Lyft (NASDAQ:LYFT) PT Raised to $18.00 at BMO Capital Markets

Lyft (NASDAQ:LYFT) had its price target raised by equities researchers at BMO Capital Markets from $15.00 to $18.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “market perform” rating on the ride-sharing company’s stock. BMO Capital Markets’ price target points to a potential upside of 4.41% from the stock’s previous close.

A number of other research firms have also recently commented on LYFT. Piper Sandler raised their target price on Lyft from $17.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. The Goldman Sachs Group downgraded shares of Lyft from a “buy” rating to a “neutral” rating and upped their target price for the stock from $12.00 to $15.00 in a research report on Thursday, January 11th. JPMorgan Chase & Co. lifted their price target on shares of Lyft from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, February 14th. UBS Group raised their target price on shares of Lyft from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Finally, DA Davidson upped their price target on Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Lyft currently has an average rating of “Hold” and a consensus price target of $16.70.

Lyft Price Performance

Shares of Lyft stock opened at $17.24 on Wednesday. The business has a 50 day moving average of $17.82 and a 200 day moving average of $14.62. Lyft has a 52 week low of $7.85 and a 52 week high of $20.82. The company has a market cap of $6.89 billion, a PE ratio of -36.68 and a beta of 2.05. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55.

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

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 193,200 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.04, for a total transaction of $3,871,728.00. Following the sale, the director now owns 932,544 shares in the company, valued at approximately $18,688,181.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director John Patrick Zimmer sold 193,200 shares of the company’s stock in a transaction that occurred 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 approximately $18,688,181.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 18,065 shares of the business’s stock in a transaction on Monday, February 26th. The stock was 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 owns 255,817 shares in the company, valued at approximately $4,108,421.02. The disclosure for this sale can be found here. Over the last three months, insiders have sold 280,526 shares of company stock worth $5,358,031. Corporate insiders own 3.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LYFT. Norges Bank bought a new stake in shares of Lyft during the 4th quarter worth approximately $94,687,000. Kodai Capital Management LP purchased a new stake in shares of Lyft during the fourth quarter valued at $26,069,000. Bank of Nova Scotia bought a new position in shares of Lyft in the fourth quarter worth about $21,433,000. Vanguard Group Inc. increased its stake in Lyft by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock worth $331,562,000 after buying an additional 1,135,036 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in Lyft by 126.0% during the 4th quarter. BNP Paribas Financial Markets now owns 1,937,357 shares of the ride-sharing company’s stock valued at $29,041,000 after buying an additional 1,080,009 shares in the last quarter. Hedge funds and other 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.