Lyft (NASDAQ:LYFT) Coverage Initiated by Analysts at Raymond James

Raymond James assumed coverage on shares of Lyft (NASDAQ:LYFT) in a research note published on Tuesday morning, MarketBeat.com reports. The firm issued a market perform rating on the ride-sharing company’s stock.

Several other equities analysts have also issued reports on the stock. Bank of America raised shares of Lyft from an underperform rating to a buy rating and boosted their price target for the company from $15.00 to $20.00 in a report on Friday, June 7th. Needham & Company LLC restated a hold rating on shares of Lyft in a report on Wednesday, August 7th. Susquehanna dropped their price target on Lyft from $18.00 to $10.00 and set a neutral rating on the stock in a research report on Thursday, August 8th. Loop Capital lowered their target price on Lyft from $20.00 to $16.00 and set a buy rating for the company in a research note on Tuesday, September 3rd. Finally, Morgan Stanley lifted their price target on shares of Lyft from $17.00 to $18.00 and gave the company an equal weight rating in a research note on Friday, June 7th. Twenty-six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Lyft currently has an average rating of Hold and an average target price of $15.65.

Lyft Stock Down 3.3 %

Shares of NASDAQ LYFT opened at $12.84 on Tuesday. Lyft has a 1 year low of $8.85 and a 1 year high of $20.82. The firm’s 50-day moving average is $11.56 and its 200-day moving average is $14.57. 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 firm has a market capitalization of $5.18 billion, a PE ratio of -27.32 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.39 billion. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. Lyft’s revenue was up 40.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.14) EPS. Equities analysts expect that Lyft will post -0.16 EPS for the current year.

Insider Activity

In other news, Director John Patrick Zimmer sold 7,188 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the sale, the director now directly owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director John Patrick Zimmer sold 7,188 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the transaction, the director now directly owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $12.00, for a total value of $50,916.00. Following the sale, the insider now directly owns 760,089 shares of the company’s stock, valued at approximately $9,121,068. The disclosure for this sale can be found here. Insiders sold a total of 35,664 shares of company stock valued at $421,478 in the last quarter. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Several hedge funds and other institutional investors have recently modified their holdings of LYFT. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Lyft by 251.0% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 87,800 shares of the ride-sharing company’s stock valued at $1,238,000 after acquiring an additional 62,786 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Lyft in the second quarter valued at approximately $388,000. B. Riley Wealth Advisors Inc. grew its position in shares of Lyft by 40.9% in the second quarter. B. Riley Wealth Advisors Inc. now owns 33,514 shares of the ride-sharing company’s stock valued at $473,000 after purchasing an additional 9,731 shares during the last quarter. Quarry LP increased its stake in shares of Lyft by 4,032.6% during the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after purchasing an additional 3,468 shares during the period. Finally, Algert Global LLC lifted its holdings in Lyft by 92.0% during the 2nd quarter. Algert Global LLC now owns 213,039 shares of the ride-sharing company’s stock worth $3,004,000 after purchasing an additional 102,109 shares during 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.