Lyft (NASDAQ:LYFT) Price Target Raised to $18.00

Lyft (NASDAQ:LYFT) had its target price boosted by Citigroup from $15.00 to $18.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the ride-sharing company’s stock. Citigroup’s price target indicates a potential upside of 4.41% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada boosted their target price on shares of Lyft from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday. TD Cowen upped their price objective on Lyft from $14.00 to $16.00 and gave the company a “hold” rating in a report on Wednesday. Wells Fargo & Company raised their target price on Lyft from $15.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Monday, April 8th. DA Davidson boosted their price objective on shares of Lyft from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Barclays upped their price target on Lyft from $17.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $16.70.

Lyft Stock Down 3.0 %

LYFT stock opened at $17.24 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.55. The firm has a 50-day moving average of $17.82 and a two-hundred day moving average of $14.62. Lyft has a 12 month low of $7.85 and a 12 month high of $20.82. The company has a market cap of $6.89 billion, a price-to-earnings ratio of -36.68 and a beta of 2.05.

Lyft (NASDAQ:LYFT) last issued its earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.14. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. As a group, analysts forecast that Lyft will post -0.35 earnings per share for the current fiscal year.

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 193,200 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.04, for a total value of $3,871,728.00. Following the completion of the transaction, the director now owns 932,544 shares in the company, valued at $18,688,181.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, President Kristin Sverchek sold 3,500 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $17.50, for a total value of $61,250.00. Following the completion of the sale, the president now owns 60,778 shares in the company, valued at approximately $1,063,615. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John Patrick Zimmer sold 193,200 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.04, for a total transaction of $3,871,728.00. Following the sale, the director now owns 932,544 shares of the company’s stock, valued at approximately $18,688,181.76. The disclosure for this sale can be found here. Insiders have sold 280,526 shares of company stock valued at $5,358,031 in the last ninety days. Insiders own 3.16% of the company’s stock.

Institutional Investors Weigh In On Lyft

Institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new stake in Lyft during the 4th quarter valued at approximately $94,687,000. Kodai Capital Management LP acquired a new position in shares of Lyft in the fourth quarter valued at approximately $26,069,000. Bank of Nova Scotia purchased a new stake in shares of Lyft during the fourth quarter worth approximately $21,433,000. Vanguard Group Inc. lifted its holdings in shares of Lyft by 3.7% during the third quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock worth $331,562,000 after purchasing an additional 1,135,036 shares during the period. Finally, BNP Paribas Financial Markets grew its position in Lyft by 126.0% in the 4th quarter. BNP Paribas Financial Markets now owns 1,937,357 shares of the ride-sharing company’s stock valued at $29,041,000 after buying an additional 1,080,009 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

About Lyft

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.