Lyft (NASDAQ:LYFT) PT Raised to $24.00

Lyft (NASDAQ:LYFT) had its target price upped by analysts at Royal Bank of Canada from $23.00 to $24.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the ride-sharing company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 36.99% from the stock’s current price.

Several other research analysts also recently commented on LYFT. UBS Group lifted their price target on shares of Lyft from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. Morgan Stanley upped their price target on shares of Lyft from $12.00 to $13.00 and gave the company an “equal weight” rating in a research report on Monday. JPMorgan Chase & Co. lifted their price objective on Lyft from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. The Goldman Sachs Group cut Lyft from a “buy” rating to a “neutral” rating and increased their target price for the company from $12.00 to $15.00 in a report on Thursday, January 11th. Finally, Tigress Financial lifted their price target on Lyft from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Lyft has an average rating of “Hold” and a consensus price target of $16.39.

Lyft Price Performance

NASDAQ:LYFT traded up $0.92 during mid-day trading on Wednesday, hitting $17.52. 33,229,434 shares of the stock traded hands, compared to its average volume of 16,524,980. Lyft has a 12-month low of $7.85 and a 12-month high of $20.82. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55. The company has a market cap of $7.00 billion, a PE ratio of -19.63 and a beta of 2.05. The business’s 50-day moving average price is $17.75 and its 200 day moving average price is $14.58.

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

Insider Activity

In other Lyft news, President Kristin Sverchek sold 5,670 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total transaction of $85,163.40. Following the completion of the sale, the president now directly owns 633,950 shares of the company’s stock, valued at $9,521,929. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Logan Green sold 11,867 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $15.69, for a total value of $186,193.23. Following the completion of the sale, the director now directly owns 346,341 shares of the company’s stock, valued at approximately $5,434,090.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Kristin Sverchek sold 5,670 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total transaction of $85,163.40. Following the completion of the sale, the president now owns 633,950 shares of the company’s stock, valued at approximately $9,521,929. The disclosure for this sale can be found here. Insiders sold 280,526 shares of company stock valued at $5,358,031 over the last three months. Insiders own 3.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in Lyft during the fourth quarter worth $94,687,000. Kodai Capital Management LP purchased a new position in shares of Lyft in the fourth quarter worth $26,069,000. Bank of Nova Scotia acquired a new position in shares of Lyft in the fourth quarter valued at about $21,433,000. Vanguard Group Inc. raised its position in Lyft by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock worth $331,562,000 after buying an additional 1,135,036 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of Lyft by 126.0% during the fourth quarter. BNP Paribas Financial Markets now owns 1,937,357 shares of the ride-sharing company’s stock worth $29,041,000 after purchasing an additional 1,080,009 shares during the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Lyft Company Profile

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.