Lyft (NASDAQ:LYFT) Price Target Raised to $18.00

Lyft (NASDAQ:LYFT) had its price target upped by UBS Group from $17.00 to $18.00 in a research report report published on Monday,Benzinga reports. They currently have a neutral rating on the ride-sharing company’s stock.

A number of other research firms have also recently commented on LYFT. JPMorgan Chase & Co. increased their target price on shares of Lyft from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Susquehanna reaffirmed a “neutral” rating and set a $18.00 price target on shares of Lyft in a research report on Monday, August 10th. TD Cowen reduced their price target on Lyft from $30.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, October 21st. Cantor Fitzgerald decreased their price objective on Lyft from $17.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, October 19th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Lyft in a research report on Friday, October 30th. Ten analysts have rated the stock with a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $19.23.

Lyft Stock Up 12.7%

Shares of Lyft stock opened at $18.79 on Monday. The company has a 50-day simple moving average of $16.19 and a two-hundred day simple moving average of $15.14. Lyft has a one year low of $12.46 and a one year high of $25.54. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.33.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.81 billion. Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The firm’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.10 earnings per share. On average, equities research analysts forecast that Lyft will post 0.81 earnings per share for the current fiscal year.

Insider Transactions at Lyft

In related news, Director Janey Whiteside sold 14,220 shares of Lyft stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $17.00, for a total value of $241,740.00. Following the completion of the sale, the director directly owned 66,184 shares in the company, valued at $1,125,128. This trade represents a 17.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen Hope sold 5,982 shares of Lyft stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $17.34, for a total transaction of $103,727.88. Following the completion of the sale, the chief accounting officer owned 299,974 shares of the company’s stock, valued at $5,201,549.16. This trade represents a 1.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 75,806 shares of company stock worth $1,266,066 over the last ninety days. 0.92% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in LYFT. Dimensional Fund Advisors LP boosted its position in Lyft by 58.0% in the first quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company’s stock valued at $89,360,000 after buying an additional 2,467,010 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Lyft by 36.6% in the 1st quarter. Bank of New York Mellon Corp now owns 2,289,671 shares of the ride-sharing company’s stock worth $30,453,000 after buying an additional 613,494 shares during the period. West Tower Group LLC increased its holdings in Lyft by 207.6% in the 1st quarter. West Tower Group LLC now owns 138,432 shares of the ride-sharing company’s stock worth $1,841,000 after buying an additional 93,432 shares during the period. Engineers Gate Manager LP raised its position in Lyft by 270.3% during the 2nd quarter. Engineers Gate Manager LP now owns 457,534 shares of the ride-sharing company’s stock worth $6,685,000 after buying an additional 333,977 shares during the last quarter. Finally, Junto Capital Management LP purchased a new position in Lyft during the 2nd quarter worth approximately $36,926,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

More Lyft News

Here are the key news stories impacting Lyft this week:

• Positive Sentiment: Lyft participated in a broader sector rally after Uber’s strong delivery quarter helped lift ride-hailing and delivery stocks. Uber Climbs 7% Despite Soft Profit Outlook as Delivery Strength Shines; Lyft Jumps 11%, DoorDash Gains 7%
• Positive Sentiment: UBS Group raised its price target on Lyft, a potentially supportive analyst signal; the article does not specify the new target or the size of the increase. Lyft Stock Gets Price Target Bump from UBS Group
• Positive Sentiment: Technical coverage noted that LYFT had moved above its 20-day and 50-day moving averages, which may encourage short-term momentum-oriented buying. Lyft Just Overtook the 20-Day Moving Average
• Neutral Sentiment: Another report said Lyft’s rally lacked a clear company-specific catalyst, suggesting that sector sentiment and trading momentum may be driving the move. Lyft Surges Nearly 8% Intraday With No Catalyst in Sight
• Neutral Sentiment: Articles previewed Lyft’s upcoming third-quarter report but provided no results, so they offer no new evidence about earnings or operating performance. Lyft Q3 Earnings: Wall Street’s Insights on Key Metrics

Lyft Company Profile

Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.

The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.