Lyft (NASDAQ:LYFT) Given New $15.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered Lyft’s price target from $17 to $15 while maintaining a “neutral” rating, implying 10.82% downside from the stock’s $16.82 opening price.
• Analyst sentiment remains cautious: Lyft has an overall “Hold” consensus rating and an average price target of $18.97, with 26 analysts rating it a Hold.
• Lyft reported quarterly revenue of $1.84 billion, up 16.1% year over year, but earnings per share of $0.13 fell short of the $0.14 consensus estimate; insiders sold 112,020 shares worth $1.85 million over the past 90 days.

Lyft (NASDAQ:LYFT - Get Free Report) had its price target reduced by analysts at Cantor Fitzgerald from $17.00 to $15.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the ride-sharing company's stock. Cantor Fitzgerald's price objective points to a potential downside of 10.82% from the stock's current price.

Other research analysts also recently issued research reports about the company. Guggenheim downgraded Lyft from a "buy" rating to a "neutral" rating and lowered their target price for the company from $22.00 to $16.00 in a report on Thursday, September 17th. Weiss Ratings restated a "hold (c)" rating on shares of Lyft in a research note on Monday, August 3rd. Susquehanna reaffirmed a "neutral" rating and set a $18.00 price target on shares of Lyft in a research report on Monday, August 10th. Scotiabank initiated coverage on shares of Lyft in a research report on Wednesday, September 9th. They set a "sector perform" rating and a $17.00 price target for the company. Finally, UBS Group increased their price objective on shares of Lyft from $16.00 to $17.00 and gave the stock a "neutral" rating in a research note on Friday, August 7th. Eleven research analysts have rated the stock with a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $18.97.

Lyft Stock Performance

NASDAQ:LYFT opened at $16.82 on Monday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.33. Lyft has a 12 month low of $12.46 and a 12 month high of $25.54. The company has a market cap of $6.37 billion, a PE ratio of 2.44, a price-to-earnings-growth ratio of 1.04 and a beta of 1.95. The company has a 50 day simple moving average of $16.28 and a two-hundred day simple moving average of $15.09.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its earnings results 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 company had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.81 billion. Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. Lyft's quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.10 earnings per share. Research analysts forecast that Lyft will post 0.81 earnings per share for the current year.

Insider Transactions at Lyft

In related news, CAO Stephen Hope sold 5,982 shares of the business's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $17.34, for a total value of $103,727.88. Following the sale, the chief accounting officer owned 299,974 shares in the company, valued at approximately $5,201,549.16. The trade was a 1.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Janey Whiteside sold 14,220 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $17.00, for a total transaction of $241,740.00. Following 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. Insiders sold a total of 112,020 shares of company stock valued at $1,850,559 in the last 90 days. Company insiders own 0.92% of the company's stock.

Institutional Trading of Lyft

Several hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in shares of Lyft by 58.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company's stock valued at $89,360,000 after purchasing an additional 2,467,010 shares during the last quarter. Bank of New York Mellon Corp increased its position in Lyft by 36.6% during the first quarter. Bank of New York Mellon Corp now owns 2,289,671 shares of the ride-sharing company's stock valued at $30,453,000 after acquiring an additional 613,494 shares during the last quarter. West Tower Group LLC raised its stake in shares of Lyft by 207.6% in the first quarter. West Tower Group LLC now owns 138,432 shares of the ride-sharing company's stock valued at $1,841,000 after acquiring an additional 93,432 shares during the period. OP Asset Management Ltd purchased a new stake in shares of Lyft in the first quarter valued at $992,000. Finally, Engineers Gate Manager LP lifted its holdings in shares of Lyft by 270.3% in the 2nd quarter. Engineers Gate Manager LP now owns 457,534 shares of the ride-sharing company's stock worth $6,685,000 after acquiring an additional 333,977 shares during the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Lyft Company Profile

Lyft, Inc is a technology company that operates a transportation platform in the United States and Canada. Through its mobile application and website, Lyft connects riders with drivers who provide on-demand and scheduled transportation services, including rides in private vehicles and taxis.

The company also offers a range of related services, such as bikes and scooters in select markets, airport transportation, business travel programs and tools for organizations managing transportation.

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