Lyft, Inc. (NASDAQ:LYFT)’s share price was down 4.3% on Thursday after Royal Bank of Canada lowered their price target on the stock from $70.00 to $65.00. Royal Bank of Canada currently has an outperform rating on the stock. Lyft traded as low as $50.80 and last traded at $50.96. Approximately 219,220 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 3,983,752 shares. The stock had previously closed at $53.24.
Several other research analysts also recently commented on LYFT. Truist Securities increased their price objective on shares of Lyft from $76.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, August 4th. Credit Suisse Group increased their price objective on shares of Lyft from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Monday, August 2nd. Morgan Stanley increased their price objective on shares of Lyft from $70.00 to $72.00 and gave the company an “equal weight” rating in a report on Wednesday, August 4th. Northcoast Research raised shares of Lyft from a “neutral” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Thursday, August 12th. Finally, The Goldman Sachs Group started coverage on shares of Lyft in a report on Monday, September 13th. They set a “buy” rating and a $64.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $70.49.
In other Lyft news, General Counsel Kristin Sverchek sold 6,000 shares of the company’s stock in a transaction dated Monday, September 20th. The shares were sold at an average price of $51.24, for a total value of $307,440.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Logan Green sold 36,000 shares of the stock in a transaction that occurred on Wednesday, September 1st. The shares were sold at an average price of $48.70, for a total transaction of $1,753,200.00. The disclosure for this sale can be found here. Insiders sold a total of 57,977 shares of company stock worth $2,838,880 over the last three months. 5.77% of the stock is currently owned by corporate insiders.
The company’s 50 day simple moving average is $51.53 and its two-hundred day simple moving average is $55.41. The company has a market capitalization of $17.10 billion, a price-to-earnings ratio of -10.73 and a beta of 2.06. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.48.
Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Tuesday, August 3rd. The ride-sharing company reported ($0.68) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.70) by $0.02. The business had revenue of $765.03 million during the quarter, compared to analysts’ expectations of $701.24 million. Lyft had a negative net margin of 65.35% and a negative return on equity of 79.27%. Analysts anticipate that Lyft, Inc. will post -2.53 EPS for the current year.
About Lyft (NASDAQ:LYFT)
Lyft, Inc engages in the provision and management of online social rideshare community platform. It provides access to a network of shared bikes and scooters for shorter rides and first-mile and last-mile legs of multimodal trips, information about nearby public transit routes, and Lyft Rentals to offer riders a view of transportation options when planning any trip.
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