Canaccord Genuity Group Trims Lyft (NASDAQ:LYFT) Target Price to $52.00

Lyft (NASDAQ:LYFTGet Rating) had its price objective lowered by research analysts at Canaccord Genuity Group from $58.00 to $52.00 in a research report issued on Wednesday, The Fly reports. Canaccord Genuity Group’s target price would suggest a potential upside of 69.05% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Cowen decreased their price objective on shares of Lyft from $68.00 to $42.00 and set an “outperform” rating for the company in a research report on Wednesday. Piper Sandler reduced their price target on shares of Lyft from $70.00 to $55.00 in a research report on Friday, February 4th. DA Davidson reduced their price target on shares of Lyft from $73.00 to $60.00 and set a “buy” rating for the company in a research report on Wednesday, February 9th. Truist Financial reduced their price target on shares of Lyft from $58.00 to $50.00 in a research report on Wednesday. Finally, Loop Capital reduced their price target on shares of Lyft from $77.00 to $64.00 and set a “buy” rating for the company in a research report on Friday, March 11th. Eleven investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Lyft presently has a consensus rating of “Buy” and an average price target of $55.03.

Lyft stock opened at $30.76 on Wednesday. The stock has a market cap of $10.72 billion, a P/E ratio of -10.15 and a beta of 1.79. The company has a fifty day simple moving average of $36.18 and a 200-day simple moving average of $40.82. Lyft has a 12-month low of $29.93 and a 12-month high of $63.07. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47.

Lyft (NASDAQ:LYFTGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The ride-sharing company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.14. The business had revenue of $875.60 million during the quarter, compared to analysts’ expectations of $845.91 million. Lyft had a negative net margin of 31.46% and a negative return on equity of 57.94%. The company’s revenue for the quarter was up 43.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.86) EPS. As a group, sell-side analysts forecast that Lyft will post -1.58 earnings per share for the current fiscal year.

In related news, insider Kristin Sverchek sold 3,938 shares of the business’s stock in a transaction dated Tuesday, March 29th. The shares were sold at an average price of $40.00, for a total transaction of $157,520.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 5.77% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. JFS Wealth Advisors LLC purchased a new stake in Lyft during the third quarter worth about $27,000. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of Lyft in the first quarter valued at about $39,000. Institutional & Family Asset Management LLC lifted its holdings in shares of Lyft by 70.5% in the third quarter. Institutional & Family Asset Management LLC now owns 561 shares of the ride-sharing company’s stock valued at $30,000 after purchasing an additional 232 shares in the last quarter. Rockbridge Investment Management LCC lifted its holdings in shares of Lyft by 95.6% in the fourth quarter. Rockbridge Investment Management LCC now owns 671 shares of the ride-sharing company’s stock valued at $29,000 after purchasing an additional 328 shares in the last quarter. Finally, Ensign Peak Advisors Inc purchased a new stake in shares of Lyft in the third quarter valued at about $49,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Lyft Company Profile (Get Rating)

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company operates multimodal transportation networks that offer riders personalized and on-demand access to various mobility options. It provides Ridesharing Marketplace, which connects drivers with riders; Express Drive, a flexible car rentals program for drivers; Lyft Rentals that provides vehicles for long-distance trips; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.

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