Lyft (NASDAQ:LYFT) Given New $16.00 Price Target at Loop Capital

Lyft (NASDAQ:LYFT) had its target price decreased by Loop Capital from $20.00 to $16.00 in a research note published on Tuesday morning, Benzinga reports. Loop Capital currently has a buy rating on the ride-sharing company’s stock.

Other analysts also recently issued reports about the company. Royal Bank of Canada dropped their price objective on Lyft from $24.00 to $17.00 and set an outperform rating for the company in a research report on Thursday, August 8th. Nomura upgraded shares of Lyft from a reduce rating to a neutral rating and reduced their price target for the company from $15.00 to $13.00 in a research note on Friday, August 23rd. Needham & Company LLC reiterated a hold rating on shares of Lyft in a research report on Wednesday, August 7th. The Goldman Sachs Group raised their target price on shares of Lyft from $19.00 to $21.00 and gave the company a neutral rating in a research report on Friday, June 7th. Finally, DA Davidson upped their price target on shares of Lyft from $15.00 to $18.00 and gave the stock a neutral rating in a report on Wednesday, May 8th. Twenty-five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $15.73.

Lyft Stock Performance

NASDAQ:LYFT opened at $11.35 on Tuesday. The stock has a 50 day simple moving average of $12.00 and a 200 day simple moving average of $15.11. The stock has a market cap of $4.66 billion, a P/E ratio of -24.15 and a beta of 2.06. Lyft has a 1-year low of $8.85 and a 1-year high of $20.82. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.05. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.39 billion. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The firm’s revenue for the quarter was up 40.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.14) earnings per share. Research analysts anticipate that Lyft will post -0.16 earnings per share for the current year.

Insider Activity

In other Lyft news, President Kristin Sverchek sold 3,500 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $14.01, for a total transaction of $49,035.00. Following the completion of the sale, the president now directly owns 50,778 shares in the company, valued at approximately $711,399.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director John Patrick Zimmer sold 7,188 shares of Lyft stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the transaction, the director now directly owns 932,062 shares in the company, valued at $10,625,506.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Kristin Sverchek sold 3,500 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $14.01, for a total transaction of $49,035.00. Following the sale, the president now owns 50,778 shares in the company, valued at $711,399.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,497 shares of company stock worth $392,157. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several large investors have recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. raised its position in shares of Lyft by 40.9% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 33,514 shares of the ride-sharing company’s stock valued at $473,000 after buying an additional 9,731 shares in the last quarter. Quarry LP increased its stake in Lyft by 4,032.6% during the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after acquiring an additional 3,468 shares during the last quarter. Algert Global LLC raised its position in Lyft by 92.0% during the second quarter. Algert Global LLC now owns 213,039 shares of the ride-sharing company’s stock valued at $3,004,000 after purchasing an additional 102,109 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Lyft in the 2nd quarter valued at approximately $3,349,000. Finally, Maverick Capital Ltd. purchased a new position in shares of Lyft in the 2nd quarter worth approximately $686,000. 83.07% of the stock is 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.