Lyft (NASDAQ:LYFT) Coverage Initiated at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of Lyft (NASDAQ:LYFT) in a research note released on Thursday, Marketbeat.com reports. The firm issued a neutral rating and a $13.00 price target on the ride-sharing company’s stock.

Several other research firms also recently commented on LYFT. BMO Capital Markets reduced their price objective on Lyft from $19.00 to $13.00 and set a market perform rating for the company in a report on Thursday, August 8th. Bank of America upgraded shares of Lyft from an underperform rating to a buy rating and lifted their price target for the stock from $15.00 to $20.00 in a research note on Friday, June 7th. Roth Mkm lowered their price objective on shares of Lyft from $19.00 to $13.00 and set a neutral rating on the stock in a research report on Wednesday, August 14th. Susquehanna cut their target price on shares of Lyft from $18.00 to $10.00 and set a neutral rating for the company in a research report on Thursday, August 8th. Finally, Fox Advisors upgraded shares of Lyft from an equal weight rating to an overweight rating and set a $20.00 target price for the company in a research note on Friday, June 7th. Twenty-six investment 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 currently has an average rating of Hold and an average price target of $15.65.

Lyft Stock Down 1.7 %

NASDAQ:LYFT opened at $11.06 on Thursday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $4.46 billion, a P/E ratio of -23.53 and a beta of 2.04. Lyft has a fifty-two week low of $8.85 and a fifty-two week high of $20.82. The firm has a 50-day simple moving average of $11.86 and a two-hundred day simple moving average of $14.99.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share 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 company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period in the previous year, the business earned ($0.14) EPS. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. Analysts predict that Lyft will post -0.16 earnings per share for the current fiscal year.

Insider Activity

In related news, Director John Patrick Zimmer sold 7,188 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 932,062 shares of the company’s stock, valued at $10,625,506.80. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Logan Green sold 10,323 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total value of $119,953.26. Following the sale, the director now directly owns 330,790 shares in the company, valued at approximately $3,843,779.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John Patrick Zimmer sold 7,188 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total transaction of $81,943.20. Following the completion of the transaction, the director now directly owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. The disclosure for this sale can be found here. Insiders sold a total of 32,497 shares of company stock worth $392,157 over the last 90 days. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new stake in Lyft during the 2nd quarter valued at $388,000. B. Riley Wealth Advisors Inc. raised its stake in shares of Lyft by 40.9% in the second quarter. B. Riley Wealth Advisors Inc. now owns 33,514 shares of the ride-sharing company’s stock valued at $473,000 after acquiring an additional 9,731 shares during the period. Quarry LP lifted its holdings in shares of Lyft by 4,032.6% in the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after acquiring an additional 3,468 shares during the last quarter. Algert Global LLC boosted its stake in shares of Lyft by 92.0% during the 2nd quarter. Algert Global LLC now owns 213,039 shares of the ride-sharing company’s stock worth $3,004,000 after purchasing an additional 102,109 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in Lyft during the 2nd quarter valued at about $3,349,000. 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.