Evercore ISI Issues Positive Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price target lifted by Evercore ISI from $17.00 to $19.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has an in-line rating on the ride-sharing company’s stock.

Other analysts have also issued research reports about the stock. Jefferies Financial Group increased their price target on shares of Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Canaccord Genuity Group decreased their price target on shares of Lyft from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Melius Research initiated coverage on shares of Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 price target on the stock. Truist Financial decreased their price objective on Lyft from $18.00 to $13.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Finally, Wedbush reaffirmed an “underperform” rating on shares of Lyft in a report on Friday, October 18th. Twenty-eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Lyft has a consensus rating of “Hold” and an average target price of $17.23.

Lyft Stock Performance

Shares of Lyft stock traded up $0.09 on Thursday, hitting $17.78. The stock had a trading volume of 28,803,876 shares, compared to its average volume of 15,121,569. The stock has a market cap of $7.29 billion, a price-to-earnings ratio of -110.81 and a beta of 2.04. The business’s 50 day moving average is $12.71 and its two-hundred day moving average is $13.50. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00. Lyft has a twelve month low of $8.93 and a twelve month high of $20.82.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter last year, the firm earned ($0.14) earnings per share. The company’s revenue was up 40.6% on a year-over-year basis. Analysts forecast that Lyft will post -0.06 EPS for the current year.

Insider Buying and Selling at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $12.00, for a total transaction of $50,916.00. Following the completion of the sale, the insider now owns 760,089 shares in the company, valued at $9,121,068. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.00, for a total value of $50,916.00. Following the sale, the insider now directly owns 760,089 shares in the company, valued at approximately $9,121,068. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Logan Green sold 10,323 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total transaction of $119,953.26. Following the sale, the director now directly owns 330,790 shares in the company, valued at approximately $3,843,779.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,664 shares of company stock worth $380,048 over the last three months. 3.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of LYFT. Crossmark Global Holdings Inc. grew its position in shares of Lyft by 4.4% in the second quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company’s stock valued at $330,000 after purchasing an additional 993 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Lyft by 9.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company’s stock valued at $196,000 after buying an additional 1,160 shares during the period. QRG Capital Management Inc. lifted its holdings in shares of Lyft by 6.1% in the second quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company’s stock worth $350,000 after buying an additional 1,437 shares in the last quarter. CWM LLC boosted its position in shares of Lyft by 26.4% in the second quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after acquiring an additional 1,457 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Lyft by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company’s stock valued at $2,612,000 after acquiring an additional 1,477 shares in 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.