Lyft’s (LYFT) “Overweight” Rating Reiterated at Piper Sandler

Lyft (NASDAQ:LYFT)‘s stock had its “overweight” rating reissued by investment analysts at Piper Sandler in a note issued to investors on Thursday, Benzinga reports. They currently have a $23.00 price target on the ride-sharing company’s stock, up from their prior price target of $17.00. Piper Sandler’s price target points to a potential upside of 25.14% from the company’s current price.

A number of other research analysts have also commented on the company. Benchmark started coverage on Lyft in a report on Friday, October 25th. They issued a “hold” rating on the stock. Nomura raised Lyft from a “reduce” rating to a “neutral” rating and reduced their target price for the stock from $15.00 to $13.00 in a report on Friday, August 23rd. Evercore ISI increased their target price on Lyft from $17.00 to $19.00 and gave the stock an “in-line” rating in a report on Thursday. Truist Financial reduced their target price on Lyft from $18.00 to $13.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Finally, Melius Research started coverage on Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 target price on the stock. One research analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Lyft presently has an average rating of “Hold” and an average target price of $16.13.

Lyft Trading Up 27.6 %

Shares of Lyft stock opened at $18.38 on Thursday. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82. The stock has a market cap of $7.54 billion, a P/E ratio of -114.88 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 business’s 50 day moving average is $12.71 and its 200-day moving average is $13.50.

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, topping analysts’ consensus estimates of $0.19 by $0.05. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The firm’s revenue was up 40.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.14) EPS. Equities research analysts predict that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Activity

In related news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was 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 owns 932,062 shares of the company’s stock, valued at $10,625,506.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total value of $81,943.20. Following the completion of the sale, the director now 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $12.00, for a total value of $50,916.00. Following the completion of the sale, the insider now directly owns 760,089 shares of the company’s stock, valued at $9,121,068. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,664 shares of company stock valued at $380,048. Company insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new stake in Lyft during the first quarter worth $41,000. Brown Brothers Harriman & Co. bought a new stake in Lyft during the second quarter worth $35,000. International Assets Investment Management LLC bought a new stake in Lyft during the second quarter worth $35,000. Capital Performance Advisors LLP bought a new stake in Lyft during the third quarter worth $38,000. Finally, Quarry LP lifted its holdings in Lyft by 4,032.6% during the second 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 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.