Lyft (NASDAQ:LYFT) Now Covered by Cantor Fitzgerald

Investment analysts at Cantor Fitzgerald initiated coverage on shares of Lyft (NASDAQ:LYFT) in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $13.00 price target on the ride-sharing company’s stock. Cantor Fitzgerald’s price target suggests a potential upside of 17.54% from the company’s previous close.

LYFT has been the topic of several other reports. Melius initiated coverage on Lyft in a research note on Monday, July 22nd. They issued a “hold” rating and a $15.00 price objective on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a research report on Wednesday, August 7th. Melius Research assumed coverage on Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 price objective for the company. JPMorgan Chase & Co. reduced their price objective on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, Sanford C. Bernstein boosted their target price on Lyft from $15.00 to $19.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 8th. Twenty-six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Lyft presently has a consensus rating of “Hold” and a consensus price target of $15.65.

Lyft Price Performance

Shares of NASDAQ:LYFT opened at $11.06 on Thursday. The firm has a market capitalization of $4.46 billion, a PE ratio of -23.53 and a beta of 2.04. 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 has a 1-year low of $8.85 and a 1-year high of $20.82. The business’s 50 day moving average is $11.86 and its 200-day moving average is $15.01.

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

Insider Activity

In related news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the completion of the sale, the director now directly owns 932,062 shares in the company, valued at approximately $10,625,506.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of the business’s stock in a transaction that occurred 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 owns 932,062 shares of the company’s stock, valued at $10,625,506.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total value of $99,795.36. Following the completion of the sale, the insider now directly owns 764,332 shares of the company’s stock, valued at $8,988,544.32. The disclosure for this sale can be found here. Insiders sold a total of 32,497 shares of company stock valued at $392,157 in the last quarter. Company insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Lyft by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock worth $636,603,000 after buying an additional 782,736 shares during the period. Norges Bank bought a new stake in shares of Lyft during the fourth quarter worth approximately $94,687,000. Primecap Management Co. CA grew its position in shares of Lyft by 1.5% in the second quarter. Primecap Management Co. CA now owns 6,256,080 shares of the ride-sharing company’s stock valued at $88,211,000 after purchasing an additional 94,710 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Lyft by 1.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock worth $113,126,000 after purchasing an additional 63,461 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Lyft by 4.1% during 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 purchasing an additional 141,823 shares during the last quarter. 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.