Lyft (NASDAQ:LYFT) Price Target Increased to $24.00 by Analysts at Royal Bank of Canada

Lyft (NASDAQ:LYFT) had its price target upped by Royal Bank of Canada from $23.00 to $24.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the ride-sharing company’s stock.

A number of other analysts have also recently commented on LYFT. Citigroup boosted their price target on Lyft from $13.00 to $15.00 and gave the stock a neutral rating in a research report on Wednesday, February 14th. BMO Capital Markets increased their target price on Lyft from $15.00 to $18.00 and gave the stock a market perform rating in a research note on Wednesday. Tigress Financial upped their price target 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. DA Davidson lifted 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. Finally, TD Cowen raised their price target on shares of Lyft from $14.00 to $16.00 and gave the company a hold rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $16.70.

Lyft Stock Down 3.0 %

Shares of NASDAQ:LYFT traded down $0.54 during trading on Wednesday, hitting $17.24. The stock had a trading volume of 12,924,053 shares, compared to its average volume of 16,567,121. The company has a market capitalization of $6.89 billion, a PE ratio of -36.68 and a beta of 2.05. 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 firm’s fifty day moving average is $17.82 and its 200 day moving average is $14.62. Lyft has a 12 month low of $7.85 and a 12 month high of $20.82.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (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 business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Analysts anticipate that Lyft will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lyft news, President Kristin Sverchek sold 5,670 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total value of $85,163.40. Following the completion of the sale, the president now owns 633,950 shares of the company’s stock, valued at $9,521,929. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 transaction, the director now owns 346,341 shares of the company’s stock, valued at $5,434,090.29. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Kristin Sverchek sold 5,670 shares of Lyft stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total value of $85,163.40. Following the sale, the president now directly owns 633,950 shares of the company’s stock, valued at $9,521,929. The disclosure for this sale can be found here. Insiders sold 280,526 shares of company stock valued at $5,358,031 over the last three months. 3.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lyft

Hedge funds have recently made changes to their positions in the stock. FinTrust Capital Advisors LLC grew its holdings in Lyft by 277.8% in the first quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after purchasing an additional 1,000 shares during the last quarter. Allworth Financial LP increased its stake in shares of Lyft by 685.2% in the fourth 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 period. a16z Perennial Management L.P. acquired a new stake in Lyft during the 4th quarter worth about $34,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Lyft during the 4th quarter worth approximately $34,000. Finally, Gables Capital Management Inc. raised its position in shares of Lyft by 129.0% in the third quarter. Gables Capital Management Inc. now owns 3,550 shares of the ride-sharing company’s stock worth $37,000 after acquiring an additional 2,000 shares during the period. 83.07% of the stock is currently 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.