Lyft (NASDAQ:LYFT) Price Target Raised to $20.00 at Wedbush

Lyft (NASDAQ:LYFT) had its target price increased by equities research analysts at Wedbush from $17.00 to $20.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the ride-sharing company’s stock. Wedbush’s price target would indicate a potential downside of 0.40% from the company’s current price.

Several other equities analysts also recently commented on LYFT. UBS Group boosted their price target on shares of Lyft from $15.00 to $21.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 28th. Benchmark restated a “buy” rating on shares of Lyft in a research note on Tuesday, October 28th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Lyft from $16.00 to $21.00 and gave the stock a “hold” rating in a research note on Thursday, September 18th. Guggenheim upgraded shares of Lyft to a “strong-buy” rating in a research note on Wednesday, October 15th. Finally, Cowen restated a “buy” rating on shares of Lyft in a research note on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Lyft presently has an average rating of “Hold” and a consensus price target of $19.78.

Lyft Stock Up 3.4%

Lyft stock opened at $20.08 on Thursday. Lyft has a fifty-two week low of $9.66 and a fifty-two week high of $23.50. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a 50 day moving average price of $20.07 and a 200 day moving average price of $16.71. The company has a market capitalization of $8.16 billion, a PE ratio of 83.67, a price-to-earnings-growth ratio of 3.40 and a beta of 2.36.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.17). Lyft had a net margin of 1.51% and a return on equity of 14.32%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the business posted $0.24 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Research analysts expect that Lyft will post 0.22 earnings per share for the current year.

Insider Transactions at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 14,606 shares of Lyft stock in a transaction on Monday, September 15th. The shares were sold at an average price of $20.00, for a total transaction of $292,120.00. Following the completion of the sale, the insider directly owned 835,782 shares of the company’s stock, valued at approximately $16,715,640. The trade was a 1.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John David Risher acquired 5,926 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The shares were purchased at an average cost of $16.88 per share, with a total value of $100,030.88. Following the completion of the transaction, the chief executive officer owned 11,797,266 shares in the company, valued at approximately $199,137,850.08. The trade was a 0.05% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders sold 74,427 shares of company stock valued at $1,252,686. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

A number of institutional investors and hedge funds have recently bought and sold shares of LYFT. MassMutual Private Wealth & Trust FSB lifted its position in Lyft by 162.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company’s stock valued at $31,000 after acquiring an additional 1,203 shares during the last quarter. Atwood & Palmer Inc. purchased a new stake in Lyft in the second quarter valued at $32,000. GAMMA Investing LLC lifted its position in Lyft by 81.4% in the first quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company’s stock valued at $33,000 after acquiring an additional 1,237 shares during the last quarter. Bogart Wealth LLC lifted its position in Lyft by 1,242.2% in the second quarter. Bogart Wealth LLC now owns 2,161 shares of the ride-sharing company’s stock valued at $34,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Quent Capital LLC purchased a new stake in Lyft in the third quarter valued at $34,000. 83.07% of the stock is owned by hedge funds and other 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.