Lyft (NASDAQ:LYFT) Shares Down 5.1%

Lyft, Inc. (NASDAQ:LYFT)’s share price fell 5.1% during trading on Wednesday . The company traded as low as $17.25 and last traded at $17.33. 5,810,864 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 16,777,115 shares. The stock had previously closed at $18.27.

Wall Street Analyst Weigh In

Several research firms have issued reports on LYFT. Barclays boosted their price target on Lyft from $14.00 to $17.00 and gave the company an “equal weight” rating in a report on Thursday, February 15th. BMO Capital Markets initiated coverage on shares of Lyft in a report on Tuesday, January 9th. They issued a “market perform” rating and a $15.00 target price for the company. Truist Financial upped their price target on shares of Lyft from $13.00 to $15.00 and gave the stock a “hold” rating in a research report on Wednesday, February 14th. UBS Group lifted their target price on shares of Lyft from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Finally, Wells Fargo & Company raised their price target on shares of Lyft from $15.00 to $18.00 and gave the company an “equal weight” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $14.52.

Lyft Price Performance

The firm has a 50-day simple moving average of $17.41 and a two-hundred day simple moving average of $13.95. The company has a market capitalization of $6.98 billion, a price-to-earnings ratio of -19.87 and a beta of 1.98. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.55.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.14. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. As a group, analysts predict that Lyft, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Lyft

In other Lyft news, President Kristin Sverchek sold 5,670 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total value of $85,163.40. Following the completion of the transaction, the president now owns 633,950 shares in the company, valued at $9,521,929. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director John Patrick Zimmer sold 193,200 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.04, for a total value of $3,871,728.00. Following the sale, the director now owns 932,544 shares in the company, valued at approximately $18,688,181.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Kristin Sverchek sold 5,670 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total value of $85,163.40. Following the completion of the sale, the president now owns 633,950 shares in the company, valued at approximately $9,521,929. The disclosure for this sale can be found here. In the last quarter, insiders sold 270,526 shares of company stock worth $5,195,771. Insiders own 3.16% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new position in shares of Lyft in the 4th quarter valued at about $73,660,000. Two Sigma Advisers LP increased its holdings in shares of Lyft by 2,804.1% in the 1st quarter. Two Sigma Advisers LP now owns 3,235,135 shares of the ride-sharing company’s stock valued at $29,990,000 after acquiring an additional 3,123,735 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Lyft in the 1st quarter valued at about $24,854,000. Clearbridge Investments LLC boosted its position in shares of Lyft by 46.4% in the 1st quarter. Clearbridge Investments LLC now owns 6,470,972 shares of the ride-sharing company’s stock valued at $248,485,000 after purchasing an additional 2,050,430 shares during the period. Finally, Kodai Capital Management LP acquired a new stake in shares of Lyft in the 4th quarter valued at about $26,069,000. Hedge funds and other 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.