847 shares of the company’s stock, valued at approximately $13,423,842.72. The trade was a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Logan Green sold 10,919 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the transaction, the director now directly owns 314,492 shares in the company, valued at approximately $5,424,987. This trade represents a 3.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,242 shares of company stock valued at $427,330. 3.07% of the stock is currently owned by company insiders.

Institutional Trading of Lyft

Several institutional investors and hedge funds have recently made changes to their positions in LYFT. True Wealth Design LLC purchased a new position in Lyft during the 3rd quarter valued at about $27,000. Brown Brothers Harriman & Co. bought a new position in shares of Lyft during the second quarter valued at approximately $35,000. Capital Performance Advisors LLP purchased a new position in Lyft during the third quarter valued at approximately $38,000. Quarry LP raised its stake in Lyft by 4,032.6% in the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after buying an additional 3,468 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in Lyft during the third quarter worth $70,000. 83.07% of the stock is currently owned by institutional investors.

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.