Lyft (NASDAQ:LYFT) Price Target Increased to $16.00 by Analysts at TD Cowen

Lyft (NASDAQ:LYFT) had its target price hoisted by TD Cowen from $14.00 to $16.00 in a research report report published on Wednesday, Benzinga reports. TD Cowen currently has a hold rating on the ride-sharing company’s stock.

Other equities analysts have also recently issued reports about the stock. Sanford C. Bernstein lifted their price target on shares of Lyft from $15.00 to $19.00 and gave the stock a market perform rating in a research note on Wednesday. Morgan Stanley raised their price target on Lyft from $12.00 to $13.00 and gave the stock an equal weight rating in a research note on Monday. Piper Sandler lifted their target price on Lyft from $22.00 to $23.00 and gave the stock an overweight rating in a research report on Wednesday. Moffett Nathanson raised shares of Lyft from a sell rating to a neutral rating in a research note on Wednesday, February 14th. Finally, Tigress Financial boosted their price objective on shares of Lyft from $22.00 to $24.00 and gave the company a buy rating in a research report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $16.70.

Lyft Price Performance

LYFT stock traded down $0.54 during trading on Wednesday, hitting $17.24. 12,924,053 shares of the company’s stock traded hands, compared to its average volume of 16,567,121. The business has a fifty day simple moving average of $17.82 and a 200 day simple moving average of $14.62. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $6.89 billion, a price-to-earnings ratio of -36.68 and a beta of 2.05. Lyft has a 52 week low of $7.85 and a 52 week high of $20.82.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.14. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. As a group, research analysts expect that Lyft will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling at Lyft

In other news, President Kristin Sverchek sold 5,670 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total value of $85,163.40. Following the completion of the sale, the president now directly owns 633,950 shares in the company, valued at $9,521,929. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Lyft news, President Kristin Sverchek sold 5,670 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total transaction of $85,163.40. Following the transaction, the president now directly owns 633,950 shares of the company’s stock, valued at $9,521,929. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John Patrick Zimmer sold 15,724 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $17.51, for a total transaction of $275,327.24. Following the completion of the transaction, the director now directly owns 1,204,071 shares in the company, valued at $21,083,283.21. The disclosure for this sale can be found here. Over the last quarter, insiders sold 280,526 shares of company stock valued at $5,358,031. Corporate insiders own 3.16% of the company’s stock.

Hedge Funds Weigh In On Lyft

Several hedge funds and other institutional investors have recently modified their holdings of LYFT. State Board of Administration of Florida Retirement System raised its position in Lyft by 0.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 322,221 shares of the ride-sharing company’s stock valued at $6,235,000 after purchasing an additional 2,374 shares during the period. Entropy Technologies LP purchased a new stake in shares of Lyft in the 1st quarter valued at $1,145,000. QRG Capital Management Inc. grew its position in Lyft by 55.2% in the 1st quarter. QRG Capital Management Inc. now owns 23,417 shares of the ride-sharing company’s stock valued at $453,000 after acquiring an additional 8,328 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Lyft during the 1st quarter worth approximately $2,328,000. Finally, Sei Investments Co. lifted its stake in Lyft by 55.3% in the first quarter. Sei Investments Co. now owns 98,676 shares of the ride-sharing company’s stock worth $1,909,000 after acquiring an additional 35,146 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.