Lyft (NASDAQ:LYFT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Key Points

• Canaccord Genuity raised its Lyft price target from $16 to $17 but maintained a Hold rating, implying just 0.6% upside at the time of the report.
• Analyst views remain mostly cautious: MarketBeat reported a consensus Hold rating and an average price target of $19.04, with 26 Hold ratings, 10 Buys, and two Sells.
• Lyft’s latest quarter missed expectations, reporting a loss of $0.03 per share versus forecast earnings of $0.20 and revenue of $1.82 billion versus $1.92 billion expected; revenue nevertheless rose 8.1% year over year.

Lyft (NASDAQ:LYFT - Get Free Report) had its price objective hoisted by Canaccord Genuity Group from $16.00 to $17.00 in a report released 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 current price.

A number of other research firms also recently commented on LYFT. Fox Advisors downgraded Lyft from an "overweight" rating to an "equal weight" rating in a report on Monday. TD Cowen lowered their price target on shares of Lyft from $30.00 to $26.00 and set a "buy" rating on the stock in a research note on Wednesday, October 21st. Guggenheim downgraded shares of Lyft from a "buy" rating to a "neutral" rating and cut their price target for the company from $22.00 to $16.00 in a report on Thursday, September 17th. BMO Capital Markets reiterated a "market perform" rating on shares of Lyft in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $17.00 price objective on shares of Lyft in a research note on Monday, August 10th. Ten investment analysts have rated the stock with a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $19.04.

Lyft Stock Performance

NASDAQ LYFT traded down $0.19 on Monday, hitting $16.90. 5,859,603 shares of the company's stock were exchanged, compared to its average volume of 13,734,316. The firm has a market cap of $6.40 billion, a price-to-earnings ratio of 2.51, a P/E/G ratio of 1.06 and a beta of 2.06. The firm's 50-day moving average price is $16.20 and its two-hundred day moving average price is $15.13. 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 0.34, a current ratio of 0.60 and a quick ratio of 0.59.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The ride-sharing company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $1.92 billion. During the same quarter last year, the firm earned $0.11 earnings per share. The firm's quarterly revenue was up 8.1% compared to the same quarter last year. On average, research analysts expect that Lyft will post 0.81 EPS for the current year.

Insiders Place Their Bets

In other news, Director David Lawee sold 4,613 shares of Lyft stock in a transaction on 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 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Janey Whiteside sold 5,480 shares of the business's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $17.68, for a total transaction of $96,886.40. Following the completion of the sale, the director owned 60,704 shares in the company, valued at $1,073,246.72. This represents a 8.28% 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. Over the last quarter, insiders have sold 61,586 shares of company stock valued at $1,024,326. Company insiders own 0.92% of the company's stock.

Institutional Investors Weigh In On Lyft

A number of institutional investors and hedge funds have recently bought and sold shares of LYFT. Altshuler Shaham Ltd boosted its stake in shares of Lyft by 51.6% during the first quarter. Altshuler Shaham Ltd now owns 7,662,027 shares of the ride-sharing company's stock valued at $101,905,000 after acquiring an additional 2,607,417 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Lyft by 58.0% in 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 in the last quarter. Principal Financial Group Inc. lifted its holdings in Lyft by 250.0% in the 1st quarter. Principal Financial Group Inc. now owns 4,246,519 shares of the ride-sharing company's stock valued at $56,479,000 after purchasing an additional 3,033,333 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Lyft by 62.2% in the 1st quarter. Pacer Advisors Inc. now owns 3,189,313 shares of the ride-sharing company's stock valued at $42,418,000 after purchasing an additional 1,223,536 shares in the last quarter. Finally, Junto Capital Management LP acquired a new stake in shares of Lyft during the 2nd quarter worth about $36,926,000. Hedge funds and other 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.

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

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