Loop Capital Issues Positive Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its target price upped by Loop Capital from $16.00 to $23.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the ride-sharing company’s stock.

LYFT has been the subject of several other research reports. Raymond James started coverage on shares of Lyft in a report on Tuesday, September 24th. They issued a “market perform” rating for the company. Morgan Stanley boosted their price target on shares of Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Tigress Financial upped their target price on shares of Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. JPMorgan Chase & Co. dropped their target price on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, UBS Group upped their target price on shares of Lyft from $13.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.77.

Lyft Stock Performance

LYFT opened at $17.24 on Wednesday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a fifty day moving average price of $14.93 and a 200 day moving average price of $13.59. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. The stock has a market cap of $7.15 billion, a P/E ratio of -107.75, a P/E/G ratio of 4.91 and a beta of 2.09.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.09. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the business posted ($0.02) EPS. The business’s revenue was up 31.6% compared to the same quarter last year. Equities research analysts anticipate that Lyft will post 0.08 earnings per share for the current year.

Insider Buying and Selling

In other Lyft news, Director Logan Green sold 10,919 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the transaction, the director now directly owns 314,492 shares in the company, valued at $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $18.02, for a total transaction of $163,639.62. Following the completion of the transaction, the chief accounting officer now owns 332,243 shares in the company, valued at $5,987,018.86. This represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,909 shares of company stock worth $505,686. Company insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC grew its position in shares of Lyft by 3.5% during the third quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock worth $363,000 after acquiring an additional 969 shares during the last quarter. Crossmark Global Holdings Inc. grew its position in shares of Lyft by 4.4% during the second quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company’s stock worth $330,000 after acquiring an additional 993 shares during the last quarter. XTX Topco Ltd grew its position in shares of Lyft by 2.5% during the third quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock worth $538,000 after acquiring an additional 1,043 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew 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 worth $196,000 after acquiring an additional 1,160 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Lyft by 1.6% during the third quarter. The Manufacturers Life Insurance Company now owns 82,690 shares of the ride-sharing company’s stock worth $1,054,000 after acquiring an additional 1,315 shares during the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

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.