Lyft (NASDAQ:LYFT) Price Target Raised to $15.00 at Wells Fargo & Company
Wells Fargo & Company has raised its price target for Lyft (NASDAQ:LYFT) from $14.00 to $15.00, maintaining an "equal weight" rating. This new target suggests a potential upside of 7.57% from the current stock price. Other analysts have varied opinions, with Oppenheimer lowering its target to $17.00 and Roth Capital increasing it to $19.00. Lyft's stock recently traded down 1.9% to $13.95, with an average target price of $16.64 among analysts. The company reported a quarterly EPS of $0.10, missing estimates, and a revenue of $1.59 billion, slightly below expectations.
Lyft (NASDAQ:LYFT - Get Free Report) had its price target increased by research analysts at Wells Fargo & Company from $14.00 to $15.00 in a report released on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the ride-sharing company's stock. Wells Fargo & Company's price objective would indicate a potential upside of 7.57% from the stock's current price.
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Several other research analysts have also commented on the stock. Oppenheimer dropped their price objective on shares of Lyft from $20.00 to $17.00 and set an "outperform" rating for the company in a research note on Thursday. Roth Capital raised shares of Lyft from a "neutral" rating to a "buy" rating and set a $19.00 price target on the stock in a report on Thursday. UBS Group boosted their price target on Lyft from $14.00 to $15.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Susquehanna upped their price target on Lyft from $15.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. Finally, BMO Capital Markets reiterated a "market perform" rating and issued a $16.00 target price (up from $15.00) on shares of Lyft in a research report on Thursday. One investment analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $16.64.
View Our Latest Stock Analysis on Lyft
Lyft Stock Down 1.9%
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LYFT stock traded down $0.27 during trading on Friday, reaching $13.95. 9,519,973 shares of the stock were exchanged, compared to its average volume of 17,947,973. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.66. Lyft has a twelve month low of $9.53 and a twelve month high of $19.07. The firm has a market cap of $5.83 billion, a P/E ratio of 58.15, a price-to-earnings-growth ratio of 2.74 and a beta of 2.26. The firm's 50 day moving average is $15.09 and its 200 day moving average is $13.74.
Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The ride-sharing company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.17). Lyft had a return on equity of 14.22% and a net margin of 1.51%. The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same quarter in the prior year, the firm posted $0.24 EPS. The firm's quarterly revenue was up 10.6% on a year-over-year basis. As a group, research analysts forecast that Lyft will post 0.22 EPS for the current year.
Insider Activity at Lyft
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In other news, CEO John David Risher bought 6,538 shares of the stock in a transaction dated Thursday, May 29th. The stock was bought at an average cost of $15.29 per share, with a total value of $99,966.02. Following the purchase, the chief executive officer owned 11,791,340 shares of the company's stock, valued at approximately $180,289,588.60. This represents a 0.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jill Beggs sold 1,572 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $16.41, for a total transaction of $25,796.52. Following the completion of the transaction, the director directly owned 20,467 shares in the company, valued at approximately $335,863.47. The trade was a 7.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.07% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of LYFT. American Century Companies Inc. increased its stake in shares of Lyft by 335.7% in the 4th quarter. American Century Companies Inc. now owns 102,614 shares of the ride-sharing company's stock valued at $1,324,000 after purchasing an additional 79,062 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Lyft by 53.9% in the fourth quarter. Alliancebernstein L.P. now owns 120,562 shares of the ride-sharing company's stock worth $1,555,000 after acquiring an additional 42,218 shares in the last quarter. Geode Capital Management LLC increased its holdings in Lyft by 7.6% during the 4th quarter. Geode Capital Management LLC now owns 6,309,681 shares of the ride-sharing company's stock worth $81,419,000 after purchasing an additional 443,109 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Lyft by 1,957.5% during the 4th quarter. Federated Hermes Inc. now owns 288,827 shares of the ride-sharing company's stock worth $3,726,000 after acquiring an additional 274,789 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of Lyft by 49.4% in the fourth quarter. Cerity Partners LLC now owns 123,888 shares of the ride-sharing company's stock valued at $1,597,000 after acquiring an additional 40,990 shares in the last quarter. Institutional investors own 83.07% of the company's stock.
About Lyft
(Get Free Report)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.
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