Lyft (NASDAQ:LYFT) Price Target Raised to $27.00

Lyft (NASDAQ:LYFT) had its price target hoisted by Royal Bank Of Canada from $21.00 to $27.00 in a report issued on Thursday morning, Marketbeat Ratings reports. They currently have an outperform rating on the ride-sharing company’s stock.

Several other brokerages have also weighed in on LYFT. Canaccord Genuity Group upped their price objective on shares of Lyft from $11.00 to $18.00 and gave the company a “hold” rating in a report on Thursday, September 18th. Oppenheimer increased their price target on Lyft from $17.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 17th. Wells Fargo & Company boosted their price objective on Lyft from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Friday, September 5th. Susquehanna cut their target price on Lyft from $18.00 to $14.00 and set a “neutral” rating on the stock in a report on Monday, August 11th. Finally, UBS Group boosted their price target on shares of Lyft from $15.00 to $21.00 and gave the company a “neutral” rating in a research note on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Lyft has a consensus rating of “Hold” and an average price target of $22.55.

Lyft Price Performance

LYFT stock opened at $22.04 on Thursday. The company has a market capitalization of $8.96 billion, a P/E ratio of 58.00, a PEG ratio of 3.86 and a beta of 2.36. The company has a fifty day moving average price of $20.29 and a 200-day moving average price of $16.86. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.70 and a current ratio of 0.72. Lyft has a 52-week low of $9.66 and a 52-week high of $23.50.

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 analysts’ consensus estimates of $0.30 by ($0.17). Lyft had a return on equity of 18.29% and a net margin of 2.40%.The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the firm posted $0.29 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities analysts expect that Lyft will post 0.22 EPS for the current year.

Insider Activity at Lyft

In other news, CFO Erin Brewer sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $15.24, for a total transaction of $228,600.00. Following the completion of the sale, the chief financial officer owned 540,759 shares in the company, valued at $8,241,167.16. This trade represents a 2.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO John David Risher purchased 5,926 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The shares were purchased at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the transaction, the chief executive officer directly owned 11,797,266 shares in the company, valued at approximately $199,137,850.08. The trade was a 0.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders sold 74,427 shares of company stock worth $1,252,686. 3.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lyft

Several hedge funds have recently made changes to their positions in LYFT. MassMutual Private Wealth & Trust FSB lifted its holdings in Lyft by 162.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company’s stock worth $31,000 after purchasing an additional 1,203 shares in the last quarter. Atwood & Palmer Inc. bought a new stake in shares of Lyft during the second quarter valued at about $32,000. GAMMA Investing LLC lifted its holdings in shares of Lyft by 81.4% in the first quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company’s stock worth $33,000 after buying an additional 1,237 shares in the last quarter. Bogart Wealth LLC boosted its position in shares of Lyft by 1,242.2% in the second quarter. Bogart Wealth LLC now owns 2,161 shares of the ride-sharing company’s stock valued at $34,000 after acquiring an additional 2,000 shares during the period. Finally, Quent Capital LLC bought a new position in shares of Lyft in the third quarter valued at approximately $34,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

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.