Evercore ISI Initiates Coverage on LYFT (NASDAQ:LYFT)

Stock analysts at Evercore ISI assumed coverage on shares of LYFT (NASDAQ:LYFT) in a research note issued on Wednesday, The Fly reports. The firm set an “outperform” rating on the ride-sharing company’s stock.

A number of other equities analysts also recently weighed in on the company. Citigroup assumed coverage on LYFT in a research report on Tuesday, June 4th. They set a “buy” rating and a $70.00 price target for the company. Northcoast Research assumed coverage on LYFT in a research report on Wednesday, March 27th. They set a “neutral” rating for the company. Macquarie assumed coverage on LYFT in a research report on Tuesday, June 4th. They set an “outperform” rating for the company. Barclays assumed coverage on LYFT in a research report on Tuesday, June 4th. They set an “equal weight” rating and a $55.00 price target for the company. Finally, Susquehanna Bancshares raised LYFT from a “neutral” rating to a “positive” rating and upped their price target for the stock from $57.00 to $80.00 in a research report on Tuesday. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-one have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $71.14.

Shares of LYFT traded up $0.34 on Wednesday, hitting $58.41. The company’s stock had a trading volume of 1,465,989 shares, compared to its average volume of 8,695,514. LYFT has a fifty-two week low of $47.17 and a fifty-two week high of $88.60.

LYFT (NASDAQ:LYFT) last issued its quarterly earnings data on Tuesday, May 7th. The ride-sharing company reported ($47.13) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($4.74) by ($42.39). The company had revenue of $776.03 million during the quarter, compared to analyst estimates of $744.09 million. Equities analysts forecast that LYFT will post -11.85 EPS for the current year.

In other LYFT news, Director R. Ann Miura-Ko purchased 1,650 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were acquired at an average price of $72.00 per share, for a total transaction of $118,800.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

A number of hedge funds have recently bought and sold shares of the business. FMR LLC bought a new position in LYFT during the 1st quarter worth $1,451,179,000. AH Equity Partners III Parallel L.L.C. acquired a new stake in LYFT in the first quarter valued at about $704,682,000. Falcon Edge Capital LP acquired a new stake in LYFT in the first quarter valued at about $605,929,000. AH Equity Partners III L.L.C. acquired a new stake in LYFT in the first quarter valued at about $472,872,000. Finally, JPMorgan Chase & Co. acquired a new stake in LYFT in the first quarter valued at about $196,554,000. Hedge funds and other institutional investors own 30.67% of the company’s stock.

LYFT Company Profile

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders.

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