Lyft (NASDAQ:LYFT) Stock Price Expected to Rise, TD Cowen Analyst Says

Lyft (NASDAQ:LYFT) had its price objective raised by stock analysts at TD Cowen from $16.00 to $18.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the ride-sharing company’s stock. TD Cowen’s target price indicates a potential upside of 1.35% from the stock’s current price.

Several other brokerages have also recently weighed in on LYFT. Royal Bank of Canada decreased their price target on Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Wolfe Research began coverage on Lyft in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Loop Capital cut their target price on Lyft from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd. UBS Group upped their target price on Lyft from $13.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Wells Fargo & Company restated a “market perform” rating on shares of Lyft in a research report on Friday, October 18th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Lyft currently has an average rating of “Hold” and a consensus price target of $17.03.

Lyft Price Performance

Shares of LYFT traded up $3.36 during trading hours on Thursday, reaching $17.76. The stock had a trading volume of 64,824,914 shares, compared to its average volume of 15,015,967. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The stock has a market capitalization of $7.28 billion, a PE ratio of -111.00 and a beta of 2.04. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. The company’s 50-day moving average is $12.71 and its two-hundred day moving average is $13.50.

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

Insider Transactions at Lyft

In other Lyft news, Director Logan Green sold 10,323 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the sale, the director now owns 330,790 shares in the company, valued at approximately $3,843,779.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total transaction of $81,943.20. Following the completion of the transaction, the director now owns 932,062 shares of the company’s stock, valued at $10,625,506.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Logan Green sold 10,323 shares of the 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 of the company’s stock, valued at $3,843,779.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,664 shares of company stock worth $380,048 in the last three months. Corporate insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Lyft during the 1st quarter valued at about $41,000. Brown Brothers Harriman & Co. bought a new position in shares of Lyft in the 2nd quarter valued at about $35,000. International Assets Investment Management LLC bought a new position in shares of Lyft in the 2nd quarter valued at about $35,000. Capital Performance Advisors LLP bought a new position in shares of Lyft in the 3rd quarter valued at about $38,000. Finally, Quarry LP lifted its holdings in shares of Lyft by 4,032.6% in the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after acquiring an additional 3,468 shares during the last quarter. 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.