Lyft (NASDAQ:LYFT) Shares Down 6.3% – Here’s What Happened

Lyft, Inc. (NASDAQ:LYFT) shares fell 6.3% during trading on Wednesday . The company traded as low as $20.49 and last traded at $20.4150. 4,230,314 shares changed hands during trading, a decline of 77% from the average session volume of 18,475,543 shares. The stock had previously closed at $21.78.

Analyst Ratings Changes

A number of analysts recently commented on the company. Cantor Fitzgerald lifted their price target on Lyft from $19.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. Barclays increased their price target on shares of Lyft from $20.00 to $27.00 and gave the company an “equal weight” rating in a research report on Friday, November 7th. Canaccord Genuity Group lifted their price objective on shares of Lyft from $18.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday, November 10th. Susquehanna increased their target price on shares of Lyft from $14.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Finally, Sanford C. Bernstein lifted their price target on shares of Lyft from $22.00 to $23.00 and gave the stock a “market perform” rating in a report on Monday, November 10th. Eleven investment analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $22.92.

Lyft Price Performance

The firm has a market cap of $8.13 billion, a P/E ratio of 53.61, a PEG ratio of 2.02 and a beta of 1.99. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 1.76. The business’s fifty day simple moving average is $21.04 and its 200-day simple moving average is $18.06.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data 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). The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Lyft had a return on equity of 18.29% and a net margin of 2.40%.The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the company posted $0.29 EPS. As a group, analysts forecast that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David Lawee sold 6,578 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $22.55, for a total transaction of $148,333.90. Following the completion of the transaction, the director owned 104,460 shares of the company’s stock, valued at approximately $2,355,573. The trade was a 5.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $20.00, for a total transaction of $292,120.00. Following the sale, the insider directly owned 835,782 shares in the company, valued at $16,715,640. This trade represents a 1.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 202,049 shares of company stock valued at $4,470,738 in the last three months. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several large investors have recently added to or reduced their stakes in LYFT. Amalgamated Bank increased its stake in Lyft by 2.5% in the 3rd quarter. Amalgamated Bank now owns 21,652 shares of the ride-sharing company’s stock worth $477,000 after acquiring an additional 534 shares during the last quarter. Brown Brothers Harriman & Co. boosted its position in shares of Lyft by 23.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,399 shares of the ride-sharing company’s stock valued at $75,000 after acquiring an additional 639 shares during the last quarter. CI Investments Inc. grew its holdings in shares of Lyft by 39.1% during the third quarter. CI Investments Inc. now owns 2,321 shares of the ride-sharing company’s stock worth $51,000 after purchasing an additional 653 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Lyft by 0.5% in the third quarter. Public Employees Retirement System of Ohio now owns 167,399 shares of the ride-sharing company’s stock worth $3,684,000 after purchasing an additional 771 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Lyft by 2.4% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 35,372 shares of the ride-sharing company’s stock valued at $779,000 after purchasing an additional 836 shares in the last quarter. Institutional investors own 83.07% of the company’s stock.

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.