Barclays Increases Lyft (NASDAQ:LYFT) Price Target to $20.00

Lyft (NASDAQ:LYFT) had its target price upped by equities research analysts at Barclays from $17.00 to $20.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the ride-sharing company’s stock. Barclays‘s target price would indicate a potential upside of 16.01% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. UBS Group upped their price target on Lyft from $13.00 to $14.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. Argus raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Tuesday, March 5th. Royal Bank of Canada raised Lyft from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $17.00 to $23.00 in a report on Monday, March 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a report on Wednesday. Finally, DA Davidson upped their price target on Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.70.

Lyft Stock Down 3.0 %

Shares of LYFT opened at $17.24 on Wednesday. Lyft has a 52 week low of $7.85 and a 52 week high of $20.82. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $6.89 billion, a price-to-earnings ratio of -36.68 and a beta of 2.05. The stock’s 50-day moving average price is $17.82 and its 200-day moving average price is $14.62.

Lyft (NASDAQ:LYFT) last issued its earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.14. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. On average, sell-side analysts predict that Lyft will post -0.35 EPS for the current year.

Insider Activity at Lyft

In related news, Director Logan Green sold 11,867 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $15.69, for a total value of $186,193.23. Following the completion of the transaction, the director now directly owns 346,341 shares in the company, valued at $5,434,090.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, President Kristin Sverchek sold 5,670 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total value of $85,163.40. Following the completion of the transaction, the president now directly owns 633,950 shares in the company, valued at $9,521,929. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Logan Green sold 11,867 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $15.69, for a total value of $186,193.23. Following the completion of the transaction, the director now owns 346,341 shares of the company’s stock, valued at $5,434,090.29. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 280,526 shares of company stock valued at $5,358,031. 3.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LYFT. Charles Schwab Investment Management Inc. boosted its position in shares of Lyft by 42.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,488,609 shares of the ride-sharing company’s stock worth $36,770,000 after buying an additional 1,043,719 shares during the period. Invesco Ltd. boosted its position in shares of Lyft by 21.3% during the third quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock worth $46,647,000 after buying an additional 778,563 shares during the period. Vanguard Group Inc. boosted its position in shares of Lyft by 3.7% during the third quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock worth $331,562,000 after buying an additional 1,135,036 shares during the period. Schonfeld Strategic Advisors LLC purchased a new position in shares of Lyft during the third quarter worth $1,224,000. Finally, Canada Pension Plan Investment Board boosted its position in shares of Lyft by 123.4% during the third quarter. Canada Pension Plan Investment Board now owns 1,208,700 shares of the ride-sharing company’s stock worth $12,740,000 after buying an additional 667,600 shares during the period. 83.07% of the stock is currently owned by hedge funds and other 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.