Lyft (NASDAQ:LYFT) Price Target Raised to $24.00

Lyft (NASDAQ:LYFT) had its price target upped by Tigress Financial from $22.00 to $24.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the ride-sharing company’s stock.

Other analysts have also recently issued reports about the company. BMO Capital Markets initiated coverage on Lyft in a report on Tuesday, January 9th. They issued a market perform rating and a $15.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Lyft from $11.00 to $13.00 and gave the company a neutral rating in a report on Wednesday, February 14th. UBS Group upped their target price on Lyft from $13.00 to $14.00 and gave the company a neutral rating in a report on Wednesday, February 14th. Truist Financial increased their price target on Lyft from $13.00 to $15.00 and gave the stock a hold rating in a report on Wednesday, February 14th. Finally, The Goldman Sachs Group cut Lyft from a buy rating to a neutral rating and increased their price target for the stock from $12.00 to $15.00 in a report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Lyft presently has a consensus rating of Hold and an average target price of $14.60.

Lyft Trading Down 3.4 %

Lyft stock opened at $16.15 on Thursday. The business has a 50 day moving average of $17.65 and a 200-day moving average of $14.06. Lyft has a 1 year low of $7.85 and a 1 year high of $20.82. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55.

Lyft (NASDAQ:LYFT) last announced its earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) EPS 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 business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. On average, analysts anticipate that Lyft 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 the 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 of the company’s stock, valued at approximately $5,434,090.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Logan Green sold 11,867 shares of the 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 of the company’s stock, valued at approximately $5,434,090.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John Patrick Zimmer sold 193,200 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.04, for a total value of $3,871,728.00. Following the completion of the sale, the director now directly owns 932,544 shares of the company’s stock, valued at $18,688,181.76. The disclosure for this sale can be found here. In the last three months, insiders sold 270,526 shares of company stock valued at $5,195,771. 3.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Lyft

Several large investors have recently made changes to their positions in LYFT. Norges Bank purchased a new stake in shares of Lyft during the 4th quarter valued at $73,660,000. Two Sigma Advisers LP increased its position in shares of Lyft by 2,804.1% during the 1st quarter. Two Sigma Advisers LP now owns 3,235,135 shares of the ride-sharing company’s stock valued at $29,990,000 after purchasing an additional 3,123,735 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Lyft during the 1st quarter valued at $24,854,000. Clearbridge Investments LLC increased its position in shares of Lyft by 46.4% during the 1st quarter. Clearbridge Investments LLC now owns 6,470,972 shares of the ride-sharing company’s stock valued at $248,485,000 after purchasing an additional 2,050,430 shares during the last quarter. Finally, Kodai Capital Management LP purchased a new stake in shares of Lyft during the 4th quarter valued at $26,069,000. 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.