Lyft (NASDAQ:LYFT) Price Target Increased to $23.00 by Analysts at Piper Sandler

Lyft (NASDAQ:LYFT) had its price target upped by Piper Sandler from $22.00 to $23.00 in a research note released on Wednesday, Benzinga reports. Piper Sandler currently has an overweight rating on the ride-sharing company’s stock.

Other research analysts have also recently issued reports about the company. Morgan Stanley raised their price objective on Lyft from $12.00 to $13.00 and gave the stock an equal weight rating in a research note on Monday. Truist Financial raised their price objective on Lyft from $15.00 to $18.00 and gave the stock a hold rating in a research note on Wednesday. DA Davidson raised their target price on Lyft from $15.00 to $18.00 and gave the stock a neutral rating in a report on Wednesday. Sanford C. Bernstein raised their target price on Lyft from $15.00 to $19.00 and gave the stock a market perform rating in a report on Wednesday. Finally, Needham & Company LLC reissued a hold rating on shares of Lyft in a report on Wednesday. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Lyft currently has an average rating of Hold and a consensus target price of $16.70.

Lyft Stock Down 3.0 %

Lyft stock traded down $0.54 during midday trading on Wednesday, reaching $17.24. The company’s stock had a trading volume of 12,924,053 shares, compared to its average volume of 16,567,121. The stock’s 50-day simple moving average is $17.75 and its 200-day simple moving average is $14.58. 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 has a 52-week low of $7.85 and a 52-week high of $20.82. The stock has a market capitalization of $6.89 billion, a P/E ratio of -36.87 and a beta of 2.05.

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 analysts’ expectations of $1.22 billion. On average, sell-side analysts expect that Lyft will post -0.35 EPS for the current year.

Insider Activity

In related news, President Kristin Sverchek sold 5,670 shares of Lyft 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 owns 633,950 shares in the company, valued at $9,521,929. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Lyft news, President Kristin Sverchek sold 5,670 shares of the firm’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 transaction of $85,163.40. Following the sale, the president now owns 633,950 shares of the company’s stock, valued at $9,521,929. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Patrick Zimmer sold 15,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.51, for a total transaction of $275,327.24. Following the sale, the director now directly owns 1,204,071 shares in the company, valued at approximately $21,083,283.21. The disclosure for this sale can be found here. Over the last quarter, insiders sold 280,526 shares of company stock valued at $5,358,031. 3.16% of the stock is currently owned by company insiders.

Institutional Trading of Lyft

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its holdings in shares of Lyft by 42.9% in the 1st quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock valued at $43,000 after acquiring an additional 664 shares during the period. Commerce Bank increased its stake in Lyft by 2.9% in the 4th quarter. Commerce Bank now owns 27,633 shares of the ride-sharing company’s stock valued at $414,000 after buying an additional 782 shares during the period. Creative Financial Designs Inc. ADV increased its stake in Lyft by 21.8% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 4,556 shares of the ride-sharing company’s stock valued at $68,000 after buying an additional 814 shares during the period. FinTrust Capital Advisors LLC increased its stake in Lyft by 277.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after buying an additional 1,000 shares during the period. Finally, CWM LLC increased its stake in Lyft by 15.4% in the 4th quarter. CWM LLC now owns 8,190 shares of the ride-sharing company’s stock valued at $123,000 after buying an additional 1,093 shares during the period. Institutional investors and hedge funds 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.