Lyft (NASDAQ:LYFT) Price Target Raised to $23.00

Lyft (NASDAQ:LYFT) had its target price lifted by Truist Financial from $16.00 to $23.00 in a report published on Friday morning, Marketbeat reports. Truist Financial currently has a hold rating on the ride-sharing company’s stock.

Other equities research analysts also recently issued research reports about the company. Evercore ISI raised their price target on Lyft from $15.00 to $30.00 and gave the company an “in-line” rating in a research report on Thursday. Canaccord Genuity Group boosted their target price on Lyft from $11.00 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, September 18th. Jefferies Financial Group increased their price target on shares of Lyft from $15.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, September 18th. Cowen reissued a “buy” rating on shares of Lyft in a research note on Thursday. Finally, Wedbush boosted their price objective on shares of Lyft from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $22.58.

Lyft Price Performance

Shares of LYFT stock traded up $0.54 during trading on Friday, hitting $22.58. The company had a trading volume of 7,481,332 shares, compared to its average volume of 18,677,604. The stock’s 50-day moving average is $20.29 and its two-hundred day moving average is $16.90. The stock has a market capitalization of $9.18 billion, a price-to-earnings ratio of 59.35, a price-to-earnings-growth ratio of 2.55 and a beta of 2.36. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 1.76. Lyft has a 52 week low of $9.66 and a 52 week high of $23.50.

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

Insider Buying and Selling

In other Lyft news, CEO John David Risher purchased 5,926 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was bought at an average price of $16.88 per share, with a total value of $100,030.88. Following the completion of the purchase, the chief executive officer directly owned 11,797,266 shares of the company’s stock, valued at $199,137,850.08. The trade was a 0.05% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $20.00, for a total transaction of $292,120.00. Following the completion of the sale, the insider directly owned 835,782 shares of the company’s stock, valued at approximately $16,715,640. This represents a 1.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 74,427 shares of company stock valued at $1,252,686 over the last quarter. 3.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its stake in shares of Lyft by 42.1% during the first quarter. PNC Financial Services Group Inc. now owns 9,689 shares of the ride-sharing company’s stock valued at $115,000 after purchasing an additional 2,871 shares in the last quarter. Maxi Investments CY Ltd grew its stake in shares of Lyft by 320.4% in the 1st quarter. Maxi Investments CY Ltd now owns 945,933 shares of the ride-sharing company’s stock worth $11,228,000 after buying an additional 720,933 shares during the last quarter. Joule Financial LLC purchased a new position in Lyft during the second quarter valued at $760,000. Polar Asset Management Partners Inc. bought a new stake in Lyft in the first quarter worth $2,191,000. Finally, Kaufman Rossin Wealth LLC grew its stake in shares of Lyft by 93.1% in the second quarter. Kaufman Rossin Wealth LLC now owns 32,188 shares of the ride-sharing company’s stock worth $507,000 after acquiring an additional 15,518 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.