UBS Group Forecasts Strong Price Appreciation for Lyft (NASDAQ:LYFT) Stock

Lyft (NASDAQ:LYFT) had its target price upped by UBS Group from $13.00 to $18.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the ride-sharing company’s stock. UBS Group’s target price would suggest a potential upside of 1.24% from the company’s current price.

A number of other brokerages have also weighed in on LYFT. Evercore ISI boosted their target price on Lyft from $17.00 to $19.00 and gave the stock an “in-line” rating in a research report on Thursday. Wells Fargo & Company restated a “market perform” rating on shares of Lyft in a research report on Friday, October 18th. Canaccord Genuity Group dropped their target price on shares of Lyft from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Piper Sandler reissued an “overweight” rating and set a $23.00 price target (up from $17.00) on shares of Lyft in a report on Thursday. Finally, Royal Bank of Canada cut their price objective on Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.23.

Lyft Stock Up 0.5 %

Shares of NASDAQ LYFT traded up $0.09 during midday trading on Thursday, hitting $17.78. The stock had a trading volume of 28,925,410 shares, compared to its average volume of 13,179,118. The business’s 50 day moving average is $12.96 and its 200-day moving average is $13.54. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. 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 company has a market cap of $7.29 billion, a P/E ratio of -111.13 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, topping analysts’ consensus estimates of $0.19 by $0.05. The business 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 1.67% and a negative net margin of 1.19%. The company’s quarterly revenue was up 40.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.14) EPS. As a group, analysts predict that Lyft will post -0.06 EPS for the current year.

Insider Activity

In other Lyft news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.76, for a total transaction of $99,795.36. Following the sale, the insider now owns 764,332 shares of the company’s stock, valued at approximately $8,988,544.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.76, for a total transaction of $99,795.36. Following the transaction, the insider now directly owns 764,332 shares of the company’s stock, valued at $8,988,544.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Logan Green sold 10,323 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the sale, the director now owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,664 shares of company stock worth $380,048. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of 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 acquiring an additional 782,736 shares during the period. Primecap Management Co. CA lifted its position in shares of Lyft by 3.8% during the 3rd quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company’s stock valued at $82,768,000 after acquiring an additional 235,510 shares during the period. Jacobs Levy Equity Management Inc. grew its position 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 purchasing an additional 63,461 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Lyft by 39.5% during the second 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 during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Lyft by 11.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,601,400 shares of the ride-sharing company’s stock valued at $22,580,000 after purchasing an additional 167,400 shares during the last quarter. 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.