Truist Financial Boosts Lyft (NASDAQ:LYFT) Price Target to $23.00

Lyft (NASDAQ:LYFT) had its target price increased by analysts at Truist Financial from $16.00 to $23.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “hold” rating on the ride-sharing company’s stock. Truist Financial’s target price would suggest a potential upside of 9.35% from the stock’s current price.

A number of other equities research analysts also recently commented on LYFT. Bank of America increased their price objective on shares of Lyft from $12.00 to $14.00 and gave the company an “underperform” rating in a research report on Thursday, September 18th. Wedbush boosted their target price on Lyft from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday. Mizuho assumed coverage on Lyft in a research note on Tuesday, September 30th. They set a “neutral” rating and a $24.00 price target on the stock. TD Cowen boosted their price objective on shares of Lyft from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Finally, Canaccord Genuity Group boosted their price target on Lyft from $11.00 to $18.00 and gave the stock a “hold” rating in a research note on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $22.22.

Lyft Stock Performance

Shares of LYFT stock traded down $0.22 during mid-day trading on Friday, reaching $21.03. The stock had a trading volume of 6,683,296 shares, compared to its average volume of 18,668,648. The business’s fifty day moving average is $20.17 and its 200-day moving average is $16.74. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.72. The firm has a market cap of $8.55 billion, a price-to-earnings ratio of 55.35, a PEG ratio of 3.51 and a beta of 2.36. Lyft has a 1-year low of $9.66 and a 1-year high of $23.50.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.17). The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Lyft had a net margin of 2.40% and a return on equity of 17.08%. Lyft’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. On average, research analysts forecast that Lyft will post 0.22 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Erin Brewer sold 15,000 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $17.24, for a total transaction of $258,600.00. Following the transaction, the chief financial officer directly owned 525,759 shares in the company, valued at $9,064,085.16. The trade was a 2.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO John David Risher bought 5,926 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The stock was bought at an average cost of $16.88 per share, with a total value of $100,030.88. Following the completion of the acquisition, the chief executive officer owned 11,797,266 shares in the company, valued at $199,137,850.08. This represents a 0.05% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold 74,427 shares of company stock worth $1,252,686 in the last ninety days. Insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Lyft by 5.7% in the first quarter. Vanguard Group Inc. now owns 38,049,250 shares of the ride-sharing company’s stock valued at $451,645,000 after purchasing an additional 2,046,639 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Lyft by 26.3% during the 1st quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company’s stock worth $294,978,000 after buying an additional 5,178,118 shares in the last quarter. AQR Capital Management LLC increased its stake in Lyft by 144.9% during the 2nd quarter. AQR Capital Management LLC now owns 24,009,925 shares of the ride-sharing company’s stock valued at $378,396,000 after purchasing an additional 14,205,143 shares in the last quarter. Rakuten Group Inc. purchased a new position in Lyft during the first quarter worth about $130,434,000. Finally, Geode Capital Management LLC increased its holdings in Lyft by 0.3% during the second quarter. Geode Capital Management LLC now owns 6,633,591 shares of the ride-sharing company’s stock worth $104,561,000 after buying an additional 20,354 shares during the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.

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.