Lyft (NASDAQ:LYFT) Receives “Hold” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Lyft (NASDAQ:LYFT) in a report published on Thursday morning,Benzinga reports.

A number of other equities analysts have also recently issued reports on the stock. Cantor Fitzgerald reissued a “neutral” rating and issued a $13.00 target price on shares of Lyft in a report on Monday, October 7th. Citigroup cut their target price on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Roth Mkm cut their target price on shares of Lyft from $19.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, August 14th. Evercore ISI cut their price target on Lyft from $18.00 to $17.00 and set an “in-line” rating on the stock in a report on Thursday, August 8th. Finally, TD Cowen cut their price target on Lyft from $18.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Twenty-eight investment 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 stock. According to data from MarketBeat.com, Lyft has a consensus rating of “Hold” and an average target price of $17.23.

Lyft Stock Up 0.5 %

Shares of LYFT stock traded up $0.09 during trading hours on Thursday, hitting $17.78. 28,795,088 shares of the company were exchanged, compared to its average volume of 15,121,569. 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 business’s 50-day simple moving average is $12.71 and its two-hundred day simple moving average is $13.50. Lyft has a one year low of $8.93 and a one year high of $20.82. The stock has a market capitalization of $7.29 billion, a price-to-earnings ratio of -110.81 and a beta of 2.04.

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

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the transaction, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Lyft news, insider Lindsay Catherine Llewellyn sold 8,486 shares of Lyft 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 transaction, the insider now directly owns 764,332 shares in the company, valued at approximately $8,988,544.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $11.32, for a total transaction of $27,439.68. Following the transaction, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,664 shares of company stock worth $380,048. 3.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Lyft

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. 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 in the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Lyft by 9.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company’s stock valued at $196,000 after buying an additional 1,160 shares during the period. QRG Capital Management Inc. boosted its stake in shares of Lyft by 6.1% during the 2nd quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company’s stock valued at $350,000 after buying an additional 1,437 shares during the period. CWM LLC boosted its stake in shares of Lyft by 26.4% during the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after buying an additional 1,457 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Lyft by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company’s stock valued at $2,612,000 after buying an additional 1,477 shares during the period. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

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.