Lyft, Inc. (NASDAQ:LYFT – Get Free Report) shares rose 11.9% during mid-day trading on Wednesday. The stock traded as high as $18.62 and last traded at $18.6460. Approximately 5,528,561 shares traded hands during trading, a decline of 59% from the average daily volume of 13,598,369 shares. The stock had previously closed at $16.67.
Key Lyft News
Here are the key news stories impacting Lyft this week:
- Positive Sentiment: Uber’s strong delivery quarter lifted ride-hailing and delivery stocks broadly, helping drive gains in Lyft alongside Uber and DoorDash. Article: Uber Climbs 7% Despite Soft Profit Outlook as Delivery Strength Shines; Lyft Jumps 11%, DoorDash Gains 7%
- Positive Sentiment: Recent reports said LYFT moved above its 20-day and 50-day moving averages, a technical signal that may indicate improving short-term momentum. Article: Lyft Just Overtook the 20-Day Moving Average Article: Lyft Just Overtook the 50-Day Moving Average
- Neutral Sentiment: UBS raised its price target from $17 to $18 but kept a “neutral” rating; the new target was below the stock’s recent trading level, tempering the positive implication of the increase. Article: Lyft Stock Gets Price Target Bump from UBS Group
- Neutral Sentiment: Lyft offered discounted Election Day rides. The promotion could encourage usage, though the articles did not quantify its effect on bookings or profitability. Article: Lyft, Uber Offer Half-Price Rides to Polling Locations on Election Day
Analyst Ratings Changes
A number of analysts have commented on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $20.00 target price on shares of Lyft in a report on Tuesday, August 18th. Guggenheim downgraded shares of Lyft from a “buy” rating to a “neutral” rating and cut their price objective for the company from $22.00 to $16.00 in a research report on Thursday, September 17th. BTIG Research restated a “neutral” rating on shares of Lyft in a research note on Friday, September 18th. Canaccord Genuity Group raised their target price on Lyft from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Monday, August 10th. Finally, Morgan Stanley boosted their price target on Lyft from $17.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Ten analysts have rated the stock with a Buy rating, twenty-six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $19.23.
Read Our Latest Analysis on LYFT
Lyft Stock Performance
The business’s fifty day moving average price is $16.17 and its two-hundred day moving average price is $15.14. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.59 and a current ratio of 0.59. The stock has a market capitalization of $7.09 billion, a P/E ratio of 2.72, a P/E/G ratio of 1.03 and a beta of 2.06.
Lyft (NASDAQ:LYFT – Get Free Report) last announced its earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.81 billion. During the same period in the prior year, the company posted $0.10 EPS. The company’s revenue was up 16.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Lyft, Inc. will post 0.81 earnings per share for the current year.
Insiders Place Their Bets
In other news, Director Jill Beggs sold 2,307 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $17.34, for a total transaction of $40,003.38. Following the transaction, the director owned 46,238 shares in the company, valued at $801,766.92. This represents a 4.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $14.64, for a total transaction of $219,600.00. Following the sale, the chief financial officer owned 837,303 shares of the company’s stock, valued at $12,258,115.92. The trade was a 1.76% 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. In the last ninety days, insiders sold 75,806 shares of company stock worth $1,266,066. Insiders own 0.92% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its holdings in shares of Lyft by 250.0% during the 1st quarter. Principal Financial Group Inc. now owns 4,246,519 shares of the ride-sharing company’s stock valued at $56,479,000 after purchasing an additional 3,033,333 shares in the last quarter. Altshuler Shaham Ltd raised its holdings in shares of Lyft by 51.6% during the first quarter. Altshuler Shaham Ltd now owns 7,662,027 shares of the ride-sharing company’s stock valued at $101,905,000 after acquiring an additional 2,607,417 shares during the last quarter. Junto Capital Management LP acquired a new stake in Lyft during the 2nd quarter worth $36,926,000. Dimensional Fund Advisors LP boosted its position in Lyft by 58.0% during the first quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company’s stock worth $89,360,000 after acquiring an additional 2,467,010 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in shares of Lyft by 62.2% in the first quarter. Pacer Advisors Inc. now owns 3,189,313 shares of the ride-sharing company’s stock valued at $42,418,000 after purchasing an additional 1,223,536 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.
About Lyft
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.
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