Zacks Investment Research lowered shares of LYFT (NASDAQ:LYFT) from a hold rating to a sell rating in a research note published on Thursday morning, Zacks.com reports.

According to Zacks, “Lyft, Inc. is a ride-share company operating a transportation platform that connects passengers with drivers in the US and Canada. Their offerings include an expanded set of transportation modes, such as access to a network of shared bikes and scooters for shorter rides and first-mile and last-mile legs of multimodal trips. They have also added information about nearby public transit routes in select cities to offer riders a robust view of transportation options. Their multimodal platform enables TaaS, which they believe offers a viable alternative to car ownership. “

A number of other research firms also recently issued reports on LYFT. Raymond James set a $86.00 price objective on shares of Gilead Sciences and gave the company a buy rating in a report on Tuesday, April 23rd. Cowen raised shares of Twitter from an underperform rating to a market perform rating in a report on Tuesday, April 23rd. Piper Jaffray Companies set a $29.00 price objective on shares of OptiNose and gave the company a buy rating in a report on Tuesday, April 23rd. Barclays boosted their price objective on shares of Coupa Software from $95.00 to $101.00 and gave the company an equal weight rating in a report on Tuesday, June 4th. They noted that the move was a valuation call. Finally, Consumer Edge began coverage on shares of LYFT in a research report on Monday, April 1st. They issued a neutral rating and a $73.00 target price for the company. Four analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-one have given a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $71.44.

NASDAQ LYFT opened at $64.25 on Thursday. LYFT has a 12-month low of $47.17 and a 12-month high of $88.60. The firm has a 50-day simple moving average of $60.71.

LYFT (NASDAQ:LYFT) last posted its quarterly earnings data on Tuesday, May 7th. The ride-sharing company reported ($47.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($4.74) by ($42.39). The business had revenue of $776.03 million for the quarter, compared to analysts’ expectations of $744.09 million. On average, equities research analysts expect that LYFT will post -11.86 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in LYFT. Pinnacle Financial Partners Inc. acquired a new position in LYFT during the 1st quarter worth approximately $27,000. RPG Investment Advisory LLC increased its position in LYFT by 500.0% during the 2nd quarter. RPG Investment Advisory LLC now owns 600 shares of the ride-sharing company’s stock worth $38,000 after purchasing an additional 500 shares in the last quarter. Hartford Financial Management Inc. acquired a new position in LYFT during the 1st quarter worth approximately $39,000. Amundi Pioneer Asset Management Inc. acquired a new position in LYFT during the 1st quarter worth approximately $39,000. Finally, Parkside Financial Bank & Trust acquired a new position in LYFT during the 1st quarter worth approximately $48,000. Institutional investors and hedge funds own 30.67% 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 provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders.

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Analyst Recommendations for LYFT (NASDAQ:LYFT)

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