Wedbush Trims Lyft (NASDAQ:LYFT) Target Price to $32.00

Lyft (NASDAQ:LYFTGet Rating) had its target price reduced by research analysts at Wedbush from $50.00 to $32.00 in a research note issued to investors on Wednesday, The Fly reports. Wedbush’s price objective would indicate a potential upside of 4.03% from the stock’s current price.

LYFT has been the subject of a number of other reports. Citigroup reduced their price target on shares of Lyft from $95.00 to $78.00 and set a “buy” rating for the company in a report on Wednesday, February 9th. Susquehanna Bancshares reduced their price target on shares of Lyft from $80.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, February 9th. Cowen reduced their price target on shares of Lyft from $80.00 to $70.00 and set an “outperform” rating for the company in a report on Monday, January 31st. Piper Sandler reduced their price target on shares of Lyft from $70.00 to $55.00 in a report on Friday, February 4th. Finally, Credit Suisse Group increased their price target on shares of Lyft from $70.00 to $71.00 and gave the company an “outperform” rating in a report on Monday, February 7th. Eleven investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $57.21.

NASDAQ LYFT opened at $30.76 on Wednesday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.47. The company has a fifty day simple moving average of $36.18 and a 200 day simple moving average of $40.82. The company has a market cap of $10.72 billion, a P/E ratio of -10.15 and a beta of 1.79. Lyft has a 1 year low of $29.93 and a 1 year high of $63.07.

Lyft (NASDAQ:LYFTGet Rating) last posted 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 the consensus estimate of $845.91 million. Lyft had a negative net margin of 31.46% and a negative return on equity of 57.94%. Lyft’s quarterly revenue was up 43.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.86) EPS. Equities research analysts forecast that Lyft will post -1.58 EPS for the current fiscal year.

In related news, insider Kristin Sverchek sold 3,938 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.77% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. JFS Wealth Advisors LLC acquired a new stake in Lyft in the 3rd quarter valued at about $27,000. Amundi Pioneer Asset Management Inc. acquired a new stake in Lyft in the 1st quarter valued at about $39,000. Institutional & Family Asset Management LLC increased its position in Lyft by 70.5% in the 3rd quarter. Institutional & Family Asset Management LLC now owns 561 shares of the ride-sharing company’s stock valued at $30,000 after acquiring an additional 232 shares in the last quarter. Rockbridge Investment Management LCC increased its position in Lyft by 95.6% in the 4th quarter. Rockbridge Investment Management LCC now owns 671 shares of the ride-sharing company’s stock valued at $29,000 after acquiring an additional 328 shares in the last quarter. Finally, Ensign Peak Advisors Inc acquired a new stake in Lyft in the 3rd quarter valued at about $49,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

About Lyft (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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