Analysts Set Lyft, Inc. (NASDAQ:LYFT) Price Target at $17.77

Lyft, Inc. (NASDAQ:LYFT) has received a consensus rating of “Hold” from the thirty-eight ratings firms that are currently covering the company, Marketbeat reports. Twenty-seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $17.78.

Several equities analysts have commented on the company. Raymond James began coverage on Lyft in a research report on Tuesday, September 24th. They set a “market perform” rating for the company. Evercore ISI lifted their price target on shares of Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Piper Sandler restated an “overweight” rating and issued a $23.00 price objective (up previously from $17.00) on shares of Lyft in a report on Thursday, November 7th. Canaccord Genuity Group lifted their target price on shares of Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research report on Thursday, November 7th.

Insider Buying and Selling at Lyft

In other Lyft news, insider Lindsay Catherine Llewellyn sold 4,242 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $17.76, for a total transaction of $75,337.92. Following the completion of the sale, the insider now owns 755,847 shares of the company’s stock, valued at approximately $13,423,842.72. The trade was a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $18.02, for a total value of $163,639.62. Following the completion of the transaction, the chief accounting officer now directly owns 332,243 shares in the company, valued at $5,987,018.86. This trade represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,242 shares of company stock valued at $427,330. Insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new position in shares of Lyft during the 2nd quarter valued at $388,000. New York State Teachers Retirement System bought a new position in shares of Lyft in the third quarter worth about $423,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Lyft during the second quarter worth about $3,349,000. Venturi Wealth Management LLC purchased a new stake in shares of Lyft during the third quarter worth about $716,000. Finally, Private Advisor Group LLC lifted its holdings in Lyft by 300.9% in the 2nd quarter. Private Advisor Group LLC now owns 69,697 shares of the ride-sharing company’s stock worth $983,000 after purchasing an additional 52,311 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

Lyft Price Performance

Shares of NASDAQ LYFT opened at $14.39 on Tuesday. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. The stock has a market capitalization of $5.97 billion, a P/E ratio of -89.94, a P/E/G ratio of 4.10 and a beta of 2.14. The company’s 50-day moving average is $15.43 and its 200 day moving average is $13.42. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $1.52 billion for 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% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.02) EPS. On average, sell-side analysts expect that Lyft will post 0.08 earnings per share for the current year.

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.