Canaccord Genuity Group Lowers Lyft (NASDAQ:LYFT) Price Target to $11.00

Key Points

• Canaccord Genuity Group has lowered Lyft's price target from $14.00 to $11.00, indicating a potential downside of 22.59% based on its current stock price.
• Analysts have mixed ratings on Lyft, with one sell, twenty-three hold, and ten buy ratings, while the consensus target price sits at $16.60.
• Despite the downgrades, Lyft's stock saw a 1.6% increase to reach $14.21 during mid-day trading on Thursday, with significant trading volume reported.

Lyft (NASDAQ:LYFT - Get Free Report) had its target price reduced by analysts at Canaccord Genuity Group from $14.00 to $11.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "hold" rating on the ride-sharing company's stock. Canaccord Genuity Group's price target points to a potential downside of 22.59% from the stock's current price.

LYFT has been the subject of a number of other research reports. Tigress Financial restated a "buy" rating and set a $28.00 target price (up previously from $26.00) on shares of Lyft in a report on Wednesday, May 21st. JPMorgan Chase & Co. upped their price target on Lyft from $14.00 to $16.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. TD Cowen raised Lyft from a "hold" rating to a "buy" rating and upped their price target for the stock from $16.00 to $21.00 in a research report on Tuesday, June 24th. Morgan Stanley reduced their price target on Lyft from $17.00 to $15.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 17th. Finally, Sanford C. Bernstein upped their price target on Lyft from $16.00 to $18.00 and gave the stock a "market perform" rating in a research report on Monday, July 21st. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $16.60.

Lyft Stock Up 1.6%

Lyft stock traded up $0.22 during mid-day trading on Thursday, reaching $14.21. 44,886,953 shares of the company were exchanged, compared to its average volume of 18,011,328. The business has a fifty day moving average of $15.09 and a 200 day moving average of $13.74. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market cap of $5.94 billion, a P/E ratio of 94.73, a PEG ratio of 2.85 and a beta of 2.26. Lyft has a 12-month low of $9.12 and a 12-month high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.17). The company had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.61 billion. Lyft had a return on equity of 11.28% and a net margin of 0.95%. The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 EPS. Research analysts anticipate that Lyft will post 0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lyft news, Director Jill Beggs sold 1,572 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $16.41, for a total transaction of $25,796.52. Following the completion of the sale, the director directly owned 20,467 shares in the company, valued at approximately $335,863.47. The trade was a 7.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $15.80, for a total value of $38,299.20. Following the transaction, the director directly owned 879,498 shares of the company's stock, valued at $13,896,068.40. The trade was a 0.27% decrease in their position. The disclosure for this sale can be found here. 3.07% of the stock is owned by insiders.

Institutional Trading of Lyft

Several large investors have recently made changes to their positions in the company. Illinois Municipal Retirement Fund raised its position in shares of Lyft by 111.8% in the second quarter. Illinois Municipal Retirement Fund now owns 195,315 shares of the ride-sharing company's stock valued at $3,078,000 after buying an additional 103,118 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Lyft by 8.7% in the 2nd quarter. Acadian Asset Management LLC now owns 350,799 shares of the ride-sharing company's stock worth $5,525,000 after purchasing an additional 27,965 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Lyft in the 2nd quarter worth approximately $1,764,000. Los Angeles Capital Management LLC lifted its stake in Lyft by 415.2% in the 2nd quarter. Los Angeles Capital Management LLC now owns 3,714,935 shares of the ride-sharing company's stock worth $58,547,000 after purchasing an additional 2,993,807 shares in the last quarter. Finally, True Wealth Design LLC lifted its stake in Lyft by 91.3% in the 2nd quarter. True Wealth Design LLC now owns 5,540 shares of the ride-sharing company's stock worth $87,000 after purchasing an additional 2,644 shares in the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

About Lyft

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. The company's platform provides a ridesharing marketplace, which connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.

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