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

Lyft (NASDAQ:LYFTGet Rating) had its price objective reduced by MKM Partners from $49.00 to $32.00 in a research report sent to investors on Wednesday, The Fly reports.

Several other research analysts have also weighed in on LYFT. Wedbush lowered their price target on Lyft from $50.00 to $32.00 in a research report on Wednesday. Credit Suisse Group boosted their price target on Lyft from $70.00 to $71.00 and gave the stock an outperform rating in a research report on Monday, February 7th. Royal Bank of Canada lowered their price target on Lyft from $50.00 to $42.00 in a research report on Wednesday. Loop Capital lowered their price target on Lyft from $77.00 to $64.00 and set a buy rating on the stock in a research report on Friday, March 11th. Finally, Canaccord Genuity Group lowered their price target on Lyft from $58.00 to $52.00 in a research report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, Lyft has a consensus rating of Buy and an average price target of $50.48.

Shares of Lyft stock opened at $20.51 on Wednesday. The business’s 50 day simple moving average is $35.14 and its 200 day simple moving average is $40.28. Lyft has a 52-week low of $19.59 and a 52-week high of $63.07. The firm has a market cap of $7.15 billion, a PE ratio of -8.96 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 (NASDAQ:LYFTGet Rating) last announced its earnings results on Tuesday, May 3rd. The ride-sharing company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.14. Lyft had a negative return on equity of 47.92% and a negative net margin of 22.42%. The business had revenue of $875.60 million for the quarter, compared to analyst estimates of $845.91 million. During the same quarter last year, the firm earned ($0.86) EPS. Lyft’s revenue for the quarter was up 43.8% compared to the same quarter last year. As a group, equities research analysts predict that Lyft will post -1.58 EPS for the current year.

In other news, insider Kristin Sverchek sold 3,938 shares of the company’s stock in a transaction on Tuesday, March 29th. The stock was 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 Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.77% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. JFS Wealth Advisors LLC acquired a new position in shares of Lyft during the 3rd quarter worth $27,000. Amundi Pioneer Asset Management Inc. bought a new position in shares of Lyft in the first quarter worth about $39,000. Institutional & Family Asset Management LLC boosted its stake in shares of 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 purchasing an additional 232 shares in the last quarter. MCF Advisors LLC acquired a new stake in shares of Lyft in the 1st quarter valued at approximately $25,000. Finally, Rockbridge Investment Management LCC boosted its stake in shares of 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 purchasing an additional 328 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

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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