Wells Fargo & Company Lowers Lyft (NASDAQ:LYFT) Price Target to $14.00

Lyft (NASDAQ:LYFT) had its price target cut by equities researchers at Wells Fargo & Company from $17.00 to $14.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the ride-sharing company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 4.40% from the company’s previous close.

A number of other analysts also recently issued reports on LYFT. Roth Mkm lifted their target price on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Benchmark raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Monday, January 6th. Needham & Company LLC reissued a “hold” rating on shares of Lyft in a report on Thursday, November 7th. Cantor Fitzgerald boosted their target price on shares of Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Canaccord Genuity Group increased their price target on shares of Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Twenty-seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $17.84.

Lyft Stock Down 1.4 %

Shares of Lyft stock opened at $13.41 on Thursday. The firm has a market cap of $5.56 billion, a PE ratio of -83.81, a P/E/G ratio of 1.72 and a beta of 2.14. The business’s 50 day simple moving average is $15.21 and its 200 day simple moving average is $13.41. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.44 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The firm’s revenue was up 31.6% compared to the same quarter last year. During the same period last year, the company earned ($0.02) earnings per share. On average, analysts predict that Lyft will post 0.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the sale, the director now directly owns 314,492 shares in the company, valued at $5,424,987. This represents a 3.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $17.76, for a total value of $75,337.92. Following the completion of the sale, the insider now directly owns 755,847 shares in the company, valued at $13,423,842.72. This trade represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,242 shares of company stock worth $427,330 over the last ninety days. Corporate insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. True Wealth Design LLC acquired a new position in Lyft during the 3rd quarter worth approximately $27,000. ORG Wealth Partners LLC acquired a new position in shares of Lyft during the fourth quarter worth $31,000. Brown Brothers Harriman & Co. bought a new position in shares of Lyft in the 2nd quarter valued at $35,000. Capital Performance Advisors LLP acquired a new stake in shares of Lyft during the 3rd quarter valued at $38,000. Finally, Quarry LP grew its position in Lyft by 4,032.6% during the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after acquiring an additional 3,468 shares during the last quarter. Institutional investors 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.