Lyft (NASDAQ:LYFT) Earns “Hold” Rating from Benchmark

Lyft (NASDAQ:LYFT)‘s stock had its “hold” rating reaffirmed by equities research analysts at Benchmark in a report released on Thursday,Benzinga reports.

Other research analysts have also recently issued reports about the company. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Lyft in a research note on Friday, October 18th. Wolfe Research started coverage on Lyft in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $23.00 price objective (up from $17.00) on shares of Lyft in a research note on Thursday. Deutsche Bank Aktiengesellschaft cut their target price on Lyft from $15.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Finally, Raymond James initiated coverage on Lyft in a research note on Tuesday, September 24th. They issued a “market perform” rating on the stock. Twenty-eight investment 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 MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $17.23.

Lyft Price Performance

NASDAQ LYFT traded up $0.09 during trading hours on Thursday, reaching $17.78. 28,925,410 shares of the stock traded hands, compared to its average volume of 13,179,118. The stock has a 50 day simple moving average of $12.96 and a two-hundred day simple moving average of $13.54. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market cap of $7.29 billion, a price-to-earnings ratio of -111.13 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, beating 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 business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter last year, the business posted ($0.14) earnings per share. The company’s revenue for the quarter was up 40.6% on a year-over-year basis. On average, analysts predict that Lyft will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the sale, the director now directly owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 transaction 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the completion of the transaction, the director now directly owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,664 shares of company stock valued at $380,048. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. International Assets Investment Management LLC acquired a new stake in Lyft during the second quarter valued at $35,000. Brown Brothers Harriman & Co. acquired a new stake in Lyft during the second quarter valued at $35,000. Capital Performance Advisors LLP acquired a new stake in Lyft during the third quarter valued at $38,000. Allspring Global Investments Holdings LLC acquired a new stake in Lyft during the first quarter valued at $41,000. Finally, Quarry LP grew its position 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 valued at $50,000 after purchasing an additional 3,468 shares during the period. 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.