Lyft, Inc. (NASDAQ:LYFT) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Lyft, Inc. (NASDAQ:LYFT) have earned a consensus rating of “Hold” from the thirty-nine research firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, twenty-six have issued a hold recommendation and eleven have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $19.4667.

A number of equities research analysts have commented on the stock. Royal Bank Of Canada reissued an “outperform” rating and issued a $20.00 price objective on shares of Lyft in a research report on Tuesday, August 18th. JPMorgan Chase & Co. lifted their price target on Lyft from $18.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Scotiabank initiated coverage on Lyft in a research report on Wednesday, September 9th. They set a “sector perform” rating and a $17.00 price objective for the company. BTIG Research reiterated a “neutral” rating on shares of Lyft in a report on Friday. Finally, Citigroup initiated coverage on shares of Lyft in a research report on Wednesday, June 17th. They set a “buy” rating for the company.

Lyft Stock Performance

NASDAQ:LYFT opened at $15.27 on Thursday. Lyft has a fifty-two week low of $12.46 and a fifty-two week high of $25.54. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.59 and a current ratio of 0.59. The company has a 50 day moving average price of $16.28 and a 200 day moving average price of $14.78. The stock has a market capitalization of $5.78 billion, a P/E ratio of 2.22, a PEG ratio of 0.96 and a beta of 1.83.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.81 billion. Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The company’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 EPS. Equities research analysts forecast that Lyft will post 0.79 EPS for the current year.

Insiders Place Their Bets

In other news, insider Lindsay Llewellyn sold 36,214 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $16.14, for a total transaction of $584,493.96. Following the completion of the sale, the insider owned 817,517 shares in the company, valued at $13,194,724.38. This represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Janey Whiteside sold 14,220 shares of Lyft stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $17.00, for a total transaction of $241,740.00. Following the completion of the sale, the director directly owned 66,184 shares in the company, valued at approximately $1,125,128. The trade was a 17.69% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 97,020 shares of company stock worth $1,630,959. Corporate insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Lyft

Several hedge funds and other institutional investors have recently bought and sold shares of LYFT. Junto Capital Management LP purchased a new stake in shares of Lyft in the second quarter valued at $36,926,000. WINTON GROUP Ltd purchased a new stake in Lyft during the 2nd quarter worth about $4,396,000. Engineers Gate Manager LP increased its position in Lyft by 270.3% during the 2nd quarter. Engineers Gate Manager LP now owns 457,534 shares of the ride-sharing company’s stock worth $6,685,000 after purchasing an additional 333,977 shares in the last quarter. Nykredit A S acquired a new position in Lyft in the 2nd quarter valued at about $195,000. Finally, Corient Private Wealth LP raised its stake in Lyft by 45.3% in the 2nd quarter. Corient Private Wealth LP now owns 189,497 shares of the ride-sharing company’s stock valued at $2,769,000 after purchasing an additional 59,041 shares during the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

About Lyft

Lyft, Inc is a transportation technology company that operates a digital platform connecting passengers with drivers. Its core service is app-based ridesharing, allowing users to request rides, receive estimated fares, track trips and pay electronically. Lyft also offers transportation options such as scheduled rides, airport services and premium ride categories.

In addition to ridesharing, Lyft provides access to bikes and scooters in select markets and offers transportation-management tools through Lyft Business.