Lyft (NASDAQ:LYFT) Stock Price Target Lowered at TD Cowen

Key Points

• TD Cowen lowered Lyft’s price target to $26 from $30 but maintained a “buy” rating, implying roughly 51.9% upside from the stock’s $17.12 price.
• Analyst sentiment overall remains cautious: Lyft has an average “hold” rating and a consensus target of $19.20, based on 11 buy, 26 hold, and 2 sell ratings.
• Lyft’s latest quarter showed revenue growth of 16.1% year over year to $1.84 billion, though EPS of $0.13 slightly missed estimates; institutional investors own 83.07% of the company, while insiders have recently sold shares.

Lyft (NASDAQ:LYFT - Get Free Report) had its price objective cut by analysts at TD Cowen from $30.00 to $26.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the ride-sharing company's stock. TD Cowen's price objective suggests a potential upside of 51.90% from the stock's current price.

A number of other equities research analysts also recently commented on LYFT. Jefferies Financial Group boosted their target price on Lyft from $15.00 to $15.50 and gave the stock a "hold" rating in a research report on Tuesday, July 14th. Wells Fargo & Company cut their price target on Lyft from $19.00 to $17.00 and set an "equal weight" rating for the company in a report on Monday, October 5th. Bank of America raised Lyft from an "underperform" rating to a "buy" rating in a research note on Friday, August 7th. Piper Sandler reaffirmed an "overweight" rating and set a $21.00 price objective (up from $20.00) on shares of Lyft in a report on Friday, August 7th. Finally, Scotiabank assumed coverage on Lyft in a report on Wednesday, September 9th. They set a "sector perform" rating and a $17.00 price objective on the stock. Eleven research analysts have rated the stock with a Buy rating, twenty-six have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $19.20.

Lyft Price Performance

Shares of NASDAQ LYFT traded down $0.13 during mid-day trading on Wednesday, reaching $17.12. The company's stock had a trading volume of 2,092,565 shares, compared to its average volume of 13,819,947. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.59 and a quick ratio of 0.59. Lyft has a 52 week low of $12.46 and a 52 week high of $25.54. The stock has a fifty day moving average of $16.27 and a two-hundred day moving average of $15.15. The firm has a market capitalization of $6.48 billion, a PE ratio of 2.50, a P/E/G ratio of 1.06 and a beta of 1.95.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same period last year, the business posted $0.10 EPS. The firm's revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lyft will post 0.81 EPS for the current fiscal year.

Insider Transactions at Lyft

In related news, Director David Lawee sold 4,613 shares of Lyft stock in a transaction dated 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 transaction, the director owned 119,124 shares in the company, valued at approximately $2,064,418.92. This trade represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $14.64, for a total value of $219,600.00. Following the completion of the transaction, the chief financial officer owned 837,303 shares of the company's stock, valued at approximately $12,258,115.92. This represents a 1.76% decrease in their position. 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 112,020 shares of company stock worth $1,850,559 in the last quarter. Company insiders own 0.92% of the company's stock.

Institutional Investors Weigh In On Lyft

Institutional investors have recently modified their holdings of the stock. Altshuler Shaham Ltd grew its holdings in 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 raised its position 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 worth $89,360,000 after purchasing an additional 2,467,010 shares during the period. Principal Financial Group Inc. lifted its stake in Lyft by 250.0% in the first quarter. Principal Financial Group Inc. now owns 4,246,519 shares of the ride-sharing company's stock worth $56,479,000 after purchasing an additional 3,033,333 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Lyft by 62.2% in the first quarter. Pacer Advisors Inc. now owns 3,189,313 shares of the ride-sharing company's stock worth $42,418,000 after purchasing an additional 1,223,536 shares during the last quarter. Finally, Junto Capital Management LP bought a new stake in Lyft in the second quarter worth about $36,926,000. 83.07% of the stock is owned by institutional investors.

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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