Lyft (NASDAQ:LYFT) Receives “Outperform” Rating from Royal Bank of Canada

Lyft (NASDAQ:LYFTGet Free Report)‘s stock had its “outperform” rating reaffirmed by investment analysts at Royal Bank of Canada in a research note issued to investors on Friday, Benzinga reports. They presently have a $24.00 price objective on the ride-sharing company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 50.66% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Lyft from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, February 14th. UBS Group lifted their price target on shares of Lyft from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Morgan Stanley raised their price objective on Lyft from $12.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. Piper Sandler boosted their target price on Lyft from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Finally, Argus upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $17.62.

View Our Latest Report on LYFT

Lyft Stock Performance

Shares of LYFT traded up $0.24 during mid-day trading on Friday, reaching $15.93. 15,783,361 shares of the company’s stock traded hands, compared to its average volume of 15,713,808. Lyft has a 12 month low of $8.85 and a 12 month high of $20.82. The stock has a market capitalization of $6.43 billion, a P/E ratio of -33.91 and a beta of 2.09. The business’s 50-day moving average price is $16.91 and its 200-day moving average price is $15.46. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82.

Lyft (NASDAQ:LYFTGet Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.17 billion. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. Equities analysts predict that Lyft will post -0.2 earnings per share for the current year.

Insider Buying and Selling

In other Lyft news, Director John Patrick Zimmer sold 193,200 shares of Lyft stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.04, for a total value of $3,871,728.00. Following the completion of the transaction, the director now owns 932,544 shares in the company, valued at approximately $18,688,181.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director John Patrick Zimmer sold 193,200 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.04, for a total value of $3,871,728.00. Following the transaction, the director now owns 932,544 shares of the company’s stock, valued at approximately $18,688,181.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 9,083 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total transaction of $142,330.61. Following the sale, the chief accounting officer now directly owns 351,853 shares of the company’s stock, valued at $5,513,536.51. The disclosure for this sale can be found here. Insiders sold 246,033 shares of company stock worth $4,782,237 in the last quarter. 3.07% of the stock is owned by corporate insiders.

Institutional Trading of Lyft

A number of large investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its holdings in shares of Lyft by 42.9% during the first quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock worth $43,000 after acquiring an additional 664 shares during the period. Commerce Bank lifted its holdings in Lyft by 2.9% during the 4th quarter. Commerce Bank now owns 27,633 shares of the ride-sharing company’s stock worth $414,000 after purchasing an additional 782 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its stake in Lyft by 21.8% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 4,556 shares of the ride-sharing company’s stock valued at $68,000 after purchasing an additional 814 shares during the period. FinTrust Capital Advisors LLC grew its holdings in Lyft by 277.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after buying an additional 1,000 shares in the last quarter. Finally, CWM LLC increased its position in Lyft by 15.4% during the 4th quarter. CWM LLC now owns 8,190 shares of the ride-sharing company’s stock worth $123,000 after buying an additional 1,093 shares during the period. 83.07% of the stock is owned by institutional investors.

About Lyft

(Get Free Report)

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.

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Analyst Recommendations for Lyft (NASDAQ:LYFT)

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