Cantor Fitzgerald Forecasts Strong Price Appreciation for Lyft (NASDAQ:LYFT) Stock

Lyft (NASDAQ:LYFT) had its price target lifted by stock analysts at Cantor Fitzgerald from $13.00 to $16.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the ride-sharing company’s stock. Cantor Fitzgerald’s price objective indicates a potential downside of 10.01% from the company’s current price.

LYFT has been the topic of several other research reports. BMO Capital Markets dropped their target price on shares of Lyft from $19.00 to $13.00 and set a “market perform” rating on the stock in a report on Thursday, August 8th. Nomura upgraded shares of Lyft from a “reduce” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $13.00 in a report on Friday, August 23rd. Canaccord Genuity Group dropped their target price on shares of Lyft from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Loop Capital dropped their target price on shares of Lyft from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. Finally, Royal Bank of Canada dropped their target price on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Twenty-eight 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 company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.23.

Lyft Price Performance

Shares of LYFT opened at $17.78 on Thursday. The company has a market capitalization of $7.29 billion, a P/E ratio of -111.13 and a beta of 2.04. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00. The firm has a 50 day moving average of $12.96 and a 200 day moving average of $13.54. Lyft has a twelve month low of $8.93 and a twelve month high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.05. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.39 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.67%. The firm’s quarterly revenue was up 40.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.14) earnings per share. As a group, equities research analysts anticipate that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Activity at Lyft

In related news, Director John Patrick Zimmer sold 7,188 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total transaction of $81,943.20. Following the transaction, the director now directly owns 932,062 shares in the company, valued at approximately $10,625,506.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Lyft news, Director Logan Green sold 10,323 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the sale, 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, Director John Patrick Zimmer sold 7,188 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total transaction of $81,943.20. Following the completion of the sale, the director now directly owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,664 shares of company stock worth $380,048. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new stake in shares of Lyft in the 1st quarter worth approximately $41,000. Janney Montgomery Scott LLC raised its stake in shares of Lyft by 48.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 78,609 shares of the ride-sharing company’s stock worth $1,521,000 after acquiring an additional 25,500 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Lyft by 24.4% during the 1st quarter. Empowered Funds LLC now owns 16,557 shares of the ride-sharing company’s stock worth $320,000 after acquiring an additional 3,247 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Lyft during the 1st quarter worth approximately $1,262,000. Finally, Swiss National Bank raised its stake in shares of Lyft by 2.0% during the 1st quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock worth $13,218,000 after acquiring an additional 13,300 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.