Lyft, Inc. (NASDAQ:LYFT – Get Rating) shares gapped up prior to trading on Tuesday . The stock had previously closed at $13.90, but opened at $14.52. Lyft shares last traded at $15.65, with a volume of 371,129 shares.
Wall Street Analyst Weigh In
Several brokerages recently commented on LYFT. Credit Suisse Group cut their price objective on Lyft from $60.00 to $50.00 and set a “maintains” rating for the company in a report on Wednesday. Cowen reduced their price target on Lyft from $68.00 to $42.00 and set an “outperform” rating for the company in a research report on Wednesday, May 4th. BTIG Research dropped their price objective on Lyft from $60.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, July 19th. Susquehanna lowered Lyft from a “positive” rating to a “neutral” rating and dropped their price objective for the stock from $54.00 to $25.00 in a research note on Wednesday, May 4th. Finally, MKM Partners dropped their price objective on Lyft from $32.00 to $17.00 in a research note on Wednesday, July 27th. Nine research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.18.
Lyft Price Performance
The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.68. The firm has a market cap of $5.82 billion, a P/E ratio of -7.30 and a beta of 1.82. The firm has a 50-day simple moving average of $14.84 and a 200-day simple moving average of $27.46.
Institutional Trading of Lyft
Several hedge funds and other institutional investors have recently bought and sold shares of LYFT. MCF Advisors LLC bought a new stake in Lyft during the 1st quarter valued at $25,000. Elequin Capital LP acquired a new stake in shares of Lyft in the 1st quarter worth $26,000. Rockbridge Investment Management LCC boosted its position in shares of Lyft by 95.6% in the 4th quarter. Rockbridge Investment Management LCC now owns 671 shares of the ride-sharing company’s stock worth $29,000 after purchasing an additional 328 shares in the last quarter. Hanson & Doremus Investment Management acquired a new stake in shares of Lyft in the 2nd quarter worth $35,000. Finally, Activest Wealth Management boosted its position in shares of Lyft by 139.9% in the 2nd quarter. Activest Wealth Management now owns 2,744 shares of the ride-sharing company’s stock worth $36,000 after purchasing an additional 1,600 shares in the last quarter. Institutional investors own 80.43% 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. The company operates multimodal transportation networks that offer riders personalized and on-demand access to various mobility options. It provides Ridesharing Marketplace, which connects drivers with riders; Express Drive, a flexible car rentals program for drivers; Lyft Rentals that provides vehicles for long-distance trips; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.
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