Lyft (NASDAQ:LYFT) Price target cut to $28.00 by Guggenheim analysts
Lyf (NASDAQ:LYFT – Get an assessment) had its target price reduced by Guggenheim from $32.00 to $28.00 in a research note released Monday morning, Fly reports. They currently have a buy rating on shares of the rideshare company.
A number of other research analysts have also recently released reports on the stock. Cowen lowered his price target on Lyft stock from $68.00 to $42.00 and set an outperform rating for the stock in a Wednesday, May 4 research report. Wells Fargo & Company lowered its price target on Lyft stock from $49.00 to $42.00 and set an overweight rating on the stock in a Monday, Aug. 8 research report. Barclays lowered its target price on Lyft shares from $32.00 to $20.00 and set an equal weight rating on the stock in a research report on Friday August 5. Atlantic Securities lowered its target price on Lyft stock to $24.00 in a Tuesday, Aug. 9 research report. Finally, Stifel Nicolaus raised his price target on Lyft stock from $18.00 to $19.00 in a Friday, August 5 research report. Nine equity research analysts gave the stock a hold rating and sixteen gave the company a buy rating. According to MarketBeat.com, the company has a Moderate Buy consensus rating and an average price target of $37.84.
Stock Lyft down 0.6%
Shares of NASDAQ LYFT opened at $19.29 on Monday. The company has a market capitalization of $6.72 billion, a P/E ratio of -7.39 and a beta of 1.83. Lyft has a 52-week minimum of $11.96 and a 52-week maximum of $57.68. The company has a debt ratio of 0.84, a quick ratio of 0.90 and a current ratio of 0.90. The company’s 50-day moving average price is $15.05 and its 200-day moving average price is $26.44.
Lyf (NASDAQ:LYFT – Get an assessment) last released its quarterly results on Thursday, August 4. The ride-hailing company reported earnings per share (EPS) of $0.13 for the quarter, beating analyst consensus estimates of $0.05 ($0.18). The company posted revenue of $990.70 million for the quarter, versus a consensus estimate of $988.14 million. Lyft had a negative net margin of 24.44% and a negative return on equity of 46.36%. The company’s revenue for the quarter increased 29.5% year over year. In the same quarter of the previous year, the company achieved EPS of ($0.68). Stock analysts expect Lyft to post -1.62 earnings per share for the current year.
Insider Activity at Lyft
In related news, insider Kristin Sverchek sold 13,000 shares in a transaction dated Tuesday, August 9. The shares were sold at an average price of $18.98, for a total transaction of $246,740.00. Following the completion of the transaction, the insider now owns 70,350 shares of the company, valued at $1,335,243. The transaction was disclosed in an SEC filing, which is available via this link. 3.31% of the shares are held by insiders of the company.
Institutional investors weigh in on Lyft
Institutional investors have recently increased or reduced their stake in the company. MCF Advisors LLC bought a new stake in Lyft during the first quarter worth approximately $25,000. Clearstead Advisors LLC increased its holdings in Lyft by 58.9% during the second quarter. Clearstead Advisors LLC now owns 1,845 shares of the ride-hailing company valued at $25,000 after buying an additional 684 shares in the last quarter. Elequin Capital LP purchased a new stake in Lyft during the first quarter worth approximately $26,000. Rockbridge Investment Management LCC increased its holdings in Lyft by 95.6% during the fourth quarter. Rockbridge Investment Management LCC now owns 671 shares of the ride-hailing company valued at $29,000 after buying 328 additional shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in Lyft by 261.7% during the second quarter. Fifth Third Bancorp now owns 2,344 shares of the ride-hailing company valued at $31,000 after buying an additional 1,696 shares in the last quarter. 80.43% of the shares are held 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. The company operates multimodal transportation networks that provide riders with personalized, on-demand access to a variety of mobility options. It supplies the carpooling market, which connects drivers with passengers; Express Drive, a flexible car rental program for drivers; Lyft Rentals, which provides vehicles for long-distance trips; and a network of shared bicycles and scooters in different cities to meet the needs of cyclists for short trips.
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