Lyft (NASDAQ:LYFT) Given New $42.00 Price Target at Royal Bank of Canada

Lyft (NASDAQ:LYFT – Get Rating) had its target price decreased by equities researchers at Royal Bank of Canada from $50.00 to $42.00 in a research report issued to clients and investors on Wednesday, The Fly reports. Royal Bank of Canada’s price objective points to a potential upside of 107.41% from the stock’s previous close.

Several other research firms have also commented on LYFT. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Lyft from $43.00 to $28.00 in a report on Wednesday. Canaccord Genuity Group reduced their price target on shares of Lyft from $58.00 to $52.00 in a report on Wednesday. Susquehanna lowered shares of Lyft from a “positive” rating to a “neutral” rating and reduced their price target for the company from $54.00 to $25.00 in a report on Wednesday. Barclays reduced their price target on shares of Lyft from $47.00 to $32.00 in a 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 report on Friday, March 11th. Eleven analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $54.76.

Lyft stock traded down $10.51 during trading hours on Wednesday, hitting $20.25. The company had a trading volume of 1,300,997 shares, compared to its average volume of 4,347,968. The firm has a market cap of $7.06 billion, a P/E ratio of -6.68 and a beta of 1.79. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.13 and a current ratio of 1.13. Lyft has a 1 year low of $29.93 and a 1 year high of $63.07. The company has a 50-day moving average price of $36.18 and a two-hundred day moving average price of $40.82.

Lyft (NASDAQ:LYFT – Get 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, beating the consensus estimate of ($0.07) by $0.14. The company 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 firm’s quarterly revenue 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, equities research analysts anticipate that Lyft will post -1.58 EPS for the current year.

In other Lyft news, insider Kristin Sverchek sold 3,938 shares of the business’s stock in a transaction that occurred on 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 available at this link. 5.77% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. JFS Wealth Advisors LLC purchased a new stake in shares of Lyft in the 3rd quarter valued at $27,000. Rockbridge Investment Management LCC boosted its holdings in Lyft by 95.6% during the fourth quarter. Rockbridge Investment Management LCC now owns 671 shares of the ride-sharing company’s stock worth $29,000 after buying an additional 328 shares in the last quarter. Institutional & Family Asset Management LLC boosted its holdings in Lyft by 70.5% during the third quarter. Institutional & Family Asset Management LLC now owns 561 shares of the ride-sharing company’s stock worth $30,000 after buying an additional 232 shares in the last quarter. Amundi Pioneer Asset Management Inc. purchased a new stake in Lyft during the first quarter worth $39,000. Finally, Concord Wealth Partners boosted its holdings in Lyft by 64.2% during the fourth quarter. Concord Wealth Partners now owns 962 shares of the ride-sharing company’s stock worth $41,000 after buying an additional 376 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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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