TD Cowen Raises Lyft (NASDAQ:LYFT) Price Target to $16.00

Lyft (NASDAQ:LYFT) had its target price upped by TD Cowen from $14.00 to $16.00 in a research report report published on Wednesday, Benzinga reports. They currently have a hold rating on the ride-sharing company’s stock.

Several other analysts have also commented on the stock. Needham & Company LLC reissued a hold rating on shares of Lyft in a research note on Wednesday. Piper Sandler boosted their target price on Lyft from $22.00 to $23.00 and gave the stock an overweight rating in a research report on Wednesday. Wedbush lifted their price target on Lyft from $15.00 to $18.00 and gave the stock a neutral rating in a research note on Wednesday. UBS Group upped their price objective on shares of Lyft from $13.00 to $14.00 and gave the company a neutral rating in a research note on Wednesday, February 14th. Finally, Sanford C. Bernstein upped their price target on shares of Lyft from $15.00 to $19.00 and gave the company a market perform rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, Lyft has a consensus rating of Hold and an average price target of $16.70.

Lyft Stock Performance

Shares of NASDAQ LYFT traded down $0.54 during midday trading on Wednesday, reaching $17.24. 12,924,053 shares of the company traded hands, compared to its average volume of 16,567,121. The stock has a 50-day moving average price of $17.82 and a 200 day moving average price of $14.62. The company has a market cap of $6.89 billion, a price-to-earnings ratio of -36.68 and a beta of 2.05. 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.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Tuesday, February 13th. The ride-sharing company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.14. Lyft had a negative net margin of 7.73% and a negative return on equity of 54.80%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Sell-side analysts anticipate that Lyft will post -0.35 earnings per share for the current fiscal year.

Insider Transactions at Lyft

In related news, President Kristin Sverchek sold 5,670 shares of the stock in a transaction dated 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 of the company’s stock, valued at $9,521,929. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Lyft 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 value of $3,871,728.00. Following the transaction, the director now directly owns 932,544 shares in the company, valued at $18,688,181.76. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, 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 transaction of $85,163.40. Following the completion of the transaction, the president now owns 633,950 shares of the company’s stock, valued at approximately $9,521,929. The disclosure for this sale can be found here. In the last three months, insiders sold 280,526 shares of company stock valued at $5,358,031. Company insiders own 3.16% of the company’s stock.

Institutional Trading of Lyft

Several large investors have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System grew its holdings in Lyft by 0.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 322,221 shares of the ride-sharing company’s stock worth $6,235,000 after acquiring an additional 2,374 shares during the last quarter. Entropy Technologies LP bought a new position in Lyft in the 1st quarter valued at $1,145,000. QRG Capital Management Inc. raised its position in shares of Lyft by 55.2% during the first quarter. QRG Capital Management Inc. now owns 23,417 shares of the ride-sharing company’s stock worth $453,000 after acquiring an additional 8,328 shares during the last quarter. Headlands Technologies LLC bought a new position in Lyft in the first quarter valued at about $2,328,000. Finally, Sei Investments Co. raised its holdings in Lyft by 55.3% during the 1st quarter. Sei Investments Co. now owns 98,676 shares of the ride-sharing company’s stock worth $1,909,000 after purchasing an additional 35,146 shares during the last quarter. Institutional investors own 83.07% 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 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.