Lyft (NASDAQ:LYFT) Price Target Raised to $27.00

Lyft (NASDAQ:LYFT) had its price objective upped by Mizuho from $24.00 to $27.00 in a research report released on Wednesday,Benzinga reports. Mizuho currently has a neutral rating on the ride-sharing company’s stock.

Other research analysts also recently issued reports about the company. BMO Capital Markets raised their price objective on Lyft from $20.00 to $23.00 and gave the stock a “market perform” rating in a report on Thursday, November 6th. Guggenheim upgraded Lyft to a “strong-buy” rating in a report on Wednesday, October 15th. Truist Financial increased their target price on shares of Lyft from $16.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, November 7th. The Goldman Sachs Group upped their price target on shares of Lyft from $21.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Canaccord Genuity Group lifted their price objective on shares of Lyft from $18.00 to $19.00 and gave the company a “hold” rating in a report on Monday, November 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $22.72.

Lyft Trading Down 2.8%

Shares of NASDAQ LYFT opened at $23.14 on Wednesday. The company has a market cap of $9.24 billion, a PE ratio of 60.90, a P/E/G ratio of 2.37 and a beta of 2.36. The firm’s 50 day moving average price is $21.01 and its 200-day moving average price is $17.24. Lyft has a 52-week low of $9.66 and a 52-week high of $25.54. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.72 and a current ratio of 0.72.

Lyft (NASDAQ:LYFT) last issued its earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 earnings per share (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 analysts’ expectations of $1.71 billion. During the same period in the prior year, the firm posted $0.29 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities research analysts expect that Lyft will post 0.22 EPS for the current fiscal year.

Insider Activity at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $15.85, for a total transaction of $449,442.60. Following the transaction, the insider owned 850,388 shares in the company, valued at $13,478,649.80. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO John David Risher bought 5,926 shares of the 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 in the company, valued at $199,137,850.08. This represents a 0.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 74,427 shares of company stock valued at $1,252,686 in the last ninety days. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning grew its stake in Lyft by 279.0% during the 3rd quarter. Creative Planning now owns 167,269 shares of the ride-sharing company’s stock valued at $3,682,000 after purchasing an additional 123,129 shares during the last quarter. Polar Asset Management Partners Inc. boosted its position in Lyft by 71.0% in the third quarter. Polar Asset Management Partners Inc. now owns 192,416 shares of the ride-sharing company’s stock valued at $4,235,000 after buying an additional 79,916 shares during the last quarter. AQR Capital Management LLC raised its position in Lyft by 7.4% during the 3rd quarter. AQR Capital Management LLC now owns 25,783,363 shares of the ride-sharing company’s stock worth $567,492,000 after buying an additional 1,773,438 shares during the last quarter. Credit Agricole S A acquired a new stake in Lyft during the 3rd quarter valued at approximately $5,264,000. Finally, Raymond James Financial Inc. boosted its holdings in shares of Lyft by 0.8% in the 3rd quarter. Raymond James Financial Inc. now owns 240,392 shares of the ride-sharing company’s stock valued at $5,291,000 after acquiring an additional 1,948 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

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.