Lyft (NASDAQ:LYFT) Given New $16.00 Price Target at Canaccord Genuity Group

Lyft (NASDAQ:LYFT) had its price target increased by stock analysts at Canaccord Genuity Group from $15.00 to $16.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “hold” rating on the ride-sharing company’s stock. Canaccord Genuity Group’s price objective indicates a potential downside of 8.36% from the company’s previous close.

LYFT has been the topic of a number of other research reports. Morgan Stanley boosted their price objective on shares of Lyft from $17.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Cantor Fitzgerald increased their target price on shares of Lyft from $14.00 to $17.00 and gave the company a “neutral” rating in a report on Friday. Guggenheim reiterated a “buy” rating on shares of Lyft in a research report on Wednesday, June 10th. William Blair lowered Lyft to a “market perform” rating in a research note on Wednesday, June 17th. Finally, Zacks Research upgraded Lyft from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Thirteen investment analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Lyft currently has a consensus rating of “Hold” and a consensus target price of $19.60.

Lyft Stock Performance

Shares of LYFT stock opened at $17.46 on Monday. The business’s fifty day moving average price is $14.95 and its 200 day moving average price is $14.52. Lyft has a 1-year low of $12.46 and a 1-year high of $25.54. The firm has a market capitalization of $6.63 billion, a PE ratio of 2.54, a P/E/G ratio of 1.04 and a beta of 1.80. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.59 and a quick ratio of 0.58.

Lyft (NASDAQ:LYFT) last released its earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.81 billion. Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. Lyft’s revenue was up 16.1% compared to the same quarter last year. During the same period last year, the business posted $0.10 EPS. As a group, sell-side analysts forecast that Lyft will post 0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Lyft news, CFO Erin Brewer sold 15,000 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $13.59, for a total transaction of $203,850.00. Following the sale, the chief financial officer owned 705,979 shares in the company, valued at approximately $9,594,254.61. This represents a 2.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lindsay Catherine Llewellyn sold 36,214 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $16.14, for a total value of $584,493.96. Following the sale, the insider directly owned 817,517 shares in the company, valued at approximately $13,194,724.38. The trade was a 4.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 81,749 shares of company stock valued at $1,221,950. 0.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Lyft during the 4th quarter worth $26,000. Plato Investment Management Ltd acquired a new position in Lyft in the second quarter valued at $27,000. Boreal Capital Management LLC acquired a new position in Lyft in the first quarter valued at $31,000. Bessemer Group Inc. lifted its position in Lyft by 1,851.9% during the first quarter. Bessemer Group Inc. now owns 2,635 shares of the ride-sharing company’s stock worth $35,000 after buying an additional 2,500 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in Lyft during the fourth quarter worth about $40,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

About Lyft

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.