Cantor Fitzgerald Issues Positive Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price objective raised by equities researchers at Cantor Fitzgerald from $13.00 to $16.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the ride-sharing company’s stock. Cantor Fitzgerald’s target price would suggest a potential downside of 14.26% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Royal Bank of Canada dropped their price objective on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Jefferies Financial Group increased their price objective on Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Melius Research assumed coverage on Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 target price for the company. Benchmark reiterated a “hold” rating on shares of Lyft in a report on Thursday. Finally, Citigroup reduced their price target on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $16.23.

Lyft Stock Up 29.6 %

Shares of LYFT stock traded up $4.26 during trading hours on Thursday, reaching $18.66. 28,881,146 shares of the company’s stock were exchanged, compared to its average volume of 14,829,813. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. 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 stock has a market cap of $7.65 billion, a PE ratio of -117.13 and a beta of 2.04. The stock’s fifty day moving average price is $12.71 and its two-hundred day moving average price is $13.50.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.05. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.39 billion. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. Lyft’s 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. Research analysts predict that Lyft will post -0.06 EPS for the current year.

Insiders Place Their Bets

In other news, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the transaction, the director now owns 330,790 shares in the company, valued at $3,843,779.80. This trade 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 through this link. In other Lyft 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 completion of the sale, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. This 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 the SEC website. Also, Director Logan Green sold 10,323 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the transaction, the director now owns 330,790 shares in the company, valued at approximately $3,843,779.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 32,664 shares of company stock worth $380,048. Corporate insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Hedge funds and other institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC purchased a new stake in Lyft in the 2nd quarter valued at $35,000. Brown Brothers Harriman & Co. acquired a new position in shares of Lyft during the 2nd quarter valued at about $35,000. Capital Performance Advisors LLP purchased a new stake in shares of Lyft in the third quarter valued at about $38,000. Allspring Global Investments Holdings LLC acquired a new stake in Lyft during the first quarter worth about $41,000. Finally, Quarry LP raised its stake in 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. Institutional investors and hedge funds 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.