UBS Group Issues Positive Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its target price increased by UBS Group from $13.00 to $18.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the ride-sharing company’s stock.

Several other equities research analysts have also recently commented on the stock. Benchmark reissued a “hold” rating on shares of Lyft in a research report on Thursday. Susquehanna dropped their target price on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Nomura Securities raised shares of Lyft from a “strong sell” rating to a “hold” rating in a report on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $23.00 target price (up from $17.00) on shares of Lyft in a report on Thursday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a report on Thursday. Twenty-eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $17.23.

Lyft Price Performance

Shares of NASDAQ LYFT opened at $17.78 on Thursday. The firm has a market cap of $7.29 billion, a PE ratio of -111.13 and a beta of 2.04. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82. The company has a fifty day moving average price of $12.96 and a 200 day moving average price of $13.51.

Lyft (NASDAQ:LYFT) last announced its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.44 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.67%. The company’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.02) EPS. Research analysts predict that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Logan Green sold 10,323 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total transaction of $119,953.26. Following the sale, the director now owns 330,790 shares in the company, valued at approximately $3,843,779.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director John Patrick Zimmer sold 7,188 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total transaction of $81,943.20. Following the sale, the director now owns 932,062 shares in the company, valued at approximately $10,625,506.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Logan Green sold 10,323 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total transaction of $119,953.26. Following the completion of the transaction, the director now directly owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,664 shares of company stock worth $380,048. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Several institutional investors and hedge funds have recently added to or reduced their stakes in LYFT. Price T Rowe Associates Inc. MD lifted its stake in Lyft by 592.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock valued at $27,562,000 after purchasing an additional 1,218,620 shares during the last quarter. National Bank of Canada FI lifted its stake in Lyft by 27,739.2% in the 2nd quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock valued at $16,665,000 after purchasing an additional 1,188,625 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Lyft by 39.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock valued at $40,475,000 after purchasing an additional 812,926 shares during the last quarter. Vanguard Group Inc. lifted its stake in Lyft by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after purchasing an additional 782,736 shares during the last quarter. Finally, Quadrature Capital Ltd raised its stake in shares of Lyft by 600.2% during the first quarter. Quadrature Capital Ltd now owns 608,430 shares of the ride-sharing company’s stock valued at $11,767,000 after acquiring an additional 521,537 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

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.