Lyft (NASDAQ:LYFT) Price Target Raised to $19.00 at Sanford C. Bernstein

Lyft (NASDAQ:LYFT) had its price objective lifted by Sanford C. Bernstein from $15.00 to $19.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a market perform rating on the ride-sharing company’s stock.

Other analysts have also recently issued research reports about the stock. DA Davidson upped their price target on shares of Lyft from $15.00 to $18.00 and gave the company a neutral rating in a research report on Wednesday. BMO Capital Markets upped their target price on shares of Lyft from $15.00 to $18.00 and gave the stock a market perform rating in a report on Wednesday. Wedbush upped their target price on shares of Lyft from $15.00 to $18.00 and gave the stock a neutral rating in a report on Wednesday. Tigress Financial increased their target price on shares of Lyft from $22.00 to $24.00 and gave the company a buy rating in a research report on Thursday, April 18th. Finally, Truist Financial increased their target price on shares of Lyft from $15.00 to $18.00 and gave the company a hold rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $16.70.

Lyft Price Performance

LYFT traded down $0.54 during trading on Wednesday, hitting $17.24. 12,924,053 shares of the stock traded hands, compared to its average volume of 16,567,121. Lyft has a twelve month low of $7.85 and a twelve month high of $20.82. The company has a market cap of $6.89 billion, a price-to-earnings ratio of -36.87 and a beta of 2.05. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.87 and a quick ratio of 0.87. The business has a 50 day moving average price of $17.75 and a 200 day moving average price of $14.58.

Lyft (NASDAQ:LYFT) last posted its earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.14. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Lyft had a negative net margin of 7.73% and a negative return on equity of 54.80%. Equities research analysts forecast that Lyft will post -0.35 earnings per share for the current fiscal year.

Insider Activity

In other news, President Kristin Sverchek sold 5,670 shares of Lyft stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total transaction of $85,163.40. Following the sale, the president now owns 633,950 shares of the company’s stock, valued at approximately $9,521,929. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, President Kristin Sverchek sold 5,670 shares of Lyft stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total transaction of $85,163.40. Following the completion of the transaction, the president now directly owns 633,950 shares of the company’s stock, valued at approximately $9,521,929. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John Patrick Zimmer sold 193,200 shares of Lyft stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.04, for a total transaction of $3,871,728.00. Following the transaction, the director now directly owns 932,544 shares of the company’s stock, valued at $18,688,181.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 280,526 shares of company stock valued at $5,358,031. Corporate insiders own 3.16% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Lyft during the fourth quarter valued at approximately $94,687,000. Kodai Capital Management LP purchased a new position in shares of Lyft during the fourth quarter valued at approximately $26,069,000. Bank of Nova Scotia purchased a new position in shares of Lyft during the fourth quarter valued at approximately $21,433,000. Vanguard Group Inc. raised its holdings 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 valued at $331,562,000 after purchasing an additional 1,135,036 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in Lyft by 126.0% during the fourth quarter. BNP Paribas Financial Markets now owns 1,937,357 shares of the ride-sharing company’s stock valued at $29,041,000 after buying an additional 1,080,009 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.