Lyft (NASDAQ:LYFT) Price Target Raised to $21.00

Lyft (NASDAQ:LYFT) had its price objective lifted by equities research analysts at Bank of America from $19.00 to $21.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the ride-sharing company’s stock. Bank of America‘s price target indicates a potential upside of 41.69% from the company’s current price.

A number of other research analysts also recently commented on LYFT. BMO Capital Markets increased their price objective on Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. Susquehanna boosted their price target on shares of Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a report on Thursday, November 7th. Morgan Stanley lifted their price target on Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Finally, Benchmark raised shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Monday, January 6th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $17.84.

Lyft Stock Down 2.0 %

NASDAQ:LYFT traded down $0.30 during mid-day trading on Tuesday, hitting $14.82. The stock had a trading volume of 3,344,153 shares, compared to its average volume of 15,140,418. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. Lyft has a twelve month low of $8.93 and a twelve month high of $20.82. The company has a market capitalization of $6.15 billion, a PE ratio of -92.33, a PEG ratio of 1.94 and a beta of 2.16. The stock has a 50-day simple moving average of $14.05 and a two-hundred day simple moving average of $13.51.

Insider Activity at Lyft

In other news, Director Logan Green sold 10,919 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the transaction, the director now directly owns 314,492 shares in the company, valued at $5,424,987. This trade represents a 3.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Institutional investors have recently made changes to their positions in the company. True Wealth Design LLC acquired a new stake in shares of Lyft during the third quarter worth $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Lyft during the 4th quarter worth about $29,000. ORG Wealth Partners LLC acquired a new stake in shares of Lyft in the fourth quarter worth $31,000. Byrne Asset Management LLC bought a new position in Lyft during the fourth quarter worth $35,000. Finally, Plato Investment Management Ltd bought a new stake in Lyft in the 4th quarter valued at $35,000. 83.07% of the stock is currently owned by 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.