Analysts Set Lyft, Inc. (NASDAQ:LYFT) Target Price at $16.70

Lyft, Inc. (NASDAQ:LYFT) has received an average recommendation of “Hold” from the twenty-five analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $16.70.

Several brokerages recently commented on LYFT. Piper Sandler raised their target price on Lyft from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Wedbush raised their price objective on Lyft from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. raised their price objective on Lyft from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Wells Fargo & Company raised their price objective on Lyft from $15.00 to $18.00 and gave the company an “equal weight” rating in a research note on Monday, April 8th. Finally, Tigress Financial raised their price objective on Lyft from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, April 18th.

Lyft Stock Performance

Shares of NASDAQ:LYFT opened at $16.11 on Monday. The company has a market cap of $6.44 billion, a P/E ratio of -34.28 and a beta of 2.05. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82. Lyft has a one year low of $7.85 and a one year high of $20.82. The business’s 50-day simple moving average is $17.65 and its 200 day simple moving average is $15.10.

Insider Buying and Selling

In related news, Director John Patrick Zimmer sold 193,200 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $18,688,181.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Lyft news, President Kristin Sverchek sold 6,500 shares of Lyft stock in a transaction on Friday, March 1st. The stock was sold at an average price of $16.30, for a total transaction of $105,950.00. Following the sale, the president now owns 100,478 shares of the company’s stock, valued at approximately $1,637,791.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Patrick Zimmer sold 193,200 shares of Lyft stock in a transaction 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 sale, the director now directly owns 932,544 shares in the company, valued at approximately $18,688,181.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,055 shares of company stock valued at $5,128,587. Insiders own 3.16% of the company’s stock.

Institutional Trading of Lyft

Hedge funds have recently added to or reduced their stakes in the business. FinTrust Capital Advisors LLC raised its stake in shares of Lyft by 277.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after buying an additional 1,000 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Lyft by 685.2% in the 4th quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock worth $29,000 after acquiring an additional 1,672 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Lyft in the 1st quarter worth $41,000. GAMMA Investing LLC grew its holdings in shares of Lyft by 42.9% in the 1st quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock worth $43,000 after acquiring an additional 664 shares during the last quarter. Finally, a16z Perennial Management L.P. acquired a new position in shares of Lyft in the 4th quarter worth $34,000. Institutional investors own 83.07% of the company’s stock.

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.