Lyft (NASDAQ:LYFT) Price Target Increased to $24.00 by Analysts at Tigress Financial

Lyft (NASDAQ:LYFT) had its price target boosted by research analysts at Tigress Financial from $22.00 to $24.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the ride-sharing company’s stock. Tigress Financial’s price target would suggest a potential upside of 38.65% from the company’s previous close.

Several other research analysts have also issued reports on the company. Truist Financial raised their price target on Lyft from $13.00 to $15.00 and gave the stock a “hold” rating in a research report on Wednesday, February 14th. Piper Sandler raised their price objective on Lyft from $17.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, March 15th. The Goldman Sachs Group downgraded Lyft from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $12.00 to $15.00 in a research note on Thursday, January 11th. BMO Capital Markets assumed coverage on Lyft in a research note on Tuesday, January 9th. They set a “market perform” rating and a $15.00 price objective on the stock. Finally, UBS Group raised their price objective on Lyft from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $14.60.

Lyft Stock Down 5.3 %

NASDAQ:LYFT opened at $17.31 on Thursday. Lyft has a 12-month low of $7.85 and a 12-month high of $20.82. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55. The firm has a market capitalization of $6.92 billion, a P/E ratio of -19.45 and a beta of 1.98. The stock’s fifty day simple moving average is $17.51 and its 200-day simple moving average is $13.97.

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

Insider Buying and Selling

In other Lyft news, President Kristin Sverchek sold 16,000 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.00, for a total value of $320,000.00. Following the completion of the sale, the president now owns 80,978 shares in the company, valued at approximately $1,619,560. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director John Patrick Zimmer sold 193,200 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 932,544 shares of the company’s stock, valued at approximately $18,688,181.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Kristin Sverchek sold 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $20.00, for a total transaction of $320,000.00. Following the completion of the transaction, the president now directly owns 80,978 shares of the company’s stock, valued at $1,619,560. The disclosure for this sale can be found here. Insiders have sold 270,526 shares of company stock worth $5,195,771 in the last quarter. Insiders own 3.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. TB Alternative Assets Ltd. grew its position in shares of Lyft by 62.1% during the 1st quarter. TB Alternative Assets Ltd. now owns 529,300 shares of the ride-sharing company’s stock valued at $10,242,000 after purchasing an additional 202,700 shares in the last quarter. Range Financial Group LLC bought a new stake in shares of Lyft during the 1st quarter worth $470,000. GAMMA Investing LLC lifted its holdings in shares of Lyft by 42.9% during the 1st quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock worth $43,000 after acquiring an additional 664 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of Lyft during the 4th quarter worth $34,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Lyft during the 4th quarter worth $1,302,000. 83.07% of the stock is currently 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.