Lyft (NASDAQ:LYFT) Price Target Raised to $18.00 at Truist Financial

Lyft (NASDAQ:LYFT) had its target price boosted by Truist Financial from $15.00 to $18.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a hold rating on the ride-sharing company’s stock.

A number of other brokerages have also recently commented on LYFT. Needham & Company LLC restated a hold rating on shares of Lyft in a research note on Wednesday. Piper Sandler boosted their price target on Lyft from $17.00 to $22.00 and gave the company an overweight rating in a research note on Friday, March 15th. JPMorgan Chase & Co. increased their price objective on Lyft from $11.00 to $13.00 and gave the stock a neutral rating in a research note on Wednesday, February 14th. BMO Capital Markets initiated coverage on shares of Lyft in a research note on Tuesday, January 9th. They issued a market perform rating and a $15.00 target price on the stock. Finally, DA Davidson increased their target price on shares of Lyft from $15.00 to $18.00 and gave the stock a neutral rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $16.70.

Lyft Stock Down 3.0 %

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

Lyft (NASDAQ:LYFT) last announced its earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.14. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate 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, sell-side analysts predict that Lyft will post -0.35 EPS for the current year.

Insider Activity

In other Lyft news, President Kristin Sverchek sold 3,500 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $17.50, for a total transaction of $61,250.00. Following the sale, the president now directly owns 60,778 shares in the company, valued at $1,063,615. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director John Patrick Zimmer sold 193,200 shares of Lyft stock in a transaction that occurred on 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 sale, the director now directly owns 932,544 shares in the company, valued at approximately $18,688,181.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Kristin Sverchek sold 3,500 shares of Lyft stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $17.50, for a total value of $61,250.00. Following the transaction, the president now directly owns 60,778 shares in the company, valued at $1,063,615. The disclosure for this sale can be found here. In the last three months, insiders sold 280,526 shares of company stock worth $5,358,031. 3.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC raised its stake in Lyft by 5.1% during the third quarter. Commonwealth Equity Services LLC now owns 31,886 shares of the ride-sharing company’s stock worth $336,000 after buying an additional 1,535 shares during the last quarter. Xponance Inc. increased its holdings in Lyft by 10.9% in the third quarter. Xponance Inc. now owns 49,200 shares of the ride-sharing company’s stock worth $519,000 after purchasing an additional 4,821 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Lyft by 1.1% in the third quarter. Bank of New York Mellon Corp now owns 2,459,043 shares of the ride-sharing company’s stock valued at $25,918,000 after buying an additional 27,928 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Lyft by 16.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,727 shares of the ride-sharing company’s stock valued at $703,000 after buying an additional 9,663 shares during the period. Finally, Fifth Third Bancorp boosted its holdings in shares of Lyft by 87.6% during the 3rd quarter. Fifth Third Bancorp now owns 24,270 shares of the ride-sharing company’s stock worth $256,000 after buying an additional 11,330 shares in the last quarter. Institutional investors and hedge funds 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.