Bank of America Forecasts Strong Price Appreciation for Lyft (NASDAQ:LYFT) Stock

Lyft (NASDAQ:LYFT) had its price target lifted by stock analysts at Bank of America from $16.00 to $19.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the ride-sharing company’s stock. Bank of America‘s price objective would indicate a potential upside of 7.47% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on LYFT. UBS Group upped their price target on shares of Lyft from $13.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday. Nomura Securities upgraded Lyft from a “strong sell” rating to a “hold” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. dropped their target price on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Evercore ISI boosted their price target on shares of Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a report on Thursday. Finally, Cantor Fitzgerald increased their price objective on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday. Twenty-eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $17.00.

Lyft Stock Up 22.8 %

Shares of LYFT stock traded up $3.28 during mid-day trading on Thursday, reaching $17.68. 57,644,090 shares of the company’s stock traded hands, compared to its average volume of 14,982,723. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The company has a market cap of $7.25 billion, a P/E ratio of -109.88 and a beta of 2.04. The company’s 50-day moving average price is $12.71 and its 200-day moving average price is $13.50. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.39 billion. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. Lyft’s revenue was up 40.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.14) earnings per share. On average, equities analysts expect that Lyft will post -0.06 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $12.00, for a total transaction of $50,916.00. Following the sale, the insider now directly owns 760,089 shares of the company’s stock, valued at approximately $9,121,068. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.00, for a total value of $50,916.00. Following the completion of the transaction, the insider now owns 760,089 shares of the company’s stock, valued at approximately $9,121,068. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the sale, the director now directly owns 929,638 shares in the company, valued at approximately $10,523,502.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,664 shares of company stock valued at $380,048 in the last three months. 3.07% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lyft

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. Vanguard Group Inc. increased its stake in shares of Lyft by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock worth $636,603,000 after purchasing an additional 782,736 shares in the last quarter. Primecap Management Co. CA increased its stake in Lyft by 1.5% during the 2nd quarter. Primecap Management Co. CA now owns 6,256,080 shares of the ride-sharing company’s stock worth $88,211,000 after buying an additional 94,710 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Lyft by 1.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock valued at $113,126,000 after acquiring an additional 63,461 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Lyft by 39.5% in the second 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 acquiring an additional 812,926 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in shares of Lyft by 11.7% in the second quarter. Canada Pension Plan Investment Board now owns 1,601,400 shares of the ride-sharing company’s stock valued at $22,580,000 after acquiring an additional 167,400 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.