Lyft (NASDAQ:LYFT) Stock Price Target Cut by TD Cowen

by · The Markets Daily

Lyft (NASDAQ:LYFT – Get Free Report) had its price objective cut by stock analysts at TD Cowen from $30.00 to $26.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the ride-sharing company’s stock. TD Cowen’s price objective suggests a potential upside of 51.90% from the stock’s current price.

LYFT has been the topic of a number of other reports. Rosenblatt Securities initiated coverage on shares of Lyft in a research note on Tuesday, September 1st. They issued a “neutral” rating and a $19.00 target price on the stock. Guggenheim downgraded shares of Lyft from a “buy” rating to a “neutral” rating and decreased their price target for the company from $22.00 to $16.00 in a research note on Thursday, September 17th. Roth Capital reiterated a “buy” rating and issued a $25.00 price target (up from $23.00) on shares of Lyft in a report on Monday, August 10th. Jefferies Financial Group boosted their price target on Lyft from $15.00 to $15.50 and gave the company a “hold” rating in a report on Tuesday, July 14th. Finally, BTIG Research reissued a “neutral” rating on shares of Lyft in a research note on Friday, September 18th. Eleven equities research analysts have rated the stock with a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $19.20.

Read Our Latest Stock Analysis on Lyft

Lyft Trading Down 0.8%

LYFT traded down $0.13 during trading hours on Wednesday, reaching $17.12. 2,092,565 shares of the company’s stock traded hands, compared to its average volume of 13,819,947. The firm has a 50-day moving average price of $16.27 and a 200 day moving average price of $15.15. Lyft has a 52-week low of $12.46 and a 52-week high of $25.54. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $6.48 billion, a PE ratio of 2.50, a PEG ratio of 1.06 and a beta of 1.95.

Lyft (NASDAQ:LYFT – Get Free Report) last released its earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). Lyft had a negative return on equity of 1.20% and a net margin of 42.32%. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.81 billion. During the same quarter in the previous year, the business earned $0.10 EPS. The business’s revenue for the quarter was up 16.1% on a year-over-year basis. As a group, sell-side analysts predict that Lyft will post 0.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Lindsay Llewellyn sold 36,214 shares of Lyft stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $16.14, for a total value of $584,493.96. Following the transaction, the insider directly owned 817,517 shares in the company, valued at approximately $13,194,724.38. This trade represents a 4.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen Hope sold 5,982 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $17.34, for a total value of $103,727.88. Following the completion of the transaction, the chief accounting officer directly owned 299,974 shares of the company’s stock, valued at approximately $5,201,549.16. The trade was a 1.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 112,020 shares of company stock worth $1,850,559. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Lyft

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wedmont Private Capital lifted its position in shares of Lyft by 5.0% during the third quarter. Wedmont Private Capital now owns 13,517 shares of the ride-sharing company’s stock valued at $218,000 after buying an additional 642 shares during the last quarter. Nicollet Investment Management Inc. boosted its holdings in shares of Lyft by 2.0% in the 3rd quarter. Nicollet Investment Management Inc. now owns 50,501 shares of the ride-sharing company’s stock valued at $758,000 after buying an additional 999 shares in the last quarter. Praxis Investment Management Inc. boosted its holdings in shares of Lyft by 9.5% in the 1st quarter. Praxis Investment Management Inc. now owns 14,538 shares of the ride-sharing company’s stock valued at $193,000 after buying an additional 1,258 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Lyft by 8.6% in the 2nd quarter. QRG Capital Management Inc. now owns 16,658 shares of the ride-sharing company’s stock valued at $243,000 after buying an additional 1,314 shares in the last quarter. Finally, Parallel Advisors LLC boosted its holdings in shares of Lyft by 47.0% in the 1st quarter. Parallel Advisors LLC now owns 4,650 shares of the ride-sharing company’s stock valued at $62,000 after buying an additional 1,487 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Lyft Company Profile

(Get Free Report)

Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.

The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.

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