Lyft (NASDAQ:LYFT) Price Target Raised to $26.00

Lyft (NASDAQ:LYFT) had its price objective increased by stock analysts at Tigress Financial from $24.00 to $26.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the ride-sharing company’s stock. Tigress Financial’s target price points to a potential upside of 56.82% from the company’s previous close.

A number of other brokerages also recently commented on LYFT. Raymond James started coverage on Lyft in a report on Tuesday, September 24th. They set a “market perform” rating for the company. Wedbush reiterated a “neutral” rating and set a $20.00 price objective (up previously from $12.00) on shares of Lyft in a research note on Thursday, November 7th. DA Davidson upped their target price on shares of Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Citigroup decreased their target price on Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Finally, Nomura Securities upgraded Lyft from a “strong sell” rating to a “hold” rating in a research note on Friday, August 23rd. 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, Lyft currently has an average rating of “Hold” and an average price target of $17.55.

Lyft Price Performance

Shares of NASDAQ:LYFT traded down $0.19 during trading on Thursday, reaching $16.58. The company had a trading volume of 3,736,674 shares, compared to its average volume of 15,115,029. The company has a fifty day moving average of $13.97 and a two-hundred day moving average of $13.59. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $6.88 billion, a P/E ratio of -103.63, a price-to-earnings-growth ratio of 4.81 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The firm’s revenue was up 31.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.02) EPS. Equities research analysts forecast that Lyft will post 0.08 earnings per share for the current year.

Insider Activity

In other news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total transaction of $99,795.36. Following the transaction, the insider now owns 764,332 shares in the company, valued at $8,988,544.32. This represents a 1.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the transaction, the director now owns 330,790 shares of the company’s stock, valued at $3,843,779.80. This trade represents a 3.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,799 shares of company stock worth $537,082. 3.07% of the stock is currently owned by company insiders.

Institutional Trading of Lyft

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Lyft by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock worth $636,603,000 after purchasing an additional 782,736 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Lyft by 0.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company’s stock worth $230,174,000 after buying an additional 80,675 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Lyft by 27.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock worth $103,456,000 after acquiring an additional 1,735,208 shares during the period. Pacer Advisors Inc. purchased a new position in Lyft during the third quarter valued at approximately $90,604,000. Finally, Primecap Management Co. CA lifted its holdings in Lyft by 3.8% in the third 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. 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.