Lyft (NASDAQ:LYFT) Given New $30.00 Price Target at TD Cowen

Lyft (NASDAQ:LYFT) had its target price hoisted by TD Cowen from $22.00 to $30.00 in a report issued on Wednesday morning,Benzinga reports. TD Cowen currently has a buy rating on the ride-sharing company’s stock.

Several other research firms have also issued reports on LYFT. Wells Fargo & Company raised their price target on shares of Lyft from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Friday, September 5th. BMO Capital Markets lifted their price objective on shares of Lyft from $16.00 to $20.00 and gave the company a “market perform” rating in a research note on Thursday, September 18th. Bank of America lifted their price objective on shares of Lyft from $12.00 to $14.00 and gave the company an “underperform” rating in a research note on Thursday, September 18th. Canaccord Genuity Group lifted their price objective on shares of Lyft from $11.00 to $18.00 and gave the company a “hold” rating in a research note on Thursday, September 18th. Finally, Oppenheimer lifted their price objective on shares of Lyft from $17.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, September 17th. Ten analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Lyft has an average rating of “Hold” and a consensus price target of $18.84.

Lyft Stock Down 0.1%

Lyft stock opened at $22.06 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.70 and a current ratio of 0.70. Lyft has a 52-week low of $9.66 and a 52-week high of $23.50. The firm has a 50 day moving average price of $16.55 and a two-hundred day moving average price of $14.73. The firm has a market cap of $8.97 billion, a price-to-earnings ratio of 91.92, a PEG ratio of 3.46 and a beta of 2.33.

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

Insider Activity at Lyft

In other Lyft news, CEO John David Risher purchased 5,926 shares of Lyft stock in a transaction that occurred on Wednesday, September 3rd. The stock was acquired at an average price of $16.88 per share, with a total value of $100,030.88. Following the transaction, the chief executive officer owned 11,797,266 shares in the company, valued at $199,137,850.08. This trade represents a 0.05% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of Lyft stock in a transaction on Monday, September 15th. The shares were sold at an average price of $20.00, for a total transaction of $292,120.00. Following the completion of the sale, the insider directly owned 835,782 shares of the company’s stock, valued at approximately $16,715,640. The trade was a 1.72% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,427 shares of company stock valued at $1,252,686. 3.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lyft

A number of hedge funds have recently bought and sold shares of LYFT. Quantinno Capital Management LP purchased a new position in Lyft during the 4th quarter worth $157,000. Voloridge Investment Management LLC boosted its holdings in Lyft by 722.6% during the 4th quarter. Voloridge Investment Management LLC now owns 211,161 shares of the ride-sharing company’s stock worth $2,724,000 after acquiring an additional 185,490 shares during the last quarter. Toronto Dominion Bank purchased a new position in Lyft during the 4th quarter worth $279,000. Forum Financial Management LP purchased a new position in Lyft during the 4th quarter worth $132,000. Finally, Mackenzie Financial Corp purchased a new position in Lyft during the 4th quarter worth $2,395,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Lyft Company Profile

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.