Lyft (NASDAQ:LYFT) Given New $18.00 Price Target at Truist Financial

Key Points

• Truist Financial raised its Lyft price target to $18 from $16 but maintained a Hold rating, implying about 7.3% upside from the cited share price.
• Analyst sentiment remains broadly neutral: Lyft has a consensus Hold rating and an average price target of $19.04.
• Lyft’s latest quarter missed analyst expectations, with a $0.03-per-share loss and $1.82 billion in revenue, though revenue rose 8.1% year over year.

Lyft (NASDAQ:LYFT - Get Free Report) had its price objective raised by Truist Financial from $16.00 to $18.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a "hold" rating on the ride-sharing company's stock. Truist Financial's price objective would indicate a potential upside of 7.26% from the stock's current price.

LYFT has been the topic of several other reports. Susquehanna reiterated a "neutral" rating and set a $18.00 target price on shares of Lyft in a research report on Monday, August 10th. Bank of America upgraded shares of Lyft from an "underperform" rating to a "buy" rating in a research report on Friday, August 7th. JPMorgan Chase & Co. raised their price target on shares of Lyft from $18.00 to $19.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. Evercore set a $23.00 price target on shares of Lyft in a research note on Friday. Finally, BMO Capital Markets reiterated a "market perform" rating on shares of Lyft in a report on Friday. Ten investment analysts have rated the stock with a Buy rating, twenty-five have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Lyft currently has an average rating of "Hold" and a consensus target price of $19.04.

Lyft Stock Performance

Shares of LYFT traded down $1.06 during trading hours on Friday, hitting $16.78. The company had a trading volume of 11,057,159 shares, compared to its average volume of 13,712,597. The business has a fifty day moving average of $16.20 and a 200-day moving average of $15.13. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.33. The firm has a market cap of $6.35 billion, a price-to-earnings ratio of 2.45, a PEG ratio of 1.16 and a beta of 2.06. Lyft has a 12 month low of $12.46 and a 12 month high of $25.54.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The ride-sharing company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.23). The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.92 billion. Lyft had a negative return on equity of 1.20% and a net margin of 42.32%. Lyft's quarterly revenue was up 8.1% on a year-over-year basis. During the same period last year, the firm posted $0.11 EPS. Equities analysts anticipate that Lyft will post 0.81 EPS for the current fiscal year.

Insider Buying and Selling at Lyft

In related news, Director David Lawee sold 4,613 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $17.33, for a total value of $79,943.29. Following the completion of the sale, the director directly owned 119,124 shares of the company's stock, valued at approximately $2,064,418.92. This represents a 3.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,307 shares of the firm's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $17.34, for a total transaction of $40,003.38. Following the transaction, the director directly owned 46,238 shares in the company, valued at $801,766.92. The trade was a 4.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 61,586 shares of company stock worth $1,024,326 in the last ninety days. 0.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lyft

Several institutional investors have recently bought and sold shares of the company. Altshuler Shaham Ltd increased its position in shares of Lyft by 51.6% during the 1st quarter. Altshuler Shaham Ltd now owns 7,662,027 shares of the ride-sharing company's stock valued at $101,905,000 after purchasing an additional 2,607,417 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Lyft by 58.0% during the first quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company's stock valued at $89,360,000 after buying an additional 2,467,010 shares during the period. Principal Financial Group Inc. increased its holdings in Lyft by 250.0% during the first quarter. Principal Financial Group Inc. now owns 4,246,519 shares of the ride-sharing company's stock valued at $56,479,000 after buying an additional 3,033,333 shares during the last quarter. Pacer Advisors Inc. increased its holdings in Lyft by 62.2% during the first quarter. Pacer Advisors Inc. now owns 3,189,313 shares of the ride-sharing company's stock valued at $42,418,000 after buying an additional 1,223,536 shares during the last quarter. Finally, Junto Capital Management LP purchased a new stake in Lyft during the second quarter valued at approximately $36,926,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

Lyft News Roundup

Here are the key news stories impacting Lyft this week:

• Positive Sentiment: Lyft reported record rides and gross bookings, with rider growth extending to an eighth consecutive quarter of double-digit gains. Management also highlighted strong bookings and EBITDA, suggesting underlying business momentum. Article: Lyft CEO on Q3 results
• Positive Sentiment: Lyft introduced Lyft Go, a $9.99 monthly membership bundling DoorDash DashPass with 8% credits on Lyft rides and DoorDash orders. The company also plans to expand its Waymo robotaxi fleet in Nashville by year-end and says autonomous vehicles are not hurting its business. Article: Lyft and DoorDash membership Article: Waymo fleet expansion
• Neutral Sentiment: Rosenblatt Securities lowered its price target from $19 to $18 and maintained a neutral rating. The reduced target reflects tempered expectations, although it remains above the cited share price. Article: Rosenblatt Securities rating
• Negative Sentiment: Lyft’s reported third-quarter loss of $0.03 per share and $1.82 billion in revenue fell short of analyst estimates of $0.20 per share and $1.92 billion, respectively. Revenue still grew 8.1% year over year, but a roughly $117.9 million legal, tax and regulatory reserve charge weighed on results. The company’s in-line outlook did little to offset the earnings disappointment. Article: Lyft posts surprise loss

About Lyft

Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.

The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.

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