Lyft (NASDAQ:LYFT) Price Target Raised to $20.00 at Wells Fargo & Company

Lyft (NASDAQ:LYFT) had its target price lifted by Wells Fargo & Company from $16.00 to $20.00 in a report released on Thursday,Benzinga reports. They currently have an equal weight rating on the ride-sharing company’s stock.

A number of other brokerages have also recently commented on LYFT. Benchmark restated a “buy” rating on shares of Lyft in a research note on Tuesday, October 28th. UBS Group boosted their price target on shares of Lyft from $15.00 to $21.00 and gave the company a “neutral” rating in a research report on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Lyft in a research note on Wednesday, October 8th. Bank of America increased their target price on Lyft from $12.00 to $14.00 and gave the stock an “underperform” rating in a report on Thursday, September 18th. Finally, Wall Street Zen downgraded shares of Lyft from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Lyft presently has a consensus rating of “Hold” and a consensus price target of $22.42.

Lyft Stock Up 3.7%

Shares of NASDAQ:LYFT traded up $0.79 on Thursday, reaching $22.04. The company had a trading volume of 21,590,512 shares, compared to its average volume of 15,815,194. The company has a quick ratio of 0.70, a current ratio of 0.72 and a debt-to-equity ratio of 1.76. The stock has a 50-day moving average price of $20.29 and a 200 day moving average price of $16.82. The stock has a market capitalization of $8.96 billion, a P/E ratio of 62.50, a P/E/G ratio of 3.72 and a beta of 2.36. Lyft has a twelve month low of $9.66 and a twelve month high of $23.50.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, November 5th. The ride-sharing company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.17). Lyft had a net margin of 2.40% and a return on equity of 18.29%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same period in the prior year, the company posted $0.29 EPS. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities analysts expect that Lyft will post 0.22 EPS for the current year.

Insider Activity at Lyft

In related news, insider Lindsay Catherine Llewellyn sold 28,356 shares of Lyft stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $15.85, for a total transaction of $449,442.60. Following the sale, the insider directly owned 850,388 shares in the company, valued at $13,478,649.80. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John David Risher acquired 5,926 shares of the business’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was bought at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the completion of the purchase, the chief executive officer owned 11,797,266 shares of the company’s stock, valued at $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. Insiders sold a total of 74,427 shares of company stock valued at $1,252,686 over the last quarter. 3.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lyft

Several institutional investors have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB raised its holdings in shares of 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 stake in Lyft in the 2nd quarter valued at about $32,000. GAMMA Investing LLC increased its position in shares of Lyft by 81.4% during the first quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company’s stock valued at $33,000 after acquiring an additional 1,237 shares during the last quarter. Bogart Wealth LLC raised its stake in shares of Lyft by 1,242.2% during the 2nd quarter. Bogart Wealth LLC now owns 2,161 shares of the ride-sharing company’s stock worth $34,000 after purchasing an additional 2,000 shares during the period. Finally, Quent Capital LLC bought a new stake in Lyft in the third quarter worth about $34,000. 83.07% of the stock is 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.