Lyft (NASDAQ:LYFT) Shares Gap Up After Analyst Upgrade

Shares of Lyft, Inc. (NASDAQ:LYFT) gapped up before the market opened on Thursday after Barclays raised their price target on the stock from $14.00 to $20.00. The stock had previously closed at $14.40, but opened at $17.78. Barclays currently has an equal weight rating on the stock. Lyft shares last traded at $18.74, with a volume of 20,496,783 shares changing hands.

LYFT has been the subject of several other reports. Bank of America lifted their price target on Lyft from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday. Wells Fargo & Company restated a “market perform” rating on shares of Lyft in a research report on Friday, October 18th. TD Cowen boosted their price objective on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Thursday. Wolfe Research started coverage on Lyft in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Finally, JPMorgan Chase & Co. cut their price objective on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Twenty-eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Lyft has a consensus rating of “Hold” and an average price target of $17.23.

Insider Activity

In other news, Director John Patrick Zimmer sold 7,188 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total value of $81,943.20. Following the transaction, the director now owns 932,062 shares of the company’s stock, valued at $10,625,506.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director John Patrick Zimmer sold 7,188 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total value of $81,943.20. Following the sale, the director now owns 932,062 shares in the company, valued at approximately $10,625,506.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Logan Green sold 10,323 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the sale, the director now owns 330,790 shares in the company, valued at $3,843,779.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,664 shares of company stock valued at $380,048 in the last quarter. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several large investors have recently bought and sold shares of the stock. Crossmark Global Holdings Inc. increased its holdings in Lyft by 4.4% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company’s stock worth $330,000 after purchasing an additional 993 shares during the period. Vanguard Personalized Indexing Management LLC increased its holdings in Lyft by 9.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company’s stock worth $196,000 after purchasing an additional 1,160 shares during the period. QRG Capital Management Inc. increased its holdings in Lyft by 6.1% during the 2nd quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company’s stock worth $350,000 after purchasing an additional 1,437 shares during the period. CWM LLC increased its holdings in Lyft by 26.4% during the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock worth $98,000 after purchasing an additional 1,457 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Lyft by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company’s stock worth $2,612,000 after purchasing an additional 1,477 shares during the period. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Lyft Trading Up 0.5 %

The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. The business has a fifty day moving average price of $12.96 and a 200 day moving average price of $13.54.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.39 billion. Lyft had a negative return on equity of 1.67% and a negative net margin of 1.19%. The business’s revenue for the quarter was up 40.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.14) EPS. On average, research analysts expect that Lyft, Inc. will post -0.06 earnings per share for the current year.

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.