Lyft (NASDAQ:LYFT) Stock Price Down 6.3% – What’s Next?

Lyft, Inc. (NASDAQ:LYFT)’s stock price traded down 6.3% during mid-day trading on Wednesday . The company traded as low as $20.49 and last traded at $20.4150. 4,230,314 shares were traded during mid-day trading, a decline of 77% from the average session volume of 18,475,543 shares. The stock had previously closed at $21.78.

Analyst Ratings Changes

Several research analysts have commented on the stock. Roth Capital set a $25.00 price objective on shares of Lyft and gave the company a “buy” rating in a research report on Wednesday, October 29th. Wedbush boosted their price target on Lyft from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. DA Davidson set a $22.00 price objective on Lyft in a research report on Thursday, November 6th. Jefferies Financial Group raised their price objective on Lyft from $15.00 to $22.00 and gave the company a “hold” rating in a research note on Thursday, September 18th. Finally, Barclays boosted their target price on Lyft from $20.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Friday, November 7th. Eleven investment analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $22.92.

Lyft Stock Performance

The company has a market cap of $8.00 billion, a price-to-earnings ratio of 52.60, a P/E/G ratio of 2.24 and a beta of 1.99. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.72 and a current ratio of 0.72. The company has a fifty day moving average of $21.12 and a two-hundred day moving average of $18.03.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.17). Lyft had a net margin of 2.40% and a return on equity of 18.29%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the prior year, the business posted $0.29 earnings per share. Lyft’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities research analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

Insider Buying and Selling at Lyft

In related news, Director David Lawee sold 6,578 shares of Lyft stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $22.55, for a total transaction of $148,333.90. Following the sale, the director directly owned 104,460 shares in the company, valued at $2,355,573. This trade represents a 5.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Stephen W. Hope sold 4,800 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $22.30, for a total transaction of $107,040.00. Following the completion of the transaction, the chief accounting officer owned 311,909 shares of the company’s stock, valued at approximately $6,955,570.70. This trade represents a 1.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 202,049 shares of company stock worth $4,470,738 over the last quarter. Insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its position in Lyft by 42.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,689 shares of the ride-sharing company’s stock valued at $115,000 after buying an additional 2,871 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in Lyft in the first quarter worth approximately $607,000. Joule Financial LLC acquired a new stake in Lyft in the second quarter valued at approximately $760,000. Polar Asset Management Partners Inc. bought a new stake in shares of Lyft during the first quarter valued at approximately $2,191,000. Finally, Kaufman Rossin Wealth LLC raised its position in shares of Lyft by 93.1% during the second quarter. Kaufman Rossin Wealth LLC now owns 32,188 shares of the ride-sharing company’s stock worth $507,000 after purchasing an additional 15,518 shares during the period. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.