Lyft (NASDAQ:LYFT) Shares Up 3.3% – Still a Buy?

Shares of Lyft, Inc. (NASDAQ:LYFT) rose 3.3% during mid-day trading on Friday . The company traded as high as $18.54 and last traded at $18.51. Approximately 1,920,470 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 15,069,757 shares. The stock had previously closed at $17.92.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Roth Mkm raised their price target on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Barclays lifted their target price on Lyft from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Raymond James began coverage on Lyft in a research note on Tuesday, September 24th. They issued a “market perform” rating for the company. TD Cowen lifted their price objective on shares of Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Finally, BMO Capital Markets upped their target price on shares of Lyft from $13.00 to $18.00 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Lyft presently has an average rating of “Hold” and a consensus price target of $17.48.

Lyft Price Performance

The stock has a 50 day moving average of $13.64 and a 200-day moving average of $13.60. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $7.43 billion, a P/E ratio of -113.25, a price-to-earnings-growth ratio of 5.16 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.09. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The business’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same period last year, the company earned ($0.02) earnings per share. On average, equities research analysts anticipate that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction on Monday, September 16th. The stock was 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 directly owns 929,638 shares in the company, valued at approximately $10,523,502.16. This represents a 0.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total value of $99,795.36. Following the transaction, the insider now owns 764,332 shares in the company, valued at approximately $8,988,544.32. This represents a 1.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,987 shares of company stock worth $619,025 in the last 90 days. 3.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lyft

Large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio increased its holdings in shares of Lyft by 87.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 260,374 shares of the ride-sharing company’s stock valued at $3,320,000 after acquiring an additional 121,142 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Lyft during the third quarter valued at about $1,838,000. Main Management ETF Advisors LLC purchased a new position in Lyft in the third quarter valued at about $881,000. XTX Topco Ltd raised its holdings in Lyft by 2.5% in the third quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock worth $538,000 after purchasing an additional 1,043 shares in the last quarter. Finally, Weiss Asset Management LP purchased a new stake in shares of Lyft during the third quarter valued at about $677,000. Institutional investors own 83.07% of the company’s stock.

Lyft Company Profile

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.