Lyft (NASDAQ:LYFT) PT Raised to $13.00 at Morgan Stanley

Lyft (NASDAQ:LYFT) had its price objective upped by equities research analysts at Morgan Stanley from $12.00 to $13.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the ride-sharing company’s stock. Morgan Stanley’s price objective would suggest a potential downside of 21.69% from the company’s current price.

Several other research firms have also recently commented on LYFT. UBS Group raised their price target on shares of Lyft from $13.00 to $14.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. Royal Bank of Canada upgraded Lyft from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $17.00 to $23.00 in a report on Monday, March 4th. BMO Capital Markets started coverage on Lyft in a research note on Tuesday, January 9th. They issued a “market perform” rating and a $15.00 target price on the stock. Moffett Nathanson raised Lyft from a “sell” rating to a “neutral” rating in a research note on Wednesday, February 14th. Finally, Piper Sandler boosted their price target on Lyft from $17.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $15.16.

Lyft Price Performance

LYFT opened at $16.60 on Monday. The firm has a market capitalization of $6.64 billion, a P/E ratio of -18.65 and a beta of 2.05. The stock has a fifty day moving average of $17.75 and a 200-day moving average of $14.58. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55. Lyft has a 12-month low of $7.85 and a 12-month high of $20.82.

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

Insider Activity at Lyft

In other news, Director John Patrick Zimmer sold 193,200 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.04, for a total transaction of $3,871,728.00. Following the transaction, the director now owns 932,544 shares in the company, valued at approximately $18,688,181.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director John Patrick Zimmer sold 193,200 shares of Lyft stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.04, for a total transaction of $3,871,728.00. Following the sale, the director now directly owns 932,544 shares of the company’s stock, valued at $18,688,181.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Kristin Sverchek sold 5,670 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total value of $85,163.40. Following the completion of the transaction, the president now directly owns 633,950 shares of the company’s stock, valued at approximately $9,521,929. The disclosure for this sale can be found here. Insiders sold a total of 280,526 shares of company stock worth $5,358,031 in the last ninety days. 3.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lyft

Hedge funds and other institutional investors have recently made changes to their positions in the business. FinTrust Capital Advisors LLC lifted its stake in Lyft by 277.8% during the first quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after purchasing an additional 1,000 shares during the period. Allworth Financial LP boosted its stake in Lyft by 685.2% in the 4th quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock valued at $29,000 after buying an additional 1,672 shares in the last quarter. a16z Perennial Management L.P. bought a new stake in Lyft in the fourth quarter valued at $34,000. Kapitalo Investimentos Ltda acquired a new position in Lyft during the fourth quarter worth $34,000. Finally, BluePath Capital Management LLC bought a new position in shares of Lyft during the third quarter valued at $35,000. 83.07% of the stock is owned by 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.