Lyft (NASDAQ:LYFT) Trading Down 3.7%

Lyft, Inc. (NASDAQ:LYFT) dropped 3.7% on Wednesday . The company traded as low as $11.31 and last traded at $11.40. Approximately 3,258,485 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 18,448,549 shares. The stock had previously closed at $11.84.

Analysts Set New Price Targets

LYFT has been the subject of several recent research reports. Wells Fargo & Company started coverage on shares of Lyft in a research note on Wednesday, June 7th. They issued an “equal weight” rating and a $9.00 price objective for the company. Loop Capital increased their price objective on Lyft from $9.00 to $12.00 and gave the company a “hold” rating in a research note on Monday, August 14th. Truist Financial boosted their target price on Lyft from $10.00 to $12.00 in a research note on Wednesday, August 9th. TD Cowen raised their price objective on shares of Lyft from $9.00 to $11.00 and gave the company a “market perform” rating in a report on Wednesday, July 19th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $12.00 price objective on shares of Lyft in a report on Tuesday. Twenty-seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $13.78.

Lyft Stock Performance

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 2.09. The business has a 50 day moving average of $11.25 and a 200-day moving average of $10.20.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Tuesday, August 8th. The ride-sharing company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.23. The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Lyft had a negative net margin of 30.87% and a negative return on equity of 181.53%. Analysts expect that Lyft, Inc. will post -1.03 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO John David Risher acquired 100,000 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were acquired at an average cost of $11.46 per share, for a total transaction of $1,146,000.00. Following the acquisition, the chief executive officer now directly owns 12,375,185 shares in the company, valued at approximately $141,819,620.10. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director John Patrick Zimmer sold 20,919 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $10.88, for a total value of $227,598.72. Following the transaction, the director now owns 1,437,904 shares in the company, valued at $15,644,395.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John David Risher acquired 100,000 shares of the firm’s stock in a transaction on Friday, August 11th. The shares were acquired at an average price of $11.46 per share, with a total value of $1,146,000.00. Following the completion of the purchase, the chief executive officer now owns 12,375,185 shares of the company’s stock, valued at $141,819,620.10. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 205,726 shares of company stock worth $2,247,945. 3.16% of the stock is owned by company insiders.

Institutional Trading of Lyft

Several large investors have recently added to or reduced their stakes in LYFT. Kistler Tiffany Companies LLC purchased a new stake in shares of Lyft during the 1st quarter valued at about $28,000. Signaturefd LLC grew its holdings in Lyft by 87.1% during the 1st quarter. Signaturefd LLC now owns 3,801 shares of the ride-sharing company’s stock valued at $35,000 after purchasing an additional 1,769 shares in the last quarter. CWM LLC lifted its holdings in Lyft by 87.6% in the 1st quarter. CWM LLC now owns 4,762 shares of the ride-sharing company’s stock worth $44,000 after buying an additional 2,224 shares in the last quarter. Spire Wealth Management grew its stake in shares of Lyft by 64.7% during the second quarter. Spire Wealth Management now owns 4,777 shares of the ride-sharing company’s stock valued at $46,000 after acquiring an additional 1,877 shares in the last quarter. Finally, S.A. Mason LLC acquired a new position in shares of Lyft in the first quarter worth about $46,000. 71.63% of the stock is currently owned by institutional investors and hedge funds.

About Lyft

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.