Morgan Stanley Raises Lyft (NASDAQ:LYFT) Price Target to $13.00

Lyft (NASDAQ:LYFT) had its price objective hoisted by Morgan Stanley from $12.00 to $13.00 in a research note released on Monday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the ride-sharing company’s stock.

Other analysts have also issued research reports about the stock. Citigroup lifted their price target on shares of Lyft from $13.00 to $15.00 and gave the stock a neutral rating in a research note on Wednesday, February 14th. The Goldman Sachs Group cut shares of Lyft from a buy rating to a neutral rating and increased their price target for the stock from $12.00 to $15.00 in a research report on Thursday, January 11th. Argus raised Lyft from a hold rating to a buy rating and set a $20.00 price objective for the company in a report on Tuesday, March 5th. Barclays increased their target price on Lyft from $14.00 to $17.00 and gave the stock an equal weight rating in a report on Thursday, February 15th. Finally, Moffett Nathanson raised shares of Lyft from a sell rating to a neutral rating in a report on Wednesday, February 14th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Lyft presently has a consensus rating of Hold and an average price target of $16.52.

Lyft Stock Performance

NASDAQ:LYFT opened at $17.78 on Monday. The firm has a 50-day moving average of $17.75 and a two-hundred day moving average of $14.58. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $7.11 billion, a P/E ratio of -19.98 and a beta of 2.05. Lyft has a 1-year low of $7.85 and a 1-year high of $20.82.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.14. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. On average, research analysts expect that Lyft will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Lyft

In other news, Director Logan Green sold 11,867 shares of Lyft stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $15.69, for a total transaction of $186,193.23. Following the completion of the sale, the director now directly owns 346,341 shares in the company, valued at approximately $5,434,090.29. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CAO Lisa Blackwood-Kapral sold 18,065 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $16.06, for a total transaction of $290,123.90. Following the completion of the sale, the chief accounting officer now directly owns 255,817 shares of the company’s stock, valued at approximately $4,108,421.02. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Logan Green sold 11,867 shares of Lyft stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $15.69, for a total transaction of $186,193.23. Following the completion of the transaction, the director now owns 346,341 shares in the company, valued at approximately $5,434,090.29. The disclosure for this sale can be found here. Insiders sold 280,526 shares of company stock valued at $5,358,031 over the last three months. 3.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lyft

Several large investors have recently made changes to their positions in LYFT. Charles Schwab Investment Management Inc. increased its position in Lyft by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,488,609 shares of the ride-sharing company’s stock worth $36,770,000 after buying an additional 1,043,719 shares during the period. Invesco Ltd. grew its position in Lyft by 21.3% in the 3rd quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock worth $46,647,000 after purchasing an additional 778,563 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Lyft by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock worth $331,562,000 after purchasing an additional 1,135,036 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in shares of Lyft during the 3rd quarter worth about $1,224,000. Finally, Canada Pension Plan Investment Board raised its position in shares of Lyft by 123.4% during the third quarter. Canada Pension Plan Investment Board now owns 1,208,700 shares of the ride-sharing company’s stock valued at $12,740,000 after buying an additional 667,600 shares during the last quarter. Institutional investors and hedge funds 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.