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

Lyft (NASDAQ:LYFT) had its price target boosted by Susquehanna from $10.00 to $18.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a neutral rating on the ride-sharing company’s stock.

Several other analysts have also weighed in on LYFT. Truist Financial upped their target price on Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Bank of America increased their price objective on shares of Lyft from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Citigroup cut their target price on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. DA Davidson increased their price target on shares of Lyft from $11.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Benchmark reaffirmed a “hold” rating on shares of Lyft in a research note on Thursday, November 7th. Twenty-eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.48.

Lyft Price Performance

LYFT opened at $17.92 on Monday. The business has a 50 day simple moving average of $13.36 and a 200-day simple moving average of $13.55. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT) last issued its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.20 by $0.09. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the firm earned ($0.02) EPS. The business’s revenue was up 31.6% on a year-over-year basis. On average, research analysts anticipate that Lyft will post 0.08 EPS for the current year.

Insider Transactions at Lyft

In related news, Director John Patrick Zimmer sold 7,188 shares of Lyft 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 sale, the director now owns 932,062 shares of the company’s stock, valued at $10,625,506.80. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 sale, the insider now owns 755,847 shares of the company’s stock, valued at $13,423,842.72. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,987 shares of company stock valued at $619,025 over the last quarter. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Hedge funds have recently made changes to their positions in the stock. Cinctive Capital Management LP boosted its stake in Lyft by 8.7% during the 3rd quarter. Cinctive Capital Management LP now owns 245,658 shares of the ride-sharing company’s stock valued at $3,132,000 after acquiring an additional 19,611 shares during the last quarter. Concentric Capital Strategies LP lifted its position in shares of Lyft by 171.9% during the third quarter. Concentric Capital Strategies LP now owns 176,919 shares of the ride-sharing company’s stock worth $2,256,000 after purchasing an additional 111,861 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Lyft in the third quarter worth about $234,000. Point72 Hong Kong Ltd bought a new stake in Lyft in the third quarter valued at about $936,000. Finally, True Wealth Design LLC acquired a new stake in Lyft during the third quarter valued at approximately $27,000. 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.