Lyft (NASDAQ:LYFT) Given New $16.00 Price Target at Cantor Fitzgerald

Lyft (NASDAQ:LYFT) had its target price upped by research analysts at Cantor Fitzgerald from $13.00 to $16.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the ride-sharing company’s stock. Cantor Fitzgerald’s target price suggests a potential downside of 14.26% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a research note on Thursday. Loop Capital cut their target price on Lyft from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, September 3rd. Citigroup lowered their price target on Lyft from $18.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Melius began coverage on shares of Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 price objective for the company. Finally, Wolfe Research assumed coverage on shares of Lyft in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. One research analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $16.23.

Lyft Stock Performance

Shares of LYFT stock traded up $4.26 during trading hours on Thursday, reaching $18.66. 28,881,146 shares of the company traded hands, compared to its average volume of 14,829,813. The firm has a 50-day moving average price of $12.71 and a 200 day moving average price of $13.50. The company has a market cap of $7.65 billion, a P/E ratio of -117.13 and a beta of 2.04. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82.

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

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the transaction, the director now directly owns 932,062 shares in the company, valued at $10,625,506.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Logan Green sold 10,323 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $3,843,779.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Patrick Zimmer sold 7,188 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total transaction of $81,943.20. Following the transaction, the director now owns 932,062 shares in the company, valued at approximately $10,625,506.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,664 shares of company stock worth $380,048. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

A number of hedge funds have recently bought and sold shares of LYFT. Allspring Global Investments Holdings LLC purchased a new position in shares of Lyft in the 1st quarter valued at $41,000. Janney Montgomery Scott LLC raised its holdings in Lyft by 48.0% in the first quarter. Janney Montgomery Scott LLC now owns 78,609 shares of the ride-sharing company’s stock worth $1,521,000 after purchasing an additional 25,500 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Lyft by 24.4% during the first quarter. Empowered Funds LLC now owns 16,557 shares of the ride-sharing company’s stock valued at $320,000 after buying an additional 3,247 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Lyft in the 1st quarter valued at about $1,262,000. Finally, Swiss National Bank grew its position in shares of Lyft by 2.0% in the 1st quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock worth $13,218,000 after buying an additional 13,300 shares during the last quarter. Hedge funds and other 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.