Lyft (NASDAQ:LYFT) PT Raised to $24.00 at Royal Bank of Canada

Lyft (NASDAQ:LYFT) had its price objective hoisted by equities research analysts at Royal Bank of Canada from $23.00 to $24.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the ride-sharing company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 39.21% from the stock’s previous close.

LYFT has been the subject of a number of other research reports. Wedbush raised their target price on Lyft from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday. Piper Sandler raised their price objective on shares of Lyft from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday. BMO Capital Markets upped their target price on shares of Lyft from $15.00 to $18.00 and gave the stock a “market perform” rating in a research report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a research report on Wednesday. Finally, The Goldman Sachs Group cut Lyft from a “buy” rating to a “neutral” rating and upped their price target for the stock from $12.00 to $15.00 in a report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $16.70.

Lyft Trading Down 3.0 %

Shares of Lyft stock opened at $17.24 on Wednesday. The firm has a market cap of $6.89 billion, a price-to-earnings ratio of -36.68 and a beta of 2.05. Lyft has a 52-week low of $7.85 and a 52-week high of $20.82. The company’s 50-day simple moving average is $17.82 and its 200-day simple moving average is $14.62. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55.

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

Insider Buying and Selling

In other Lyft news, President Kristin Sverchek sold 3,500 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $17.50, for a total transaction of $61,250.00. Following the transaction, the president now owns 60,778 shares of the company’s stock, valued at approximately $1,063,615. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, President Kristin Sverchek sold 3,500 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $17.50, for a total transaction of $61,250.00. Following the completion of the sale, the president now owns 60,778 shares of the company’s stock, valued at approximately $1,063,615. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Patrick Zimmer sold 193,200 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 932,544 shares in the company, valued at approximately $18,688,181.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 280,526 shares of company stock worth $5,358,031. Corporate insiders own 3.16% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LYFT. Vanguard Group Inc. grew its position in shares of Lyft by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 32,116,655 shares of the ride-sharing company’s stock worth $481,429,000 after acquiring an additional 659,133 shares during the last quarter. Norges Bank bought a new position in Lyft in the 4th quarter worth about $94,687,000. Jacobs Levy Equity Management Inc. increased its stake in shares of Lyft by 5.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 5,619,470 shares of the ride-sharing company’s stock valued at $59,229,000 after purchasing an additional 300,982 shares during the period. Invesco Ltd. boosted its position in shares of Lyft by 21.3% during the third quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock worth $46,647,000 after buying an additional 778,563 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Lyft by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,630,432 shares of the ride-sharing company’s stock worth $54,420,000 after buying an additional 141,823 shares in the last quarter. 83.07% of the stock is currently owned by 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.