Needham & Company LLC Reiterates Hold Rating for Lyft (NASDAQ:LYFT)

Lyft (NASDAQ:LYFT)‘s stock had its “hold” rating restated by Needham & Company LLC in a research report issued on Friday, Benzinga reports.

Other research analysts also recently issued reports about the stock. Morgan Stanley increased their price objective on shares of Lyft from $12.00 to $13.00 and gave the company an “equal weight” rating in a research note on Monday, May 6th. Truist Financial boosted their price objective on Lyft from $15.00 to $18.00 and gave the company a “hold” rating in a report on Wednesday, May 8th. BMO Capital Markets upped their price objective on Lyft from $15.00 to $18.00 and gave the company a “market perform” rating in a research note on Wednesday, May 8th. UBS Group lifted their target price on Lyft from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Finally, TD Cowen raised their price objective on Lyft from $14.00 to $16.00 and gave the stock a “hold” rating in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, eighteen have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.04.

Lyft Stock Down 0.6 %

Shares of NASDAQ LYFT opened at $15.60 on Friday. 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 has a 1 year low of $8.85 and a 1 year high of $20.82. The stock’s 50-day simple moving average is $16.84 and its 200-day simple moving average is $15.53. The firm has a market cap of $6.29 billion, a price-to-earnings ratio of -33.19 and a beta of 2.09.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.09. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.17 billion. As a group, equities analysts anticipate that Lyft will post -0.2 earnings per share for the current fiscal year.

Insider Transactions at Lyft

In other news, Director John Patrick Zimmer sold 193,200 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.04, for a total transaction of $3,871,728.00. Following the sale, the director now directly owns 932,544 shares of the company’s stock, valued at $18,688,181.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director John Patrick Zimmer sold 193,200 shares of Lyft stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.04, for a total value of $3,871,728.00. Following the transaction, the director now directly owns 932,544 shares of the company’s stock, valued at $18,688,181.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Kristin Sverchek sold 3,500 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $17.50, for a total transaction of $61,250.00. Following the sale, the president now owns 60,778 shares in the company, valued at approximately $1,063,615. The disclosure for this sale can be found here. Insiders sold a total of 246,033 shares of company stock valued at $4,782,237 in the last three months. 3.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. grew its stake in Lyft by 8.3% during the 3rd quarter. Principal Financial Group Inc. now owns 39,617 shares of the ride-sharing company’s stock valued at $418,000 after acquiring an additional 3,029 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in Lyft in the 3rd quarter worth approximately $581,000. Amalgamated Bank grew its holdings in shares of Lyft by 3.7% during the 3rd quarter. Amalgamated Bank now owns 70,119 shares of the ride-sharing company’s stock valued at $739,000 after acquiring an additional 2,498 shares in the last quarter. Swiss National Bank increased its stake in shares of Lyft by 1.0% in the third quarter. Swiss National Bank now owns 730,900 shares of the ride-sharing company’s stock worth $7,704,000 after acquiring an additional 6,900 shares during the last quarter. Finally, Spire Wealth Management raised its holdings in shares of Lyft by 129.6% during the third quarter. Spire Wealth Management now owns 10,967 shares of the ride-sharing company’s stock worth $116,000 after acquiring an additional 6,190 shares in 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.