Lyft (NASDAQ:LYFT) Given New $18.00 Price Target at Rosenblatt Securities

Lyft (NASDAQ:LYFT) had its target price lowered by stock analysts at Rosenblatt Securities from $19.00 to $18.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the ride-sharing company’s stock. Rosenblatt Securities‘s target price would suggest a potential upside of 0.90% from the stock’s current price.

LYFT has been the topic of a number of other research reports. BMO Capital Markets reiterated a “market perform” rating on shares of Lyft in a research report on Friday. Canaccord Genuity Group upped their target price on Lyft from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Monday, August 10th. Weiss Ratings restated a “hold (c)” rating on shares of Lyft in a research note on Friday, October 30th. The Goldman Sachs Group restated a “buy” rating and set a $20.00 price target on shares of Lyft in a research note on Friday. Finally, Jefferies Financial Group lifted their price target on Lyft from $15.00 to $15.50 and gave the stock a “hold” rating in a research report on Tuesday, July 14th. Ten research analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $18.96.

Lyft Price Performance

Shares of NASDAQ:LYFT opened at $17.84 on Friday. Lyft has a 12 month low of $12.46 and a 12 month high of $25.54. The firm has a market capitalization of $6.75 billion, a P/E ratio of 2.59, a P/E/G ratio of 1.16 and a beta of 2.06. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.59 and a quick ratio of 0.59. The company’s fifty day moving average price is $16.20 and its 200 day moving average price is $15.13.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Thursday, November 5th. The ride-sharing company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.23). Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the prior year, the company earned $0.11 EPS. The business’s revenue was up 8.1% on a year-over-year basis. As a group, sell-side analysts predict that Lyft will post 0.81 earnings per share for the current fiscal year.

Insider Activity at Lyft

In other news, Director Janey Whiteside sold 5,480 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $17.68, for a total value of $96,886.40. Following the completion of the sale, the director directly owned 60,704 shares of the company’s stock, valued at approximately $1,073,246.72. This represents a 8.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Erin Brewer sold 15,000 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $17.63, for a total transaction of $264,450.00. Following the completion of the sale, the chief financial officer directly owned 852,303 shares of the company’s stock, valued at $15,026,101.89. The trade was a 1.73% 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 a total of 61,586 shares of company stock worth $1,024,326 in the last three months. Company insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Lyft

Institutional investors have recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd raised its stake in Lyft by 51.6% during the 1st quarter. Altshuler Shaham Ltd now owns 7,662,027 shares of the ride-sharing company’s stock valued at $101,905,000 after acquiring an additional 2,607,417 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Lyft by 58.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company’s stock valued at $89,360,000 after purchasing an additional 2,467,010 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Lyft by 250.0% in the 1st quarter. Principal Financial Group Inc. now owns 4,246,519 shares of the ride-sharing company’s stock valued at $56,479,000 after purchasing an additional 3,033,333 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Lyft by 62.2% in the 1st quarter. Pacer Advisors Inc. now owns 3,189,313 shares of the ride-sharing company’s stock valued at $42,418,000 after purchasing an additional 1,223,536 shares during the last quarter. Finally, Junto Capital Management LP acquired a new position in shares of Lyft in the second quarter valued at approximately $36,926,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Lyft News Roundup

Here are the key news stories impacting Lyft this week:

• Positive Sentiment: Lyft reported record rides and gross bookings, with bookings benefiting from partnerships and new products. Adjusted EPS was $0.43, in line with consensus and up from $0.26 a year ago, highlighting stronger underlying performance. Lyft reports record rides and gross bookings
• Positive Sentiment: The company launched Lyft Go, a $9.99 monthly membership bundling DoorDash DashPass with 8% ride credits. The offer could encourage customer retention and more cross-platform use. Lyft debuts joint membership program with DoorDash
• Positive Sentiment: Lyft plans to expand its Waymo robotaxi fleet in Nashville by year-end. CEO David Risher said autonomous vehicles are not hurting Lyft’s business, positioning partnerships as part of its strategy to participate in the AV market. Lyft to expand Waymo robotaxi fleet in Nashville
• Neutral Sentiment: Management’s outlook was described as in line with expectations, offering no clear upward revision to near-term forecasts. Lyft posts surprise loss and gives in-line outlook
• Negative Sentiment: Headline results disappointed: Lyft reported a $0.03-per-share loss on a GAAP basis and revenue of $1.82 billion, below the cited analyst estimates of $0.20 EPS and $1.92 billion. A $117.9 million reserve charge tied to legal, tax and regulatory matters weighed on results. Lyft Q3 earnings details

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.