Lyft (NASDAQ:LYFT) Shares Gap Down – What’s Next?

Lyft, Inc. (NASDAQ:LYFT)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $19.86, but opened at $19.22. Lyft shares last traded at $19.0470, with a volume of 2,607,999 shares changing hands.

Analysts Set New Price Targets

LYFT has been the subject of several analyst reports. Guggenheim upped their target price on shares of Lyft from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, November 18th. UBS Group upped their price objective on shares of Lyft from $15.00 to $21.00 and gave the company a “neutral” rating in a research report on Tuesday, October 28th. Roth Capital set a $25.00 target price on Lyft and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Wedbush cut Lyft from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $20.00 to $16.00 in a research note on Friday. Finally, Morgan Stanley raised their price objective on Lyft from $20.50 to $22.50 and gave the company an “equal weight” rating in a research note on Monday, December 8th. Eleven analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $22.80.

Lyft Price Performance

The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market capitalization of $7.69 billion, a price-to-earnings ratio of 50.62, a price-to-earnings-growth ratio of 1.91 and a beta of 1.99. The business’s 50 day simple moving average is $20.88 and its 200-day simple moving average is $18.19.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.17). The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. Lyft had a net margin of 2.40% and a return on equity of 18.29%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 earnings per share. Research analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current year.

Insider Activity at Lyft

In other Lyft news, CEO John David Risher acquired 5,030 shares of Lyft stock in a transaction that occurred on Wednesday, December 10th. The stock was acquired at an average price of $19.80 per share, with a total value of $99,594.00. Following the purchase, the chief executive officer owned 11,802,296 shares in the company, valued at approximately $233,685,460.80. This trade represents a 0.04% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Prashant Aggarwal sold 96,900 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $22.30, for a total value of $2,160,870.00. Following the completion of the transaction, the director directly owned 874,369 shares in the company, valued at $19,498,428.70. The trade was a 9.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 187,443 shares of company stock valued at $4,178,618. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

A number of institutional investors have recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB grew its stake in shares of Lyft by 162.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company’s stock worth $31,000 after acquiring an additional 1,203 shares during the last quarter. Atwood & Palmer Inc. bought a new stake in Lyft in the 2nd quarter valued at $32,000. Bogart Wealth LLC grew its position in Lyft by 1,242.2% in the 2nd quarter. Bogart Wealth LLC now owns 2,161 shares of the ride-sharing company’s stock worth $34,000 after purchasing an additional 2,000 shares during the last quarter. Quent Capital LLC acquired a new stake in Lyft in the 3rd quarter worth $34,000. Finally, Abich Financial Wealth Management LLC bought a new position in shares of Lyft during the 3rd quarter worth about $50,000. 83.07% of the stock is currently owned by institutional investors.

Lyft Company Profile

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.