Lyft (NASDAQ:LYFT) Shares Gap Down – Here’s What Happened

Lyft, Inc. (NASDAQ:LYFT)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $14.07, but opened at $13.57. Lyft shares last traded at $13.73, with a volume of 3,099,351 shares changing hands.

Analysts Set New Price Targets

LYFT has been the subject of several research analyst reports. Cantor Fitzgerald increased their target price on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Morgan Stanley upped their price target on Lyft from $16.50 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Truist Financial upped their price target on Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Benchmark raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Monday, January 6th. Finally, UBS Group cut their target price on Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Lyft currently has a consensus rating of “Hold” and an average price target of $17.78.

Lyft Price Performance

The stock has a 50 day moving average of $14.29 and a two-hundred day moving average of $13.46. The stock has a market cap of $5.60 billion, a PE ratio of -84.47, a PEG ratio of 1.86 and a beta of 2.16. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. Lyft’s revenue was up 31.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) EPS. Equities analysts anticipate that Lyft, Inc. will post 0.06 EPS for the current year.

Insider Buying and Selling

In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,081 shares of Lyft stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $18.02, for a total transaction of $163,639.62. Following the transaction, the chief accounting officer now owns 332,243 shares of the company’s stock, valued at $5,987,018.86. The trade was a 2.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of Lyft 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 transaction, the insider now directly owns 755,847 shares in the company, valued at approximately $13,423,842.72. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,242 shares of company stock valued at $427,330. 3.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently made changes to their positions in the company. QRG Capital Management Inc. lifted its holdings in shares of Lyft by 3.8% during the 4th quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock valued at $316,000 after buying an additional 903 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in Lyft by 3.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock worth $363,000 after purchasing an additional 969 shares during the last quarter. XTX Topco Ltd lifted its holdings in Lyft by 2.5% in the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock worth $538,000 after purchasing an additional 1,043 shares during the last quarter. Manchester Capital Management LLC lifted its holdings in Lyft by 13.8% in the 4th quarter. Manchester Capital Management LLC now owns 8,879 shares of the ride-sharing company’s stock worth $115,000 after purchasing an additional 1,080 shares during the last quarter. Finally, Summit Trail Advisors LLC lifted its holdings in Lyft by 4.5% in the 4th quarter. Summit Trail Advisors LLC now owns 27,249 shares of the ride-sharing company’s stock worth $352,000 after purchasing an additional 1,182 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.