Lyft (NASDAQ:LYFT) Shares Gap Down to $16.92

Lyft, Inc. (NASDAQ:LYFT) gapped down prior to trading on Wednesday . The stock had previously closed at $16.92, but opened at $16.50. Lyft shares last traded at $16.60, with a volume of 2,435,604 shares.

Analyst Upgrades and Downgrades

Several research analysts have commented on LYFT shares. Argus upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Tuesday, March 5th. BMO Capital Markets initiated coverage on Lyft in a research note on Tuesday, January 9th. They issued a “market perform” rating and a $15.00 target price for the company. Tigress Financial lifted their price target on Lyft from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Piper Sandler lifted their price target on Lyft from $17.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, March 15th. Finally, Wells Fargo & Company lifted their price target on Lyft from $15.00 to $18.00 and gave the company an “equal weight” rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Lyft presently has an average rating of “Hold” and an average price target of $14.60.

Lyft Stock Down 3.1 %

The company has a debt-to-equity ratio of 1.55, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $6.56 billion, a PE ratio of -17.88 and a beta of 1.98. The company has a 50 day moving average price of $17.83 and a 200-day moving average price of $14.17.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.14. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. As a group, analysts forecast that Lyft, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Activity at Lyft

In related news, Director Logan Green sold 11,867 shares of Lyft stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $15.69, for a total transaction of $186,193.23. Following the sale, the director now directly owns 346,341 shares in the company, valued at $5,434,090.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Lyft news, President Kristin Sverchek sold 3,500 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $17.51, for a total value of $61,285.00. Following the sale, the president now directly owns 96,978 shares of the company’s stock, valued at $1,698,084.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Logan Green sold 11,867 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $15.69, for a total value of $186,193.23. Following the completion of the sale, the director now directly owns 346,341 shares in the company, valued at $5,434,090.29. The disclosure for this sale can be found here. Insiders have sold 270,526 shares of company stock worth $5,195,771 over the last ninety days. 3.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lyft

Hedge funds have recently added to or reduced their stakes in the stock. Spire Wealth Management raised its stake in shares of Lyft by 26.4% in the first quarter. Spire Wealth Management now owns 13,867 shares of the ride-sharing company’s stock worth $268,000 after purchasing an additional 2,900 shares during the last quarter. TriaGen Wealth Management LLC purchased a new position in shares of Lyft in the first quarter worth $440,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Lyft in the first quarter worth $41,000. TB Alternative Assets Ltd. raised its stake in shares of Lyft by 62.1% in the first quarter. TB Alternative Assets Ltd. now owns 529,300 shares of the ride-sharing company’s stock worth $10,242,000 after purchasing an additional 202,700 shares during the last quarter. Finally, Range Financial Group LLC purchased a new position in shares of Lyft in the first quarter worth $470,000. 83.07% of the stock is owned by institutional investors.

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.