Q2 2024 EPS Estimates for Lyft, Inc. (NASDAQ:LYFT) Lowered by Zacks Research

Lyft, Inc. (NASDAQ:LYFTFree Report) – Investment analysts at Zacks Research dropped their Q2 2024 earnings per share estimates for shares of Lyft in a research report issued to clients and investors on Tuesday, May 28th. Zacks Research analyst R. Department now forecasts that the ride-sharing company will post earnings of ($0.17) per share for the quarter, down from their prior forecast of ($0.16). The consensus estimate for Lyft’s current full-year earnings is ($0.20) per share. Zacks Research also issued estimates for Lyft’s Q3 2024 earnings at ($0.07) EPS, Q4 2024 earnings at ($0.11) EPS, FY2024 earnings at ($0.40) EPS, Q1 2025 earnings at ($0.14) EPS, Q2 2025 earnings at ($0.18) EPS, Q4 2025 earnings at ($0.06) EPS, Q1 2026 earnings at ($0.21) EPS and FY2026 earnings at ($0.96) EPS.

A number of other research firms have also recently commented on LYFT. Morgan Stanley boosted their price target on shares of Lyft from $12.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a research report on Thursday. Sanford C. Bernstein raised their price target on Lyft from $15.00 to $19.00 and gave the company a “market perform” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. upped their price objective on Lyft from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. Finally, Piper Sandler increased their price objective on Lyft from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $16.70.

Read Our Latest Research Report on Lyft

Lyft Trading Down 1.0 %

Lyft stock opened at $15.61 on Friday. The stock has a market cap of $6.30 billion, a P/E ratio of -33.21 and a beta of 2.05. Lyft has a fifty-two week low of $8.36 and a fifty-two week high of $20.82. The firm’s fifty day moving average price is $17.23 and its 200-day moving average price is $15.35. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82.

Lyft (NASDAQ:LYFTGet Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The ride-sharing company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.09. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.17 billion. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently added to or reduced their stakes in LYFT. Vanguard Group Inc. raised its stake in shares of Lyft by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after buying an additional 782,736 shares during the last quarter. Norges Bank acquired a new position in shares of Lyft in the 4th quarter valued at $94,687,000. Jacobs Levy Equity Management Inc. raised its holdings in Lyft by 1.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock worth $113,126,000 after purchasing an additional 63,461 shares during the period. Invesco Ltd. raised its stake in shares of Lyft by 21.3% during the 3rd quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock worth $46,647,000 after buying an additional 778,563 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Lyft by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,630,432 shares of the ride-sharing company’s stock worth $54,420,000 after buying an additional 141,823 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.

Insiders Place Their Bets

In other news, Director John Patrick Zimmer sold 3,327 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $15.74, for a total transaction of $52,366.98. Following the transaction, the director now owns 921,294 shares of the company’s stock, valued at $14,501,167.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Lyft news, Director John Patrick Zimmer sold 3,327 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $15.74, for a total value of $52,366.98. Following the transaction, the director now directly owns 921,294 shares in the company, valued at approximately $14,501,167.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Kristin Sverchek sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $17.51, for a total transaction of $61,285.00. Following the transaction, the president now directly owns 96,978 shares in the company, valued at $1,698,084.78. The disclosure for this sale can be found here. Insiders sold a total of 243,033 shares of company stock valued at $4,741,017 over the last 90 days. Insiders own 3.07% of the company’s stock.

About Lyft

(Get Free Report)

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.

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Earnings History and Estimates for Lyft (NASDAQ:LYFT)

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