Lyft (NASDAQ:LYFT) Given New $20.00 Price Target at Truist Financial

Lyft (NASDAQ:LYFT) had its price objective increased by Truist Financial from $13.00 to $20.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “hold” rating on the ride-sharing company’s stock. Truist Financial’s target price would suggest a potential upside of 8.81% from the company’s current price.

A number of other analysts have also recently issued reports on LYFT. JPMorgan Chase & Co. lowered their price objective on Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Susquehanna lowered their price target on Lyft from $18.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Melius Research started coverage on Lyft in a research report on Monday, July 22nd. They issued a “hold” rating and a $15.00 price target on the stock. Wedbush reiterated an “underperform” rating on shares of Lyft in a research report on Friday, October 18th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $13.00 price target on shares of Lyft in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, twenty-seven have given 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 presently has a consensus rating of “Hold” and a consensus target price of $16.13.

Lyft Stock Performance

LYFT opened at $18.38 on Thursday. The stock has a market cap of $7.54 billion, a PE ratio of -114.88 and a beta of 2.04. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. The stock’s 50 day simple moving average is $12.71 and its 200-day simple moving average is $13.50.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.39 billion. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. Lyft’s quarterly revenue was up 40.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.14) earnings per share. Sell-side analysts forecast that Lyft will post -0.06 EPS for the current year.

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $11.32, for a total transaction of $27,439.68. Following the transaction, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $11.32, for a total transaction of $27,439.68. Following the transaction, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $12.00, for a total value of $50,916.00. Following the transaction, the insider now directly owns 760,089 shares in the company, valued at $9,121,068. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,664 shares of company stock valued at $380,048 in the last 90 days. 3.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new position in shares of Lyft during the 2nd quarter worth approximately $35,000. Brown Brothers Harriman & Co. bought a new position in shares of Lyft during the 2nd quarter worth approximately $35,000. Capital Performance Advisors LLP bought a new position in shares of Lyft during the 3rd quarter worth approximately $38,000. Allspring Global Investments Holdings LLC bought a new position in shares of Lyft during the 1st quarter worth approximately $41,000. Finally, Quarry LP boosted its stake in shares of 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 period. Institutional investors and hedge funds own 83.07% 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 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.