Barclays Forecasts Strong Price Appreciation for Lyft (NASDAQ:LYFT) Stock

Lyft (NASDAQ:LYFT) had its price target boosted by stock analysts at Barclays from $20.00 to $27.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the ride-sharing company’s stock. Barclays‘s price target points to a potential upside of 22.50% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Lyft from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 13th. Jefferies Financial Group raised their price objective on Lyft from $15.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, September 18th. Deutsche Bank Aktiengesellschaft lifted their price objective on Lyft from $16.00 to $21.00 and gave the company a “hold” rating in a research note on Thursday, September 18th. Canaccord Genuity Group increased their target price on Lyft from $11.00 to $18.00 and gave the stock a “hold” rating in a research note on Thursday, September 18th. Finally, Mizuho began coverage on Lyft in a research report on Tuesday, September 30th. They issued a “neutral” rating and a $24.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.55.

Lyft Stock Performance

Shares of Lyft stock opened at $22.04 on Friday. Lyft has a 12 month low of $9.66 and a 12 month high of $23.50. The firm has a market capitalization of $8.96 billion, a P/E ratio of 58.00, a P/E/G ratio of 3.86 and a beta of 2.36. The company has a current ratio of 0.72, a quick ratio of 0.70 and a debt-to-equity ratio of 1.76. The business has a fifty day simple moving average of $20.29 and a two-hundred day simple moving average of $16.86.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.17). Lyft had a return on equity of 18.29% and a net margin of 2.40%.The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the business earned $0.29 earnings per share. The firm’s revenue was up 11.6% compared to the same quarter last year. On average, equities analysts forecast that Lyft will post 0.22 earnings per share for the current fiscal year.

Insider Activity at Lyft

In related news, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $17.24, for a total value of $258,600.00. Following the completion of the sale, the chief financial officer directly owned 525,759 shares in the company, valued at approximately $9,064,085.16. This trade represents a 2.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $20.00, for a total value of $292,120.00. Following the completion of the transaction, the insider directly owned 835,782 shares of the company’s stock, valued at approximately $16,715,640. This trade represents a 1.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 74,427 shares of company stock valued at $1,252,686 over the last ninety days. Insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. Essex Financial Services Inc. purchased a new stake in Lyft in the third quarter worth approximately $228,000. Heartland Advisors Inc. lifted its holdings in shares of Lyft by 68.2% during the 3rd quarter. Heartland Advisors Inc. now owns 594,800 shares of the ride-sharing company’s stock valued at $13,092,000 after buying an additional 241,250 shares during the period. Rothschild Investment LLC lifted its holdings in shares of Lyft by 142,300.0% during the 3rd quarter. Rothschild Investment LLC now owns 28,480 shares of the ride-sharing company’s stock valued at $627,000 after buying an additional 28,460 shares during the period. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Lyft in the 3rd quarter worth $24,828,000. Finally, State of New Jersey Common Pension Fund D grew its holdings in shares of Lyft by 5.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 155,236 shares of the ride-sharing company’s stock worth $3,417,000 after acquiring an additional 8,243 shares during the period. Institutional investors 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.