DA Davidson Forecasts Strong Price Appreciation for Lyft (NASDAQ:LYFT) Stock

Lyft (NASDAQ:LYFT) had its price target boosted by equities researchers at DA Davidson from $11.00 to $16.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the ride-sharing company’s stock. DA Davidson’s price objective suggests a potential downside of 9.91% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Susquehanna reduced their price target on Lyft from $18.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Truist Financial boosted their price target on Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a report on Thursday. Evercore ISI lifted their price objective on Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a research report on Thursday. Piper Sandler reaffirmed an “overweight” rating and set a $23.00 price objective (up from $17.00) on shares of Lyft in a research report on Thursday. Finally, JPMorgan Chase & Co. dropped their price target on Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Twenty-eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Lyft presently has a consensus rating of “Hold” and an average price target of $17.03.

Lyft Trading Up 23.3 %

Shares of LYFT traded up $3.36 during trading hours on Thursday, hitting $17.76. The company had a trading volume of 64,824,914 shares, compared to its average volume of 15,015,967. The firm has a market cap of $7.28 billion, a P/E ratio of -111.00 and a beta of 2.04. The stock’s 50 day moving average price is $12.71 and its 200 day moving average price is $13.50. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the business earned ($0.14) EPS. Lyft’s revenue was up 40.6% compared to the same quarter last year. On average, research analysts predict that Lyft will post -0.06 EPS for the current year.

Insider Buying and Selling at Lyft

In other Lyft news, insider Lindsay Catherine Llewellyn sold 8,486 shares of Lyft stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total value of $99,795.36. Following the completion of the transaction, the insider now owns 764,332 shares of the company’s stock, valued at approximately $8,988,544.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Logan Green sold 10,323 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total transaction of $119,953.26. Following the transaction, the director now directly owns 330,790 shares in the company, valued at approximately $3,843,779.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total transaction of $99,795.36. Following the completion of the sale, the insider now directly owns 764,332 shares in the company, valued at $8,988,544.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,664 shares of company stock valued at $380,048. Corporate insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Crossmark Global Holdings Inc. grew its position in Lyft by 4.4% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company’s stock worth $330,000 after purchasing an additional 993 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Lyft by 9.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company’s stock valued at $196,000 after purchasing an additional 1,160 shares during the period. QRG Capital Management Inc. lifted its stake in shares of Lyft by 6.1% in the second quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company’s stock valued at $350,000 after purchasing an additional 1,437 shares during the period. CWM LLC raised its position in Lyft by 26.4% during the second quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock worth $98,000 after acquiring an additional 1,457 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Lyft by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company’s stock worth $2,612,000 after acquiring an additional 1,477 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.