Canaccord Genuity Group Issues Positive Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its target price hoisted by equities research analysts at Canaccord Genuity Group from $16.00 to $17.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the ride-sharing company’s stock. Canaccord Genuity Group‘s price target suggests a potential upside of 0.60% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Guggenheim cut Lyft from a “buy” rating to a “neutral” rating and lowered their price target for the company from $22.00 to $16.00 in a report on Thursday, September 17th. Wells Fargo & Company cut their price objective on shares of Lyft from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Monday, October 5th. BTIG Research reiterated a “neutral” rating on shares of Lyft in a report on Friday, September 18th. Royal Bank Of Canada reissued an “outperform” rating and issued a $20.00 target price on shares of Lyft in a research report on Tuesday, August 18th. Finally, Fox Advisors downgraded shares of Lyft from an “overweight” rating to an “equal weight” rating in a report on Monday. Ten investment analysts have rated the stock with a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $19.04.

Lyft Trading Down 1.1%

LYFT traded down $0.19 during trading on Monday, hitting $16.90. The company’s stock had a trading volume of 5,859,603 shares, compared to its average volume of 13,734,316. The stock has a market cap of $6.40 billion, a PE ratio of 2.51, a PEG ratio of 1.06 and a beta of 2.06. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.60 and a quick ratio of 0.59. Lyft has a twelve month low of $12.46 and a twelve month high of $25.54. The firm’s 50 day moving average price is $16.20 and its 200-day moving average price is $15.13.

Lyft (NASDAQ:LYFT) last released its earnings results on Thursday, November 5th. The ride-sharing company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.20 by ($0.23). Lyft had a net margin of 40.67% and a return on equity of 1.25%. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the previous year, the company posted $0.11 earnings per share. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, analysts expect that Lyft will post 0.81 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director David Lawee sold 4,613 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $17.33, for a total transaction of $79,943.29. Following the completion of the sale, the director owned 119,124 shares in the company, valued at approximately $2,064,418.92. The trade was a 3.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Erin Brewer sold 15,000 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $17.63, for a total transaction of $264,450.00. Following the sale, the chief financial officer directly owned 852,303 shares of the company’s stock, valued at approximately $15,026,101.89. This trade represents a 1.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 61,586 shares of company stock worth $1,024,326. 0.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently bought and sold shares of LYFT. Plato Investment Management Ltd acquired a new stake in shares of Lyft in the second quarter worth $27,000. Heritage Family Offices LLP purchased a new position in shares of Lyft during the 3rd quarter valued at approximately $29,000. Boreal Capital Management LLC purchased a new position in shares of Lyft during the 1st quarter valued at approximately $31,000. Bessemer Group Inc. grew its position in shares of Lyft by 62.4% during the third quarter. Bessemer Group Inc. now owns 2,197 shares of the ride-sharing company’s stock worth $33,000 after buying an additional 844 shares in the last quarter. Finally, Signaturefd LLC grew its position in shares of Lyft by 166.5% during the third quarter. Signaturefd LLC now owns 2,593 shares of the ride-sharing company’s stock worth $39,000 after buying an additional 1,620 shares in the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

About Lyft

Lyft operates a mobile platform that connects people seeking transportation with drivers who provide rides. Through its app, customers can request on-demand trips, schedule rides in advance, and access other ride options where available. The company also offers Lyft Pink, a membership program with benefits for eligible rides and services.

Lyft provides transportation programs for businesses and organizations through Lyft Business, including tools for arranging and managing rides. The company’s platform primarily serves markets in the United States and Canada.

Lyft was founded in 2012 by Logan Green and John Zimmer.