Lyft (NASDAQ:LYFT) Given New $26.00 Price Target at Guggenheim

Lyft (NASDAQ:LYFT) had its target price upped by investment analysts at Guggenheim from $24.00 to $26.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the ride-sharing company’s stock. Guggenheim’s target price would suggest a potential upside of 20.48% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Wedbush raised their price objective on Lyft from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. Benchmark reaffirmed a “buy” rating on shares of Lyft in a research note on Tuesday, October 28th. Truist Financial increased their target price on Lyft from $16.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, November 7th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Lyft from $21.00 to $25.00 and gave the company a “hold” rating in a report on Friday, November 7th. Finally, Bank of America boosted their price target on shares of Lyft from $12.00 to $14.00 and gave the stock an “underperform” rating in a research report on Thursday, September 18th. Eleven research analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $22.85.

Lyft Stock Down 6.7%

NASDAQ LYFT opened at $21.58 on Tuesday. Lyft has a 52 week low of $9.66 and a 52 week high of $25.54. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $8.62 billion, a P/E ratio of 56.79, a price-to-earnings-growth ratio of 2.30 and a beta of 2.36. The stock’s 50-day moving average price is $21.08 and its 200-day moving average price is $17.37.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.17). Lyft had a net margin of 2.40% and a return on equity of 18.29%. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter last year, the firm posted $0.29 EPS. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts predict that Lyft will post 0.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Lindsay Catherine Llewellyn sold 14,606 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $20.00, for a total value of $292,120.00. Following the sale, the insider directly owned 835,782 shares in the company, valued at approximately $16,715,640. This represents a 1.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Erin Brewer sold 15,000 shares of the business’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $17.24, for a total value of $258,600.00. Following the transaction, the chief financial officer owned 525,759 shares of the company’s stock, valued at approximately $9,064,085.16. The trade was a 2.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 74,427 shares of company stock valued at $1,252,686 over the last 90 days. Insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

A number of hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank grew its position in shares of Lyft by 2.5% during the 3rd quarter. Amalgamated Bank now owns 21,652 shares of the ride-sharing company’s stock worth $477,000 after buying an additional 534 shares in the last quarter. Brown Brothers Harriman & Co. grew its holdings in Lyft by 23.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,399 shares of the ride-sharing company’s stock worth $75,000 after acquiring an additional 639 shares in the last quarter. CI Investments Inc. increased its position in Lyft by 39.1% during the 3rd quarter. CI Investments Inc. now owns 2,321 shares of the ride-sharing company’s stock valued at $51,000 after purchasing an additional 653 shares during the period. Public Employees Retirement System of Ohio raised its holdings in shares of Lyft by 0.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,399 shares of the ride-sharing company’s stock valued at $3,684,000 after purchasing an additional 771 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Lyft by 2.4% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 35,372 shares of the ride-sharing company’s stock worth $779,000 after purchasing an additional 836 shares during the period. 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.