Lyft (NASDAQ:LYFT) Price Target Raised to $18.00 at TD Cowen

Lyft (NASDAQ:LYFT) had its price objective increased by TD Cowen from $16.00 to $18.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a hold rating on the ride-sharing company’s stock.

Several other research analysts have also recently weighed in on LYFT. Benchmark reiterated a “hold” rating on shares of Lyft in a research note on Thursday. Melius began coverage on Lyft in a research report on Monday, July 22nd. They set a “hold” rating and a $15.00 target price on the stock. UBS Group upped their price target on Lyft from $13.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft lowered their price objective on Lyft from $15.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Finally, Wells Fargo & Company restated a “market perform” rating on shares of Lyft in a research note on Friday, October 18th. Twenty-eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.23.

Lyft Stock Performance

Shares of LYFT traded up $0.09 during trading hours on Thursday, hitting $17.78. The stock had a trading volume of 28,803,876 shares, compared to its average volume of 15,121,569. The firm has a market capitalization of $7.29 billion, a PE ratio of -110.81 and a beta of 2.04. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The stock has a fifty day moving average price of $12.71 and a 200 day moving average price of $13.50.

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

Insiders Place Their Bets

In other news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the transaction, the director now directly owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of Lyft stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $12.00, for a total transaction of $50,916.00. Following the completion of the sale, the insider now owns 760,089 shares of the company’s stock, valued at $9,121,068. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,664 shares of company stock worth $380,048. 3.07% of the stock is owned by corporate insiders.

Institutional Trading of Lyft

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in Lyft during the 1st quarter worth approximately $41,000. Brown Brothers Harriman & Co. acquired a new stake in Lyft during the 2nd quarter worth about $35,000. International Assets Investment Management LLC purchased a new position in shares of Lyft during the 2nd quarter valued at about $35,000. Capital Performance Advisors LLP acquired a new position in shares of Lyft in the 3rd quarter valued at about $38,000. Finally, Quarry LP boosted its stake in shares of 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 during the last quarter. Institutional investors and hedge funds 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.