Oppenheimer Boosts Lyft (NASDAQ:LYFT) Price Target to $24.00

Lyft (NASDAQ:LYFT) had its target price increased by analysts at Oppenheimer from $17.00 to $24.00 in a report released on Wednesday, MarketBeat.com reports. The brokerage currently has an “outperform” rating on the ride-sharing company’s stock. Oppenheimer’s target price indicates a potential upside of 9.29% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Tigress Financial reaffirmed a “buy” rating and issued a $28.00 price objective (up previously from $26.00) on shares of Lyft in a research note on Wednesday, May 21st. BMO Capital Markets reaffirmed a “market perform” rating and issued a $16.00 price objective (up previously from $15.00) on shares of Lyft in a research note on Thursday, August 7th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $21.00 price objective on shares of Lyft in a research note on Thursday, June 5th. Wall Street Zen lowered shares of Lyft from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 13th. Finally, UBS Group lifted their price objective on shares of Lyft from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, July 29th. Nine investment analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $18.30.

Lyft Trading Down 3.9%

Lyft stock opened at $21.96 on Wednesday. The company’s fifty day simple moving average is $15.96 and its 200-day simple moving average is $14.45. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.72. 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 P/E ratio of 91.50, a P/E/G ratio of 3.57 and a beta of 2.33.

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

Insiders Place Their Bets

In other Lyft news, CFO Erin Brewer sold 15,000 shares of the business’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $15.24, for a total transaction of $228,600.00. Following the completion of the transaction, the chief financial officer owned 540,759 shares of the company’s stock, valued at $8,241,167.16. The trade was a 2.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lindsay Catherine Llewellyn sold 28,356 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $15.85, for a total transaction of $449,442.60. Following the transaction, the insider directly owned 850,388 shares of the company’s stock, valued at approximately $13,478,649.80. This represents a 3.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 74,427 shares of company stock valued at $1,252,686 in the last quarter. Insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Lyft by 162.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company’s stock worth $31,000 after purchasing an additional 1,203 shares during the period. Atwood & Palmer Inc. bought a new position in shares of Lyft during the 2nd quarter worth about $32,000. GAMMA Investing LLC increased its holdings in shares of Lyft by 81.4% during the 1st quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company’s stock worth $33,000 after purchasing an additional 1,237 shares during the period. Bogart Wealth LLC increased its holdings in shares of Lyft by 1,242.2% during the 2nd quarter. Bogart Wealth LLC now owns 2,161 shares of the ride-sharing company’s stock worth $34,000 after purchasing an additional 2,000 shares during the period. Finally, FNY Investment Advisers LLC bought a new position in shares of Lyft during the 1st quarter worth about $35,000. Institutional investors own 83.07% of the company’s stock.

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.