Lyft (NASDAQ:LYFT) Downgraded to Buy Rating by Wall Street Zen

by · The Markets Daily

Wall Street Zen lowered shares of Lyft (NASDAQ:LYFT – Free Report) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

Several other research analysts also recently commented on LYFT. Citigroup reissued a “hold” rating and set a $14.00 price objective (down previously from $22.00) on shares of Lyft in a report on Friday, June 27th. Roth Capital raised Lyft from a “neutral” rating to a “buy” rating and set a $19.00 price target for the company in a research note on Thursday, August 7th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $21.00 price objective on shares of Lyft in a research note on Thursday, June 5th. Morgan Stanley increased their target price on Lyft from $19.00 to $20.50 and gave the company an “equal weight” rating in a research report on Thursday, September 11th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $16.00 target price (up from $15.00) on shares of Lyft in a report on Thursday, August 7th. Nine investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $17.07.

View Our Latest Stock Report on LYFT

Lyft Stock Up 9.8%

Shares of LYFT stock opened at $20.44 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.70 and a quick ratio of 0.70. Lyft has a one year low of $9.66 and a one year high of $20.50. The company’s fifty day moving average price is $15.61 and its 200-day moving average price is $14.29. The company has a market capitalization of $8.31 billion, a price-to-earnings ratio of 85.17, a PEG ratio of 2.91 and a beta of 2.33.

Lyft (NASDAQ:LYFT – Get Free Report) last issued its earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.17). The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.61 billion. Lyft had a return on equity of 14.32% and a net margin of 1.51%.The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 EPS. Sell-side analysts expect that Lyft will post 0.22 EPS for the current fiscal year.

Insider Transactions at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $15.85, for a total transaction of $449,442.60. Following the transaction, the insider directly owned 850,388 shares of the company’s stock, valued at approximately $13,478,649.80. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO John David Risher acquired 5,926 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was purchased at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the purchase, the chief executive officer owned 11,797,266 shares of the company’s stock, valued at $199,137,850.08. This represents a 0.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 59,821 shares of company stock worth $960,566. 3.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. Vanguard Group Inc. increased its holdings in Lyft by 5.7% during the first quarter. Vanguard Group Inc. now owns 38,049,250 shares of the ride-sharing company’s stock valued at $451,645,000 after buying an additional 2,046,639 shares during the period. Ameriprise Financial Inc. boosted its position in Lyft by 26.3% during the 1st quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company’s stock valued at $294,978,000 after acquiring an additional 5,178,118 shares in the last quarter. AQR Capital Management LLC boosted its position in 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 acquiring an additional 14,205,143 shares in the last quarter. Rakuten Group Inc. purchased a new position in shares of Lyft in the 1st quarter valued at $130,434,000. Finally, Two Sigma Investments LP raised its position in shares of Lyft by 156.9% in the 4th quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company’s stock worth $103,524,000 after acquiring an additional 4,901,358 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

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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