Lyft (NASDAQ:LYFT) Trading Up 3.3% – Here’s Why

Lyft, Inc. (NASDAQ:LYFT) traded up 3.3% during mid-day trading on Friday . The stock traded as high as $18.54 and last traded at $18.51. 1,920,470 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 15,069,757 shares. The stock had previously closed at $17.92.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on LYFT shares. Canaccord Genuity Group boosted their target price on Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. BMO Capital Markets increased their target price on Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. Needham & Company LLC reissued a “hold” rating on shares of Lyft in a research report on Thursday, November 7th. Citigroup lowered their price objective on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $20.00 price target (up from $12.00) on shares of Lyft in a research note on Thursday, November 7th. Twenty-eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $17.48.

Lyft Trading Up 0.8 %

The firm has a 50 day moving average of $13.50 and a 200-day moving average of $13.58. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $7.41 billion, a P/E ratio of -114.81, a PEG ratio of 5.16 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. Lyft’s revenue was up 31.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.02) earnings per share. On average, equities research analysts predict that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the sale, the director now directly owns 929,638 shares in the company, valued at approximately $10,523,502.16. The trade was a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $18.02, for a total transaction of $163,639.62. Following the transaction, the chief accounting officer now owns 332,243 shares in the company, valued at $5,987,018.86. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,987 shares of company stock worth $619,025 over the last three months. Corporate insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

A number of institutional investors and hedge funds have recently made changes to their positions in LYFT. True Wealth Design LLC bought a new position in shares of Lyft during the 3rd quarter worth approximately $27,000. International Assets Investment Management LLC purchased a new position in Lyft in the second quarter valued at about $35,000. Brown Brothers Harriman & Co. bought a new position in shares of Lyft during the 2nd quarter valued at approximately $35,000. Capital Performance Advisors LLP purchased a new stake in shares of Lyft during the 3rd quarter worth approximately $38,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Lyft in the 1st quarter worth approximately $41,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

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.