LYFT (NASDAQ:LYFT) Coverage Initiated at Evercore ISI

Investment analysts at Evercore ISI initiated coverage on shares of LYFT (NASDAQ:LYFT) in a research report issued on Wednesday, The Fly reports. The brokerage set an “outperform” rating on the ride-sharing company’s stock.

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus assumed coverage on LYFT in a research report on Tuesday, April 23rd. They issued a “buy” rating and a $68.00 target price on the stock. Seaport Global Securities assumed coverage on LYFT in a research report on Tuesday, April 2nd. They issued a “sell” rating on the stock. Susquehanna Bancshares assumed coverage on LYFT in a research report on Wednesday, April 17th. They issued a “neutral” rating and a $57.00 target price on the stock. Northcoast Research assumed coverage on LYFT in a research report on Wednesday, March 27th. They issued a “neutral” rating on the stock. Finally, JMP Securities assumed coverage on LYFT in a research report on Tuesday, April 23rd. They issued an “outperform” rating and a $78.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. LYFT currently has an average rating of “Buy” and an average price target of $71.14.

LYFT stock traded up $0.34 during midday trading on Wednesday, reaching $58.41. The company’s stock had a trading volume of 1,532,980 shares, compared to its average volume of 8,695,514. LYFT has a 52 week low of $47.17 and a 52 week high of $88.60.

LYFT (NASDAQ:LYFT) last released its earnings results on Tuesday, May 7th. The ride-sharing company reported ($47.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($4.74) by ($42.39). The business had revenue of $776.03 million during the quarter, compared to analysts’ expectations of $744.09 million. As a group, equities analysts anticipate that LYFT will post -11.85 earnings per share for the current fiscal year.

In related news, Director R. Ann Miura-Ko acquired 1,650 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were bought at an average cost of $72.00 per share, with a total value of $118,800.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Several institutional investors have recently bought and sold shares of LYFT. FMR LLC acquired a new position in shares of LYFT in the first quarter worth approximately $1,451,179,000. AH Equity Partners III Parallel L.L.C. acquired a new position in shares of LYFT in the first quarter worth approximately $704,682,000. Falcon Edge Capital LP acquired a new position in shares of LYFT in the first quarter worth approximately $605,929,000. AH Equity Partners III L.L.C. acquired a new position in shares of LYFT in the first quarter worth approximately $472,872,000. Finally, JPMorgan Chase & Co. acquired a new position in shares of LYFT in the first quarter worth approximately $196,554,000. 30.67% of the stock is currently owned by institutional investors.

About LYFT

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders.

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