Lyft (NASDAQ:LYFT) Shares Down 3.6% – Here’s Why

Lyft, Inc. (NASDAQ:LYFT) traded down 3.6% on Monday . The stock traded as low as $13.09 and last traded at $13.11. 3,561,533 shares were traded during trading, a decline of 76% from the average session volume of 14,957,076 shares. The stock had previously closed at $13.60.

Analysts Set New Price Targets

LYFT has been the subject of a number of research reports. Barclays decreased their price objective on Lyft from $20.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Raymond James started coverage on shares of Lyft in a research note on Tuesday, September 24th. They issued a “market perform” rating for the company. Wolfe Research began coverage on shares of Lyft in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Truist Financial cut their price objective on shares of Lyft from $18.00 to $13.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $13.00 target price on shares of Lyft in a research note on Monday, October 7th. Twenty-six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Lyft presently has a consensus rating of “Hold” and a consensus price target of $15.65.

Lyft Trading Up 1.5 %

The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $5.45 billion, a PE ratio of -28.30 and a beta of 2.04. The stock has a 50 day moving average price of $11.79 and a 200-day moving average price of $13.96.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.39 billion. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. Lyft’s revenue was up 40.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.14) earnings per share. Sell-side analysts expect that Lyft, Inc. will post -0.09 earnings per share for the current year.

Insider Buying and Selling

In other Lyft news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total transaction of $99,795.36. Following the completion of the sale, the insider now directly owns 764,332 shares of the company’s stock, valued at approximately $8,988,544.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Logan Green sold 10,323 shares of Lyft stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the transaction, the director now directly owns 330,790 shares of the company’s stock, valued at $3,843,779.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total value of $99,795.36. Following the transaction, the insider now owns 764,332 shares of the company’s stock, valued at approximately $8,988,544.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,664 shares of company stock valued at $380,048. 3.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Lyft

A number of hedge funds have recently modified their holdings of the company. FinTrust Capital Advisors LLC boosted its holdings in Lyft by 277.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after buying an additional 1,000 shares during the period. Kapitalo Investimentos Ltda purchased a new stake in shares of Lyft during the fourth quarter worth about $34,000. International Assets Investment Management LLC bought a new stake in Lyft during the 2nd quarter valued at approximately $35,000. Brown Brothers Harriman & Co. bought a new stake in Lyft during the 2nd quarter valued at approximately $35,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Lyft in the 1st quarter worth approximately $41,000. 83.07% of the stock is currently owned by institutional investors.

Lyft Company Profile

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.