Lyft (NASDAQ:LYFT) Earns Market Perform Rating from Analysts at Raymond James

Stock analysts at Raymond James began coverage on shares of Lyft (NASDAQ:LYFT) in a research note issued to investors on Tuesday, StockNewsAPI reports. The firm set a “market perform” rating on the ride-sharing company’s stock.

Several other equities research analysts also recently issued reports on LYFT. Wolfe Research assumed coverage on Lyft in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $13.00 price target on shares of Lyft in a report on Monday. Wells Fargo & Company reduced their price objective on shares of Lyft from $17.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Roth Mkm dropped their target price on shares of Lyft from $19.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, August 14th. Finally, Canaccord Genuity Group decreased their price target on Lyft from $23.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Twenty-seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $15.65.

Lyft Trading Up 2.0 %

LYFT opened at $12.72 on Tuesday. The firm’s 50 day moving average is $11.54 and its 200-day moving average is $14.62. Lyft has a 52-week low of $8.85 and a 52-week high of $20.82. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $5.13 billion, a P/E ratio of -27.06 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The firm’s revenue was up 40.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.14) EPS. Analysts expect that Lyft will post -0.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Lyft news, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total transaction of $119,953.26. Following the transaction, the director now owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Logan Green sold 10,323 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the sale, the director now owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Patrick Zimmer sold 7,188 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the completion of the sale, the director now owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. The disclosure for this sale can be found here. Insiders sold 39,164 shares of company stock valued at $470,513 over the last 90 days. 3.07% of the stock is currently owned by company insiders.

Institutional Trading of Lyft

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC raised its position in shares of Lyft by 15.1% during the first quarter. Commonwealth Equity Services LLC now owns 39,613 shares of the ride-sharing company’s stock worth $767,000 after purchasing an additional 5,184 shares during the period. Swiss National Bank raised its holdings in Lyft by 2.0% during the 1st quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock worth $13,218,000 after buying an additional 13,300 shares during the period. Corient Private Wealth LLC lifted its stake in Lyft by 163.9% during the fourth quarter. Corient Private Wealth LLC now owns 100,826 shares of the ride-sharing company’s stock valued at $1,511,000 after buying an additional 62,623 shares in the last quarter. Range Financial Group LLC acquired a new position in shares of Lyft in the first quarter worth about $470,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Lyft in the first quarter worth approximately $41,000. 83.07% of the stock is currently owned by 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.