Bank of America Issues Positive Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price target upped by Bank of America from $12.00 to $14.00 in a research report report published on Thursday,Benzinga reports. Bank of America currently has an underperform rating on the ride-sharing company’s stock.

Other research analysts also recently issued research reports about the stock. Sanford C. Bernstein upped their target price on shares of Lyft from $16.00 to $18.00 and gave the stock a “market perform” rating in a report on Monday, July 21st. Morgan Stanley upped their target price on shares of Lyft from $19.00 to $20.50 and gave the stock an “equal weight” rating in a report on Thursday, September 11th. UBS Group upped their target price on shares of Lyft from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Tuesday, July 29th. TD Cowen raised shares of Lyft from a “hold” rating to a “buy” rating and upped their target price for the stock from $16.00 to $21.00 in a report on Tuesday, June 24th. Finally, Roth Capital raised shares of Lyft from a “neutral” rating to a “buy” rating and set a $19.00 target price for the company in a report on Thursday, August 7th. Nine research analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Lyft currently has a consensus rating of “Hold” and a consensus price target of $18.30.

Lyft Price Performance

NASDAQ LYFT opened at $21.96 on Thursday. Lyft has a 12 month low of $9.66 and a 12 month high of $23.50. The stock has a market cap of $8.93 billion, a price-to-earnings ratio of 91.50, a PEG ratio of 3.57 and a beta of 2.33. The company’s 50 day moving average is $15.96 and its two-hundred day moving average is $14.45. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.72.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.17). The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.61 billion. Lyft had a return on equity of 14.32% and a net margin of 1.51%.Lyft’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.24 EPS. As a group, research analysts anticipate that Lyft will post 0.22 earnings per share for the current year.

Insiders Place Their Bets

In other Lyft news, insider Lindsay Catherine Llewellyn sold 14,606 shares of the business’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $20.00, for a total value of $292,120.00. Following the sale, the insider owned 835,782 shares in the company, valued at $16,715,640. The trade was a 1.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Erin Brewer sold 15,000 shares of the business’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $17.24, for a total transaction of $258,600.00. Following the completion of the sale, the chief financial officer owned 525,759 shares in the company, valued at approximately $9,064,085.16. The trade was a 2.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,427 shares of company stock worth $1,252,686 in the last 90 days. 3.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Lyft

Several hedge funds have recently made changes to their positions in LYFT. Nuveen Asset Management LLC raised its position in shares of Lyft by 8.1% during the 4th quarter. Nuveen Asset Management LLC now owns 1,458,557 shares of the ride-sharing company’s stock valued at $18,815,000 after buying an additional 109,434 shares in the last quarter. Quantinno Capital Management LP purchased a new stake in shares of Lyft during the 4th quarter valued at about $157,000. Toronto Dominion Bank purchased a new stake in shares of Lyft during the 4th quarter valued at about $279,000. Worldquant Millennium Advisors LLC raised its position in shares of Lyft by 865.3% during the 4th quarter. Worldquant Millennium Advisors LLC now owns 334,629 shares of the ride-sharing company’s stock valued at $4,317,000 after buying an additional 299,962 shares in the last quarter. Finally, Voloridge Investment Management LLC raised its position in shares of Lyft by 722.6% during the 4th quarter. Voloridge Investment Management LLC now owns 211,161 shares of the ride-sharing company’s stock valued at $2,724,000 after buying an additional 185,490 shares in the last quarter. 83.07% of the stock is currently 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.