Lyft (NASDAQ:LYFT) Price Target Cut to $13.00

Lyft (NASDAQ:LYFT) had its price objective cut by Truist Financial from $18.00 to $13.00 in a report released on Thursday morning, Benzinga reports. They currently have a hold rating on the ride-sharing company’s stock.

Other analysts have also issued reports about the stock. Wolfe Research started coverage on shares of Lyft in a research note on Tuesday, July 16th. They set a peer perform rating for the company. The Goldman Sachs Group boosted their target price on shares of Lyft from $19.00 to $21.00 and gave the stock a neutral rating in a report on Friday, June 7th. Vertical Research upgraded shares of Lyft to a strong-buy rating in a report on Friday, June 7th. Evercore ISI reduced their target price on shares of Lyft from $18.00 to $17.00 and set an in-line rating for the company in a report on Thursday. Finally, TD Cowen boosted their target price on shares of Lyft from $16.00 to $18.00 and gave the stock a hold rating in a report on Friday, June 7th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Lyft has a consensus rating of Hold and a consensus price target of $15.97.

Lyft Trading Down 3.1 %

Shares of LYFT traded down $0.31 during trading hours on Thursday, reaching $9.76. 18,735,444 shares of the company traded hands, compared to its average volume of 15,903,942. The firm has a market cap of $3.94 billion, a price-to-earnings ratio of -20.77 and a beta of 2.06. Lyft has a 12-month low of $8.85 and a 12-month high of $20.82. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.92. The stock’s fifty day moving average price is $13.14 and its 200 day moving average price is $15.37.

Lyft (NASDAQ:LYFT) last issued its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.39 billion. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. The business’s revenue was up 40.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.14) earnings per share. Sell-side analysts forecast that Lyft will post -0.18 earnings per share for the current year.

Insiders Place Their Bets

In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total value of $142,330.61. Following the sale, the chief accounting officer now owns 351,853 shares in the company, valued at approximately $5,513,536.51. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total value of $142,330.61. Following the sale, the chief accounting officer now owns 351,853 shares in the company, valued at approximately $5,513,536.51. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Kristin Sverchek sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $13.81, for a total value of $41,430.00. Following the completion of the sale, the president now owns 47,778 shares in the company, valued at approximately $659,814.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,333 shares of company stock worth $518,714. Corporate insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Lyft by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after buying an additional 782,736 shares in the last quarter. Norges Bank purchased a new position in shares of Lyft during the 4th quarter valued at approximately $94,687,000. Primecap Management Co. CA lifted its position in shares of Lyft by 1.5% during the 2nd quarter. Primecap Management Co. CA now owns 6,256,080 shares of the ride-sharing company’s stock valued at $88,211,000 after buying an additional 94,710 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Lyft by 1.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock valued at $113,126,000 after buying an additional 63,461 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Lyft by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,630,432 shares of the ride-sharing company’s stock valued at $54,420,000 after buying an additional 141,823 shares in the last quarter. 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.