Zacks Investment Research Downgrades LYFT (NASDAQ:LYFT) to Sell

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Zacks Investment Research downgraded shares of LYFT (NASDAQ:LYFT) from a hold rating to a sell rating in a research note published on Thursday morning, Zacks.com reports.

According to Zacks, “Lyft, Inc. is a ride-share company operating a transportation platform that connects passengers with drivers in the US and Canada. Their offerings include an expanded set of transportation modes, such as access to a network of shared bikes and scooters for shorter rides and first-mile and last-mile legs of multimodal trips. They have also added information about nearby public transit routes in select cities to offer riders a robust view of transportation options. Their multimodal platform enables TaaS, which they believe offers a viable alternative to car ownership. “

LYFT has been the topic of several other research reports. Stifel Nicolaus set a $27.00 price objective on shares of Amarin and gave the stock a buy rating in a report on Tuesday, July 2nd. Wedbush set a $18.00 price objective on shares of Catabasis Pharmaceuticals and gave the stock a buy rating in a report on Monday, June 24th. Susquehanna Bancshares upgraded shares of LYFT from a neutral rating to a positive rating and upped their price objective for the stock from $57.00 to $80.00 in a report on Tuesday, June 11th. Citigroup upgraded shares of OIL SEARCH LTD/ADR from a sell rating to a neutral rating in a report on Tuesday, June 4th. Finally, Goldman Sachs Group upgraded shares of to a buy rating and set a GBX 1,180 ($15.42) price objective on the stock in a report on Tuesday, June 4th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-one have given a buy rating to the stock. LYFT presently has a consensus rating of Hold and a consensus price target of $71.44.

LYFT opened at $64.25 on Thursday. The business’s fifty day simple moving average is $60.71. LYFT has a 1-year low of $47.17 and a 1-year high of $88.60.

LYFT (NASDAQ:LYFT) last released its quarterly earnings data on Tuesday, May 7th. The ride-sharing company reported ($47.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($4.74) by ($42.39). The business had revenue of $776.03 million for the quarter, compared to analysts’ expectations of $744.09 million. Equities analysts forecast that LYFT will post -11.86 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Pinnacle Financial Partners Inc. purchased a new stake in LYFT during the first quarter worth about $27,000. Hartford Financial Management Inc. purchased a new stake in LYFT during the first quarter worth about $39,000. Amundi Pioneer Asset Management Inc. purchased a new stake in LYFT during the first quarter worth about $39,000. RPG Investment Advisory LLC increased its holdings in LYFT by 500.0% during the second quarter. RPG Investment Advisory LLC now owns 600 shares of the ride-sharing company’s stock worth $38,000 after buying an additional 500 shares during the last quarter. Finally, Parkside Financial Bank & Trust purchased a new stake in LYFT during the first quarter worth about $48,000. Institutional investors and hedge funds own 30.67% of the company’s stock.

LYFT Company Profile

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders.

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Analyst Recommendations for LYFT (NASDAQ:LYFT)

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