Rosenblatt Securities Has Lowered Expectations for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price objective cut by research analysts at Rosenblatt Securities from $19.00 to $18.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the ride-sharing company’s stock. Rosenblatt Securities‘s price target points to a potential upside of 0.90% from the company’s previous close.

LYFT has been the topic of several other research reports. TD Cowen reduced their price target on Lyft from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, October 21st. Piper Sandler reissued an “overweight” rating and issued a $21.00 price objective (up from $20.00) on shares of Lyft in a report on Friday, August 7th. Wells Fargo & Company cut their price objective on shares of Lyft from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, October 5th. Zacks Research upgraded shares of Lyft from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Finally, Cantor Fitzgerald decreased their target price on shares of Lyft from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, October 19th. Ten equities research analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Lyft currently has an average rating of “Hold” and an average target price of $18.96.

Lyft Stock Performance

Shares of Lyft stock opened at $17.84 on Friday. Lyft has a one year low of $12.46 and a one year high of $25.54. The company has a market cap of $6.75 billion, a price-to-earnings ratio of 2.59, a PEG ratio of 1.16 and a beta of 2.06. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.59 and a current ratio of 0.59. The business’s 50 day moving average price is $16.20 and its 200 day moving average price is $15.13.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Thursday, November 5th. The ride-sharing company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.23). The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.92 billion. Lyft had a negative return on equity of 1.20% and a net margin of 42.32%. The business’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period last year, the firm posted $0.11 EPS. On average, research analysts predict that Lyft will post 0.81 EPS for the current year.

Insider Activity at Lyft

In other news, insider Lindsay Llewellyn sold 13,204 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $16.64, for a total transaction of $219,714.56. Following the completion of the transaction, the insider directly owned 781,152 shares in the company, valued at approximately $12,998,369.28. This represents a 1.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Lawee sold 4,613 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $17.33, for a total transaction of $79,943.29. Following the transaction, the director directly owned 119,124 shares of the company’s stock, valued at approximately $2,064,418.92. This trade represents a 3.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 61,586 shares of company stock valued at $1,024,326 over the last 90 days. Corporate insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Plato Investment Management Ltd acquired a new position in Lyft during the 2nd quarter worth $27,000. Heritage Family Offices LLP acquired a new stake in shares of Lyft during the 3rd quarter worth about $29,000. Boreal Capital Management LLC acquired a new stake in shares of Lyft during the 1st quarter worth about $31,000. Signaturefd LLC lifted its stake in Lyft by 166.5% during the third quarter. Signaturefd LLC now owns 2,593 shares of the ride-sharing company’s stock worth $39,000 after purchasing an additional 1,620 shares during the last quarter. Finally, Bessemer Group Inc. lifted its stake 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 purchasing an additional 2,500 shares during the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Key Lyft News

Here are the key news stories impacting Lyft this week:

• Positive Sentiment: Lyft reported record rides and gross bookings, with bookings benefiting from partnerships and new products. Adjusted EPS was $0.43, in line with consensus and up from $0.26 a year ago, highlighting stronger underlying performance. Lyft reports record rides and gross bookings
• Positive Sentiment: The company launched Lyft Go, a $9.99 monthly membership bundling DoorDash DashPass with 8% ride credits. The offer could encourage customer retention and more cross-platform use. Lyft debuts joint membership program with DoorDash
• Positive Sentiment: Lyft plans to expand its Waymo robotaxi fleet in Nashville by year-end. CEO David Risher said autonomous vehicles are not hurting Lyft’s business, positioning partnerships as part of its strategy to participate in the AV market. Lyft to expand Waymo robotaxi fleet in Nashville
• Neutral Sentiment: Management’s outlook was described as in line with expectations, offering no clear upward revision to near-term forecasts. Lyft posts surprise loss and gives in-line outlook
• Negative Sentiment: Headline results disappointed: Lyft reported a $0.03-per-share loss on a GAAP basis and revenue of $1.82 billion, below the cited analyst estimates of $0.20 EPS and $1.92 billion. A $117.9 million reserve charge tied to legal, tax and regulatory matters weighed on results. Lyft Q3 earnings details

Lyft Company Profile

Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.

The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.