Lyft (NASDAQ:LYFT) Shares Down 4.3% on Analyst Downgrade

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.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. Bank of New York Mellon Corp boosted its stake in shares of Lyft by 174.6% during the second quarter. Bank of New York Mellon Corp now owns 6,104,303 shares of the ride-sharing company’s stock valued at $369,188,000 after purchasing an additional 3,881,438 shares in the last quarter. Clearbridge Investments LLC boosted its stake in shares of Lyft by 21,157.6% during the second quarter. Clearbridge Investments LLC now owns 3,560,866 shares of the ride-sharing company’s stock valued at $215,361,000 after purchasing an additional 3,544,115 shares in the last quarter. Scopus Asset Management L.P. boosted its stake in shares of Lyft by 315.0% during the first quarter. Scopus Asset Management L.P. now owns 1,075,000 shares of the ride-sharing company’s stock valued at $67,919,000 after purchasing an additional 1,575,000 shares in the last quarter. Swiss National Bank bought a new position in shares of Lyft during the second quarter valued at approximately $63,159,000. Finally, Anomaly Capital Management LP acquired a new stake in Lyft in the first quarter valued at approximately $57,201,000. Hedge funds and other institutional investors own 83.01% of the company’s stock.

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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