Lyft (NASDAQ:LYFT) Stock Price Expected to Rise, Loop Capital Analyst Says

Lyft (NASDAQ:LYFT) had its price target hoisted by equities research analysts at Loop Capital from $16.00 to $23.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the ride-sharing company’s stock. Loop Capital’s price target would indicate a potential upside of 48.39% from the stock’s current price.

A number of other brokerages have also commented on LYFT. Barclays lifted their price target on Lyft from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Roth Mkm upped their price target on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Susquehanna boosted their price objective on shares of Lyft from $10.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. TD Cowen lifted their target price on Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Finally, Nomura Securities raised Lyft from a “strong sell” rating to a “hold” rating in a research note on Friday, August 23rd. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.77.

Lyft Stock Performance

Shares of Lyft stock opened at $15.50 on Wednesday. The company has a 50 day moving average of $14.98 and a 200-day moving average of $13.60. The company has a market cap of $6.43 billion, a PE ratio of -96.88, a price-to-earnings-growth ratio of 4.91 and a beta of 2.09. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82.

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

Insiders Place Their Bets

In other Lyft news, insider Lindsay Catherine Llewellyn sold 4,243 shares of Lyft stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $12.00, for a total transaction of $50,916.00. Following the transaction, the insider now owns 760,089 shares of the company’s stock, valued at $9,121,068. This trade represents a 0.56 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Logan Green sold 10,919 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the transaction, the director now directly owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,909 shares of company stock valued at $505,686 in the last three months. 3.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lyft

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC increased its holdings in Lyft by 3.5% during the third quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock worth $363,000 after buying an additional 969 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in shares of Lyft by 4.4% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company’s stock worth $330,000 after purchasing an additional 993 shares during the last quarter. XTX Topco Ltd raised its holdings in shares of Lyft by 2.5% in the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock worth $538,000 after purchasing an additional 1,043 shares during the period. Vanguard Personalized Indexing Management LLC lifted its stake in Lyft by 9.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company’s stock valued at $196,000 after purchasing an additional 1,160 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Lyft by 1.6% during the third quarter. The Manufacturers Life Insurance Company now owns 82,690 shares of the ride-sharing company’s stock valued at $1,054,000 after purchasing an additional 1,315 shares during the period. 83.07% of the stock is 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.