Lyft (NASDAQ:LYFT) Shares Gap Up Following Analyst Upgrade

Lyft, Inc. (NASDAQ:LYFT)’s stock price gapped up before the market opened on Thursday after DA Davidson raised their price target on the stock from $11.00 to $16.00. The stock had previously closed at $14.40, but opened at $17.78. DA Davidson currently has a neutral rating on the stock. Lyft shares last traded at $18.74, with a volume of 20,496,783 shares.

A number of other equities research analysts also recently weighed in on LYFT. Wolfe Research began coverage on Lyft in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Morgan Stanley lifted their target price on Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday. Wells Fargo & Company restated a “market perform” rating on shares of Lyft in a report on Friday, October 18th. Melius Research initiated coverage on shares of Lyft in a research report on Monday, July 22nd. They set a “hold” rating and a $15.00 price objective for the company. Finally, Raymond James started coverage on Lyft in a research note on Tuesday, September 24th. They set a “market perform” rating for the company. Twenty-eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.03.

Insiders Place Their Bets

In other Lyft news, Director Logan Green sold 10,323 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the transaction, the director now owns 330,790 shares in the company, valued at approximately $3,843,779.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Lyft news, Director Logan Green sold 10,323 shares of Lyft stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the sale, the director now directly owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of Lyft stock in a transaction dated 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 transaction, the insider now directly owns 764,332 shares in the company, valued at $8,988,544.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,664 shares of company stock valued at $380,048. 3.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lyft

Several institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Lyft during the 1st quarter valued at $41,000. Brown Brothers Harriman & Co. acquired a new position in shares of Lyft during the 2nd quarter worth $35,000. International Assets Investment Management LLC bought a new stake in Lyft during the second quarter valued at about $35,000. Capital Performance Advisors LLP bought a new position in Lyft during the third quarter worth about $38,000. Finally, Quarry LP increased its holdings in shares of 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 buying an additional 3,468 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.

Lyft Stock Up 22.8 %

The firm’s 50-day moving average is $12.71 and its two-hundred day moving average is $13.50. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a market cap of $7.26 billion, a P/E ratio of -111.81 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 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 the consensus estimate of $1.39 billion. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The firm’s revenue was up 40.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.14) EPS. On average, equities research analysts anticipate that Lyft, Inc. will post -0.06 earnings per share for the current year.

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.