DA Davidson Increases Lyft (NASDAQ:LYFT) Price Target to $18.00

Lyft (NASDAQ:LYFT) had its target price boosted by investment analysts at DA Davidson from $15.00 to $18.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the ride-sharing company’s stock. DA Davidson’s target price would suggest a potential upside of 4.41% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Citigroup upped their price target on shares of Lyft from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Wells Fargo & Company increased their target price on shares of Lyft from $15.00 to $18.00 and gave the company an “equal weight” rating in a research note on Monday, April 8th. TD Cowen lifted their price target on shares of Lyft from $10.00 to $12.00 and gave the stock a “market perform” rating in a research report on Monday, January 22nd. Royal Bank of Canada upgraded Lyft from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $17.00 to $23.00 in a research report on Monday, March 4th. Finally, Truist Financial lifted their target price on Lyft from $13.00 to $15.00 and gave the stock a “hold” rating in a report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $16.70.

Lyft Price Performance

NASDAQ LYFT opened at $17.24 on Wednesday. Lyft has a 12 month low of $7.85 and a 12 month high of $20.82. The firm has a market capitalization of $6.89 billion, a PE ratio of -36.68 and a beta of 2.05. The company’s 50 day simple moving average is $17.82 and its 200 day simple moving average is $14.62. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.87 and a quick ratio of 0.87.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.14. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. As a group, equities research analysts forecast that Lyft will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling at Lyft

In other Lyft news, President Kristin Sverchek sold 5,670 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total value of $85,163.40. Following the transaction, the president now owns 633,950 shares in the company, valued at $9,521,929. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Logan Green sold 11,867 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $15.69, for a total transaction of $186,193.23. Following the transaction, the director now owns 346,341 shares in the company, valued at approximately $5,434,090.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Kristin Sverchek sold 5,670 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total transaction of $85,163.40. Following the completion of the sale, the president now owns 633,950 shares of the company’s stock, valued at $9,521,929. The disclosure for this sale can be found here. Insiders sold 280,526 shares of company stock valued at $5,358,031 in the last quarter. Company insiders own 3.16% of the company’s stock.

Hedge Funds Weigh In On Lyft

Several institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC raised its position in shares of Lyft by 5.1% in the third quarter. Commonwealth Equity Services LLC now owns 31,886 shares of the ride-sharing company’s stock valued at $336,000 after purchasing an additional 1,535 shares during the period. Xponance Inc. lifted its position in Lyft by 10.9% during the 3rd quarter. Xponance Inc. now owns 49,200 shares of the ride-sharing company’s stock worth $519,000 after acquiring an additional 4,821 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Lyft by 1.1% during the third quarter. Bank of New York Mellon Corp now owns 2,459,043 shares of the ride-sharing company’s stock valued at $25,918,000 after acquiring an additional 27,928 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Lyft by 16.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,727 shares of the ride-sharing company’s stock valued at $703,000 after purchasing an additional 9,663 shares during the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of Lyft by 87.6% in the third quarter. Fifth Third Bancorp now owns 24,270 shares of the ride-sharing company’s stock worth $256,000 after purchasing an additional 11,330 shares during the period. 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.