Lyft (NASDAQ:LYFT) PT Raised to $24.00 at Royal Bank of Canada

Lyft (NASDAQ:LYFT) had its target price increased by research analysts at Royal Bank of Canada from $23.00 to $24.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the ride-sharing company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 39.21% from the stock’s previous close.

LYFT has been the topic of several other research reports. Piper Sandler raised their price objective on Lyft from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday. BMO Capital Markets lifted their price target on shares of Lyft from $15.00 to $18.00 and gave the company a “market perform” rating in a report on Wednesday. Tigress Financial increased their price objective on shares of Lyft from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Sanford C. Bernstein lifted their target price on shares of Lyft from $15.00 to $19.00 and gave the company a “market perform” rating in a research note on Wednesday. Finally, Citigroup increased their price target on Lyft from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Lyft currently has an average rating of “Hold” and an average target price of $16.70.

Lyft Stock Down 3.0 %

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

Lyft (NASDAQ:LYFT) last announced its earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.14. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Lyft had a negative net margin of 7.73% and a negative return on equity of 54.80%. As a group, analysts forecast that Lyft will post -0.35 earnings per share for the current year.

Insider Activity at Lyft

In other news, Director John Patrick Zimmer sold 193,200 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.04, for a total value of $3,871,728.00. Following the completion of the sale, the director now owns 932,544 shares of the company’s stock, valued at approximately $18,688,181.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, President Kristin Sverchek sold 3,500 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $17.51, for a total transaction of $61,285.00. Following the completion of the sale, the president now owns 96,978 shares in the company, valued at approximately $1,698,084.78. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John Patrick Zimmer sold 193,200 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.04, for a total value of $3,871,728.00. Following the sale, the director now owns 932,544 shares in the company, valued at approximately $18,688,181.76. The disclosure for this sale can be found here. Insiders sold 280,526 shares of company stock worth $5,358,031 over the last three months. 3.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lyft

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System increased its stake in Lyft by 0.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 322,221 shares of the ride-sharing company’s stock valued at $6,235,000 after purchasing an additional 2,374 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Lyft in the 1st quarter valued at $1,145,000. QRG Capital Management Inc. raised its stake in Lyft by 55.2% in the 1st quarter. QRG Capital Management Inc. now owns 23,417 shares of the ride-sharing company’s stock worth $453,000 after acquiring an additional 8,328 shares during the last quarter. Headlands Technologies LLC purchased a new position in Lyft in the 1st quarter worth $2,328,000. Finally, Sei Investments Co. lifted its position in Lyft by 55.3% during the 1st quarter. Sei Investments Co. now owns 98,676 shares of the ride-sharing company’s stock worth $1,909,000 after acquiring an additional 35,146 shares during the period. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.