Lyft (NASDAQ:LYFT) Stock Bumped Down to Sell by Wall Street Zen

Key Points

• Wall Street Zen downgraded Lyft from “hold” to “sell.” Despite that move, analysts overall rate the stock “Hold,” with a consensus price target of $18.89.
• Lyft’s latest quarter fell short of expectations, reporting a loss of $0.03 per share versus the consensus estimate of $0.20 in earnings and revenue of $1.82 billion versus $1.92 billion expected. Revenue nevertheless rose 8.1% year over year.
• Several analysts maintained mixed views: Roth Capital rated Lyft “Buy” with a $25 target, while other firms kept “Hold” or “Market Perform” ratings and set targets between $16 and $20.

Lyft (NASDAQ:LYFT - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other equities analysts also recently issued reports on LYFT. BMO Capital Markets reiterated a "market perform" rating on shares of Lyft in a research report on Friday, November 6th. Roth Capital reissued a "buy" rating and issued a $25.00 price objective (up from $23.00) on shares of Lyft in a research note on Monday, August 10th. Scotiabank decreased their target price on Lyft from $17.00 to $16.00 and set a "sector perform" rating on the stock in a report on Friday, November 6th. Canaccord Genuity Group raised their target price on Lyft from $16.00 to $17.00 and gave the company a "hold" rating in a research note on Monday, November 9th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $20.00 price target on shares of Lyft in a report on Tuesday, August 18th. Ten analysts have rated the stock with a Buy rating, twenty-six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Lyft has an average rating of "Hold" and a consensus target price of $18.89.

Lyft Stock Performance

NASDAQ LYFT opened at $16.98 on Friday. The firm has a market cap of $6.42 billion, a price-to-earnings ratio of 118.64, a PEG ratio of 1.03 and a beta of 2.06. The company has a 50 day moving average of $16.17 and a 200-day moving average of $15.10. The company has a current ratio of 0.60, a quick ratio of 0.59 and a debt-to-equity ratio of 0.34. Lyft has a 1-year low of $12.46 and a 1-year high of $23.73.

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

Insider Activity

In other news, Director David Lawee sold 4,613 shares of the business's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $17.33, for a total value of $79,943.29. Following the completion of the transaction, the director owned 119,124 shares of the company's stock, valued at $2,064,418.92. The trade was a 3.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lindsay Llewellyn sold 13,204 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $16.64, for a total value of $219,714.56. Following the completion of the sale, the insider owned 781,152 shares of the company's stock, valued at $12,998,369.28. This trade represents a 1.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 61,586 shares of company stock valued at $1,024,326. Insiders own 0.92% of the company's stock.

Institutional Investors Weigh In On Lyft

Large investors have recently made changes to their positions in the stock. Plato Investment Management Ltd bought a new position in Lyft during the 2nd quarter worth about $27,000. Heritage Family Offices LLP bought a new stake in shares of Lyft in the third quarter valued at about $29,000. Boreal Capital Management LLC acquired a new position in shares of Lyft during the first quarter worth about $31,000. Bessemer Group Inc. boosted 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 during the period. Finally, Signaturefd LLC raised its position in Lyft by 166.5% in the 3rd quarter. Signaturefd LLC now owns 2,593 shares of the ride-sharing company's stock valued at $39,000 after buying an additional 1,620 shares during the last quarter. Institutional investors own 83.07% of the company's stock.

Lyft Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.