Wells Fargo & Company Lowers Lyft (NASDAQ:LYFT) Price Target to $14.00

Lyft (NASDAQ:LYFT) had its price objective lowered by equities research analysts at Wells Fargo & Company from $17.00 to $14.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the ride-sharing company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 4.48% from the company’s previous close.

LYFT has been the topic of several other reports. Benchmark raised shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Monday, January 6th. Loop Capital increased their price target on shares of Lyft from $16.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Raymond James initiated coverage on Lyft in a report on Tuesday, September 24th. They issued a “market perform” rating on the stock. Piper Sandler reiterated an “overweight” rating and set a $23.00 target price (up previously from $17.00) on shares of Lyft in a research report on Thursday, November 7th. Finally, Tigress Financial raised their price target on Lyft from $24.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Twenty-seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Lyft currently has a consensus rating of “Hold” and a consensus price target of $17.84.

Lyft Stock Performance

NASDAQ LYFT remained flat at $13.40 during trading on Thursday. 1,810,088 shares of the company’s stock were exchanged, compared to its average volume of 14,520,462. The business’s fifty day moving average is $15.40 and its two-hundred day moving average is $13.41. Lyft has a one year low of $8.93 and a one year high of $20.82. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $5.56 billion, a price-to-earnings ratio of -83.75, a price-to-earnings-growth ratio of 1.72 and a beta of 2.14.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.09. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The firm had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the previous year, the firm posted ($0.02) EPS. The firm’s revenue for the quarter was up 31.6% on a year-over-year basis. As a group, sell-side analysts forecast that Lyft will post 0.06 EPS for the current fiscal year.

Insider Buying and Selling

In other Lyft news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction of $188,352.75. Following the sale, the director now owns 314,492 shares of the company’s stock, valued at $5,424,987. The trade was a 3.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $18.02, for a total value of $163,639.62. Following the completion of the transaction, the chief accounting officer now directly owns 332,243 shares of the company’s stock, valued at approximately $5,987,018.86. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,242 shares of company stock valued at $427,330 in the last quarter. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

A number of institutional investors have recently made changes to their positions in LYFT. True Wealth Design LLC bought a new stake in Lyft during the third quarter worth approximately $27,000. ORG Wealth Partners LLC bought a new position in Lyft during the fourth quarter valued at about $31,000. Brown Brothers Harriman & Co. acquired a new position in Lyft during the second quarter worth about $35,000. Capital Performance Advisors LLP acquired a new stake in Lyft in the 3rd quarter valued at about $38,000. Finally, Quarry LP boosted its position in shares of Lyft by 4,032.6% during the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after purchasing an additional 3,468 shares in the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

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.