Lyft (NASDAQ:LYFT) Shares Break Below 50 Day Moving Average – Here’s Why

Lyft, Inc. (NASDAQ:LYFT) passed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $16.21 and traded as low as $15.84. Lyft shares last traded at $16.16, with a volume of 8,110,372 shares.

Analysts Set New Price Targets

Several research firms have recently issued reports on LYFT. Canaccord Genuity Group upped their target price on Lyft from $15.00 to $16.00 and gave the company a “hold” rating in a report on Monday, August 10th. Jefferies Financial Group boosted their price objective on Lyft from $15.00 to $15.50 and gave the stock a “hold” rating in a research report on Tuesday, July 14th. Wells Fargo & Company reduced their price objective on Lyft from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Monday, October 5th. Morgan Stanley raised their target price on Lyft from $17.00 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Finally, JPMorgan Chase & Co. lifted their target price on Lyft from $18.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Ten analysts have rated the stock with a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $19.20.

Lyft Trading Down 1.5%

The stock’s 50 day simple moving average is $16.21 and its two-hundred day simple moving average is $15.16. The stock has a market capitalization of $6.12 billion, a PE ratio of 2.35, a PEG ratio of 1.02 and a beta of 1.95. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.59 and a quick ratio of 0.59.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). Lyft had a negative return on equity of 1.20% and a net margin of 42.32%. The company had revenue of $1.84 billion for 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 company’s revenue for the quarter was up 16.1% on a year-over-year basis. On average, sell-side analysts expect that Lyft, Inc. will post 0.81 EPS for the current year.

Insider Buying and Selling at Lyft

In other Lyft news, CAO Stephen W. 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 sale, the chief accounting officer directly owned 299,974 shares in the company, valued at $5,201,549.16. The trade was a 1.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Janey Whiteside sold 14,220 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $17.00, for a total value of $241,740.00. Following the completion of the sale, the director owned 66,184 shares in the company, valued at approximately $1,125,128. The trade was a 17.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 112,020 shares of company stock valued at $1,850,559 in the last quarter. Insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wedmont Private Capital boosted its holdings in shares of Lyft by 5.0% during the 3rd quarter. Wedmont Private Capital now owns 13,517 shares of the ride-sharing company’s stock valued at $218,000 after purchasing an additional 642 shares during the last quarter. BOKF NA grew its position in shares of Lyft by 4.7% during the third quarter. BOKF NA now owns 15,360 shares of the ride-sharing company’s stock valued at $231,000 after purchasing an additional 695 shares in the last quarter. Nicollet Investment Management Inc. grew its position in shares of Lyft by 2.0% during the third quarter. Nicollet Investment Management Inc. now owns 50,501 shares of the ride-sharing company’s stock valued at $758,000 after purchasing an additional 999 shares in the last quarter. Evergreen Capital Management LLC increased its holdings in shares of Lyft by 5.8% in the third quarter. Evergreen Capital Management LLC now owns 19,742 shares of the ride-sharing company’s stock worth $296,000 after purchasing an additional 1,077 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its holdings in shares of Lyft by 3.2% in the third quarter. SBI Securities Co. Ltd. now owns 35,758 shares of the ride-sharing company’s stock worth $537,000 after purchasing an additional 1,104 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

Lyft Company Profile

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.