Lyft (NASDAQ:LYFT) Trading Down 3.8% – What’s Next?

Lyft, Inc. (NASDAQ:LYFT) shares dropped 3.8% during trading on Tuesday . The company traded as low as $16.52 and last traded at $16.65. Approximately 3,405,811 shares traded hands during trading, a decline of 77% from the average daily volume of 15,106,944 shares. The stock had previously closed at $17.30.

Analysts Set New Price Targets

A number of research analysts have issued reports on LYFT shares. Raymond James began coverage on shares of Lyft in a report on Tuesday, September 24th. They issued a “market perform” rating on the stock. Benchmark reiterated a “hold” rating on shares of Lyft in a report on Thursday, November 7th. UBS Group lifted their price objective on Lyft from $13.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a report on Thursday, November 7th. Finally, Melius Research assumed coverage on shares of Lyft in a research note on Monday, July 22nd. They set a “hold” rating and a $15.00 price objective for the company. Twenty-eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $17.48.

Lyft Trading Down 4.6 %

The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The business has a 50-day moving average price of $13.77 and a 200-day moving average price of $13.57.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.44 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The company’s revenue was up 31.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) EPS. Equities research analysts predict that Lyft, Inc. will post 0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Lisa Blackwood-Kapral sold 9,081 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $18.02, for a total value of $163,639.62. Following the transaction, the chief accounting officer now owns 332,243 shares in the company, valued at approximately $5,987,018.86. This represents a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the transaction, the director now directly owns 929,638 shares in the company, valued at approximately $10,523,502.16. The trade was a 0.26 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,799 shares of company stock worth $537,082. 3.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. bought a new stake in Lyft in the third quarter worth $90,604,000. Maple Rock Capital Partners Inc. increased its holdings in shares of Lyft by 84.8% during the 3rd quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company’s stock valued at $78,872,000 after acquiring an additional 2,838,000 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Lyft by 27.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock valued at $103,456,000 after acquiring an additional 1,735,208 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Lyft by 592.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock worth $27,562,000 after purchasing an additional 1,218,620 shares during the last quarter. Finally, National Bank of Canada FI boosted its position in Lyft by 27,739.2% during the second quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock worth $16,665,000 after purchasing an additional 1,188,625 shares during the period. Institutional investors and hedge funds 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.