Canaccord Genuity Group Issues Positive Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its target price increased by Canaccord Genuity Group from $18.00 to $19.00 in a research report released on Monday,Benzinga reports. The firm currently has a hold rating on the ride-sharing company’s stock.

LYFT has been the subject of several other reports. Truist Financial raised their target price on shares of Lyft from $16.00 to $23.00 and gave the company a “hold” rating in a research note on Friday. Oppenheimer set a $26.00 price objective on Lyft and gave the company an “outperform” rating in a report on Thursday. Weiss Ratings reissued a “hold (c-)” rating on shares of Lyft in a research report on Wednesday, October 8th. Sanford C. Bernstein upped their target price on Lyft from $22.00 to $23.00 and gave the company a “market perform” rating in a research report on Monday. Finally, The Goldman Sachs Group increased their price target on Lyft from $21.00 to $26.00 and gave the company a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $22.62.

Lyft Price Performance

LYFT opened at $23.72 on Monday. The firm has a market capitalization of $9.64 billion, a PE ratio of 62.42, a price-to-earnings-growth ratio of 2.55 and a beta of 2.36. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.72 and a quick ratio of 0.72. The business’s 50-day moving average is $20.44 and its two-hundred day moving average is $16.98. Lyft has a 1 year low of $9.66 and a 1 year high of $23.87.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.17). Lyft had a net margin of 2.40% and a return on equity of 18.29%. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the company posted $0.29 earnings per share. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. Research analysts anticipate that Lyft will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Lyft

In other news, CFO Erin Brewer sold 15,000 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $17.24, for a total value of $258,600.00. Following the transaction, the chief financial officer directly owned 525,759 shares of the company’s stock, valued at approximately $9,064,085.16. This represents a 2.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John David Risher bought 5,926 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were purchased at an average cost of $16.88 per share, with a total value of $100,030.88. Following the acquisition, the chief executive officer directly owned 11,797,266 shares of the company’s stock, valued at approximately $199,137,850.08. This trade represents a 0.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have sold 74,427 shares of company stock worth $1,252,686. 3.07% of the stock is currently owned by insiders.

Institutional Trading of Lyft

A number of hedge funds and other institutional investors have recently made changes to their positions in LYFT. MassMutual Private Wealth & Trust FSB lifted its position in Lyft by 162.6% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company’s stock valued at $31,000 after purchasing an additional 1,203 shares during the period. Atwood & Palmer Inc. purchased a new position in shares of Lyft during the 2nd quarter valued at about $32,000. Bogart Wealth LLC lifted its holdings in shares of Lyft by 1,242.2% in the 2nd quarter. Bogart Wealth LLC now owns 2,161 shares of the ride-sharing company’s stock valued at $34,000 after buying an additional 2,000 shares during the period. Quent Capital LLC acquired a new position in shares of Lyft in the 3rd quarter valued at about $34,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Lyft in the first quarter worth about $35,000. 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.