Royal Bank Of Canada Raises Lyft (NASDAQ:LYFT) Price Target to $27.00

Lyft (NASDAQ:LYFT) had its price objective raised by analysts at Royal Bank Of Canada from $21.00 to $27.00 in a note issued to investors on Thursday,MarketScreener reports. The brokerage presently has an “outperform” rating on the ride-sharing company’s stock. Royal Bank Of Canada’s target price points to a potential upside of 23.16% from the stock’s previous close.

Several other analysts also recently commented on the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of Lyft from $16.00 to $21.00 and gave the company a “hold” rating in a research note on Thursday, September 18th. TD Cowen increased their price target on shares of Lyft from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. UBS Group boosted their price objective on shares of Lyft from $15.00 to $21.00 and gave the company a “neutral” rating in a research report on Tuesday, October 28th. Wedbush upped their target price on Lyft from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Cowen reiterated a “buy” rating on shares of Lyft in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Lyft has a consensus rating of “Hold” and a consensus price target of $20.08.

Lyft Stock Performance

NASDAQ:LYFT opened at $21.92 on Thursday. The firm has a market cap of $8.91 billion, a price-to-earnings ratio of 88.10, a price-to-earnings-growth ratio of 3.40 and a beta of 2.36. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average of $20.07 and a 200-day moving average of $16.71. Lyft has a twelve month low of $9.66 and a twelve month high of $23.50.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data 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). The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. The firm’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 earnings per share. Analysts forecast that Lyft will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Lyft news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $15.85, for a total transaction of $449,442.60. Following the completion of the sale, the insider owned 850,388 shares in the company, valued at approximately $13,478,649.80. The trade was a 3.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO John David Risher bought 5,926 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was acquired at an average price of $16.88 per share, for a total transaction of $100,030.88. Following the acquisition, the chief executive officer directly owned 11,797,266 shares in the company, valued at $199,137,850.08. The trade was a 0.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold a total of 74,427 shares of company stock worth $1,252,686 in the last ninety days. Corporate insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Hedge funds and other institutional investors have recently modified their holdings of the business. Wealthfront Advisers LLC bought a new position in shares of Lyft in the 3rd quarter worth approximately $369,000. ProShare Advisors LLC purchased a new stake in Lyft during the 3rd quarter valued at approximately $378,000. Waterloo Capital L.P. bought a new stake in shares of Lyft during the third quarter valued at approximately $230,000. Castlekeep Investment Advisors LLC lifted its holdings in shares of Lyft by 25.1% in the third quarter. Castlekeep Investment Advisors LLC now owns 109,957 shares of the ride-sharing company’s stock worth $2,420,000 after buying an additional 22,091 shares in the last quarter. Finally, Horizon Investment Services LLC bought a new position in shares of Lyft during the third quarter worth $360,000. 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.