Lyft (NASDAQ:LYFT) Given New $16.00 Price Target at DA Davidson

Lyft (NASDAQ:LYFT) had its target price increased by DA Davidson from $11.00 to $16.00 in a research note published on Thursday,Benzinga reports. DA Davidson currently has a neutral rating on the ride-sharing company’s stock.

Other equities research analysts have also recently issued reports about the company. BMO Capital Markets raised their target price on Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a research note on Thursday. Loop Capital reduced their target price on shares of Lyft from $20.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. Nomura Securities upgraded shares of Lyft from a “strong sell” rating to a “hold” rating in a research report on Friday, August 23rd. Deutsche Bank Aktiengesellschaft cut their price target on Lyft from $15.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Finally, Wedbush reissued a “neutral” rating and issued a $20.00 price objective (up from $12.00) on shares of Lyft in a report on Thursday. Twenty-eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.23.

Lyft Stock Performance

Shares of NASDAQ:LYFT traded up $0.09 during trading on Thursday, reaching $17.78. 28,803,876 shares of the company’s stock traded hands, compared to its average volume of 15,121,569. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. The company has a 50 day moving average of $12.71 and a 200-day moving average of $13.50. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The stock has a market capitalization of $7.29 billion, a P/E ratio of -110.81 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS 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 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 business’s revenue was up 40.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.14) earnings per share. On average, equities analysts expect that Lyft will post -0.06 EPS for the current year.

Insider Buying and Selling at Lyft

In other news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction dated 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 directly owns 932,062 shares of the company’s stock, valued at $10,625,506.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction on 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 owns 932,062 shares in the company, valued at approximately $10,625,506.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Logan Green sold 10,323 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the completion of the sale, the director now owns 330,790 shares of the company’s stock, valued at $3,843,779.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,664 shares of company stock valued at $380,048 in the last quarter. Company insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Lyft by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after buying an additional 782,736 shares during the last quarter. Primecap Management Co. CA increased its position in Lyft by 1.5% during the second quarter. Primecap Management Co. CA now owns 6,256,080 shares of the ride-sharing company’s stock worth $88,211,000 after acquiring an additional 94,710 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in shares of Lyft by 1.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock valued at $113,126,000 after buying an additional 63,461 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Lyft by 39.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock worth $40,475,000 after purchasing an additional 812,926 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in Lyft by 11.7% in the second quarter. Canada Pension Plan Investment Board now owns 1,601,400 shares of the ride-sharing company’s stock worth $22,580,000 after purchasing an additional 167,400 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.