Wedbush Issues Pessimistic Forecast for Lyft (NASDAQ:LYFT) Stock Price

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

A number of other brokerages have also weighed in on LYFT. Benchmark upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Monday. UBS Group upped their price target on shares of Lyft from $13.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Tigress Financial boosted their price objective on shares of Lyft from $24.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Canaccord Genuity Group upped their target price on Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Susquehanna lifted their price target on Lyft from $10.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Twenty-seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.78.

Lyft Trading Up 0.8 %

NASDAQ LYFT opened at $14.39 on Monday. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The company has a 50 day moving average price of $15.43 and a 200 day moving average price of $13.42. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The firm has a market cap of $5.97 billion, a PE ratio of -89.94, a price-to-earnings-growth ratio of 4.10 and a beta of 2.14.

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

Insider Buying and Selling at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 4,242 shares of Lyft stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $17.76, for a total value of $75,337.92. Following the sale, the insider now directly owns 755,847 shares of the company’s stock, valued at $13,423,842.72. The trade was a 0.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $18.02, for a total value of $163,639.62. Following the completion of the transaction, the chief accounting officer now directly owns 332,243 shares of the company’s stock, valued at approximately $5,987,018.86. This represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,242 shares of company stock valued at $427,330 over the last ninety days. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Hedge funds and other institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC acquired a new stake in Lyft in the 2nd quarter valued at about $388,000. New York State Teachers Retirement System purchased a new stake in shares of Lyft in the third quarter valued at approximately $423,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Lyft in the second quarter valued at approximately $3,349,000. Venturi Wealth Management LLC purchased a new position in Lyft during the third quarter worth approximately $716,000. Finally, Private Advisor Group LLC boosted its stake in Lyft by 300.9% during the second quarter. Private Advisor Group LLC now owns 69,697 shares of the ride-sharing company’s stock worth $983,000 after buying an additional 52,311 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other 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.