Lyft (NASDAQ:LYFT) Shares Gap Down – Here’s Why

Shares of Lyft, Inc. (NASDAQ:LYFT) gapped down before the market opened on Monday . The stock had previously closed at $18.12, but opened at $17.53. Lyft shares last traded at $16.93, with a volume of 4,179,178 shares.

Analyst Upgrades and Downgrades

LYFT has been the topic of several research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $23.00 price target (up from $17.00) on shares of Lyft in a report on Thursday, November 7th. Susquehanna increased their target price on Lyft from $10.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Cantor Fitzgerald boosted their price target on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. UBS Group increased their price objective on Lyft from $13.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, BMO Capital Markets boosted their target price on shares of Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Twenty-eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Lyft has a consensus rating of “Hold” and an average price target of $17.48.

Lyft Stock Down 4.2 %

The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The stock’s 50-day simple moving average is $13.87 and its 200 day simple moving average is $13.57. The firm has a market cap of $6.87 billion, a P/E ratio of -103.56, a PEG ratio of 5.26 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.09. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The firm had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the firm posted ($0.02) earnings per share. The business’s revenue was up 31.6% compared to the same quarter last year. As a group, research analysts forecast that Lyft, Inc. will post 0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the transaction, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This trade represents a 0.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $18.02, for a total value of $163,639.62. Following the sale, the chief accounting officer now directly owns 332,243 shares of the company’s stock, valued at $5,987,018.86. The trade was a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,799 shares of company stock valued at $537,082. Corporate insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. True Wealth Design LLC purchased a new stake in shares of Lyft during the third quarter worth $27,000. International Assets Investment Management LLC bought a new position in Lyft in the 2nd quarter worth about $35,000. Brown Brothers Harriman & Co. purchased a new position in Lyft during the 2nd quarter valued at about $35,000. Capital Performance Advisors LLP bought a new stake in shares of Lyft during the third quarter valued at about $38,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Lyft in the first quarter worth about $41,000. 83.07% of the stock is currently owned by institutional investors.

About Lyft

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.