Bank of America Issues Positive Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price target increased by analysts at Bank of America from $16.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the ride-sharing company’s stock. Bank of America‘s price target would suggest a potential upside of 7.47% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on LYFT. Nomura Securities raised Lyft from a “strong sell” rating to a “hold” rating in a research note on Friday, August 23rd. Wells Fargo & Company reiterated a “market perform” rating on shares of Lyft in a report on Friday, October 18th. Wolfe Research assumed coverage on Lyft in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. TD Cowen reduced their price target on Lyft from $18.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. lowered their price objective on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Twenty-eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $17.00.

Lyft Price Performance

Shares of LYFT stock traded up $3.28 during trading hours on Thursday, reaching $17.68. The company had a trading volume of 57,644,090 shares, compared to its average volume of 14,982,723. The stock has a fifty day moving average of $12.71 and a 200-day moving average of $13.50. The company has a market capitalization of $7.25 billion, a price-to-earnings ratio of -109.88 and a beta of 2.04. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The company’s quarterly revenue was up 40.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.14) EPS. On average, equities analysts anticipate that Lyft will post -0.06 earnings per share for the current year.

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of the 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 completion of the sale, the director now directly owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the completion of the sale, the director now owns 932,062 shares in the company, valued at approximately $10,625,506.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $99,795.36. Following the completion of the sale, the insider now owns 764,332 shares of the company’s stock, 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 32,664 shares of company stock worth $380,048 in the last quarter. Company insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LYFT. Price T Rowe Associates Inc. MD grew its stake in shares of Lyft by 592.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock worth $27,562,000 after purchasing an additional 1,218,620 shares during the period. National Bank of Canada FI grew its position in Lyft by 27,739.2% during the second quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock worth $16,665,000 after buying an additional 1,188,625 shares during the period. Bank of New York Mellon Corp increased its holdings in Lyft by 39.5% in the second quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock valued at $40,475,000 after buying an additional 812,926 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Lyft by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after acquiring an additional 782,736 shares during the period. Finally, Quadrature Capital Ltd boosted its stake in shares of Lyft by 600.2% during the 1st quarter. Quadrature Capital Ltd now owns 608,430 shares of the ride-sharing company’s stock worth $11,767,000 after acquiring an additional 521,537 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

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.