Wedbush Cuts Lyft (NASDAQ:LYFT) Price Target to $18.00

Lyft (NASDAQ:LYFT) had its target price dropped by research analysts at Wedbush from $20.00 to $18.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the ride-sharing company’s stock. Wedbush’s price objective indicates a potential upside of 22.87% from the company’s previous close.

Several other analysts also recently commented on the company. Piper Sandler reiterated an “overweight” rating and set a $23.00 target price (up from $17.00) on shares of Lyft in a research note on Thursday, November 7th. Loop Capital lifted their price objective on Lyft from $16.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Benchmark upgraded shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Monday. Jefferies Financial Group lifted their price target on shares of Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Finally, Bank of America raised their target price on shares of Lyft from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Twenty-seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $17.78.

Lyft Stock Up 2.7 %

Lyft stock traded up $0.38 during mid-day trading on Monday, hitting $14.65. The company had a trading volume of 4,790,960 shares, compared to its average volume of 15,593,396. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The stock’s 50 day moving average price is $15.42 and its two-hundred day moving average price is $13.42. The company has a market capitalization of $6.08 billion, a PE ratio of -91.56, a price-to-earnings-growth ratio of 4.10 and a beta of 2.14.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.20 by $0.09. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.44 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. Lyft’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.02) EPS. As a group, sell-side analysts anticipate that Lyft will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In other Lyft news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the sale, the director now directly owns 314,492 shares in the company, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $17.76, for a total transaction of $75,337.92. Following the transaction, the insider now directly owns 755,847 shares of the company’s stock, valued at $13,423,842.72. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,242 shares of company stock worth $427,330 over the last quarter. Insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Large investors have recently added to or reduced their stakes in the company. True Wealth Design LLC bought a new stake in Lyft in the third quarter worth $27,000. Brown Brothers Harriman & Co. purchased a new position in shares of Lyft in the 2nd quarter worth $35,000. Capital Performance Advisors LLP bought a new stake in shares of Lyft in the 3rd quarter worth about $38,000. Quarry LP raised its position in shares of Lyft by 4,032.6% during the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after buying an additional 3,468 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Lyft in the third quarter worth about $70,000. Institutional investors own 83.07% of the company’s stock.

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.