Lyft (NASDAQ:LYFT) Given New $20.00 Price Target at Wedbush

by · The Markets Daily

Lyft (NASDAQ:LYFT – Free Report) had its price target hoisted by Wedbush from $17.00 to $20.00 in a research note issued to investors on Thursday, MarketBeat reports. The brokerage currently has a neutral rating on the ride-sharing company’s stock.

A number of other brokerages have also recently weighed in on LYFT. Oppenheimer raised their price objective on shares of Lyft from $17.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 17th. Roth Capital set a $25.00 target price on Lyft and gave the company a “buy” rating in a report on Wednesday, October 29th. Wells Fargo & Company raised their price target on Lyft from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday, September 5th. Deutsche Bank Aktiengesellschaft boosted their price target on Lyft from $16.00 to $21.00 and gave the stock a “hold” rating in a report on Thursday, September 18th. Finally, Bank of America increased their price objective on Lyft from $12.00 to $14.00 and gave the company an “underperform” rating in a research note on Thursday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $22.42.

Read Our Latest Research Report on Lyft

Lyft Price Performance

Shares of NASDAQ:LYFT traded up $0.79 during midday trading on Thursday, hitting $22.04. 21,590,512 shares of the stock were exchanged, compared to its average volume of 15,815,194. Lyft has a twelve month low of $9.66 and a twelve month high of $23.50. The company has a current ratio of 0.72, a quick ratio of 0.70 and a debt-to-equity ratio of 1.76. The company has a 50 day moving average price of $20.29 and a 200-day moving average price of $16.82. The stock has a market cap of $8.96 billion, a P/E ratio of 62.50, a PEG ratio of 3.72 and a beta of 2.36.

Lyft (NASDAQ:LYFT – Get Free Report) last issued its quarterly earnings data on Wednesday, November 5th. The ride-sharing company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.17). Lyft had a net margin of 2.40% and a return on equity of 18.29%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the company posted $0.29 earnings per share. Lyft’s revenue was up 11.6% on a year-over-year basis. On average, research analysts forecast that Lyft will post 0.22 earnings per share for the current year.

Insider Activity at Lyft

In related news, CEO John David Risher acquired 5,926 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was bought at an average cost of $16.88 per share, with a total value of $100,030.88. Following the purchase, the chief executive officer directly owned 11,797,266 shares of the company’s stock, valued at approximately $199,137,850.08. This represents a 0.05% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $20.00, for a total value of $292,120.00. Following the completion of the transaction, the insider directly owned 835,782 shares in the company, valued at $16,715,640. This trade represents a 1.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 74,427 shares of company stock worth $1,252,686. 3.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lyft

A number of institutional investors have recently added to or reduced their stakes in LYFT. Vanguard Group Inc. raised its stake in shares of Lyft by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 38,049,250 shares of the ride-sharing company’s stock valued at $451,645,000 after acquiring an additional 2,046,639 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Lyft by 26.3% in the first quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company’s stock valued at $294,978,000 after buying an additional 5,178,118 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Lyft by 144.9% during the 2nd quarter. AQR Capital Management LLC now owns 24,009,925 shares of the ride-sharing company’s stock valued at $378,396,000 after buying an additional 14,205,143 shares during the period. Rakuten Group Inc. purchased a new stake in shares of Lyft during the 1st quarter valued at about $130,434,000. Finally, Geode Capital Management LLC lifted its position in Lyft by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 6,633,591 shares of the ride-sharing company’s stock worth $104,561,000 after acquiring an additional 20,354 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

About Lyft

(Get Free Report)

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.

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