Lyft, Inc. (NASDAQ:LYFT) Stock Has Consensus Price Target of $19.14 According to Brokerages

Key Points

• Analysts rate Lyft “Hold” on average: 23 of 35 brokerages recommend holding, while 10 rate it a buy and two a sell. The average 12-month price target is $19.14.
• Quarterly results missed expectations: Lyft reported a loss of $0.03 per share and $1.82 billion in revenue, below analysts’ forecasts of $0.20 earnings per share and $1.92 billion in revenue. Revenue was nevertheless up 8.1% year over year, with rides and gross bookings reaching records.
• Lyft is pursuing growth through partnerships and autonomous vehicles: It introduced a joint membership program with DoorDash and plans to expand its Waymo robotaxi fleet in Nashville by year-end.

Lyft, Inc. (NASDAQ:LYFT - Get Free Report) has been assigned an average rating of "Hold" from the thirty-five brokerages that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and ten have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $19.14.

Several analysts have recently commented on the stock. TD Cowen decreased their price objective on shares of Lyft from $30.00 to $26.00 and set a "buy" rating on the stock in a research report on Wednesday, October 21st. Wells Fargo & Company lowered their target price on shares of Lyft from $19.00 to $17.00 and set an "equal weight" rating on the stock in a research note on Monday, October 5th. Canaccord Genuity Group upped their target price on shares of Lyft from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Monday, August 10th. UBS Group increased their price target on Lyft from $17.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday. Finally, Guggenheim lowered Lyft from a "buy" rating to a "neutral" rating and cut their price target for the stock from $22.00 to $16.00 in a research note on Thursday, September 17th.

Insider Activity

In related news, insider Lindsay Llewellyn sold 13,204 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $16.64, for a total value of $219,714.56. Following the transaction, the insider directly owned 781,152 shares of the company's stock, valued at approximately $12,998,369.28. The trade was a 1.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,307 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $17.34, for a total value of $40,003.38. Following the completion of the transaction, the director owned 46,238 shares of the company's stock, valued at $801,766.92. The trade was a 4.75% 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. Insiders have sold a total of 61,586 shares of company stock valued at $1,024,326 in the last three months. 0.92% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lyft

Several institutional investors have recently bought and sold shares of LYFT. Altshuler Shaham Ltd grew its stake in shares of Lyft by 51.6% in the 1st quarter. Altshuler Shaham Ltd now owns 7,662,027 shares of the ride-sharing company's stock worth $101,905,000 after buying an additional 2,607,417 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Lyft by 58.0% during 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 buying an additional 2,467,010 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of 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 acquiring an additional 3,033,333 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of 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 acquiring an additional 1,223,536 shares during the last quarter. Finally, Junto Capital Management LP bought a new position in shares of Lyft in the 2nd quarter valued at about $36,926,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

More Lyft News

Here are the key news stories impacting Lyft this week:

• Positive Sentiment: Lyft reported record rides and gross bookings for the quarter, while revenue grew 8.1% year over year—evidence of continued business growth. Lyft Reports Record Rides and Gross Bookings in Third Quarter
• Positive Sentiment: The company launched Lyft Go, a $9.99 monthly membership with DoorDash DashPass and 8% credits on Lyft rides, extending its partnership and aiming to encourage repeat use across rides and delivery. Lyft Debuts Joint Membership Program With DoorDash
• Positive Sentiment: Lyft plans to expand the Waymo robotaxi fleet in Nashville by year-end, advancing its autonomous-vehicle partnership and potential role as a hybrid operator. Lyft to expand Waymo robotaxi fleet in Nashville by year-end
• Negative Sentiment: Lyft reported a loss of $0.03 per share, versus analysts’ expectation of $0.20 in earnings, and revenue of $1.82 billion versus a $1.92 billion forecast. The shortfalls overshadowed record rides and bookings. Lyft Stock Hits the Brakes After Q3 Earnings: Here's Why
• Negative Sentiment: Legal, tax and regulatory reserve changes and settlements dented Lyft’s reported top and bottom lines, adding to investor concerns about the earnings miss. Lyft's Bookings Rise on Strength in Partnerships, New Products

Lyft Trading Down 4.8%

Lyft stock opened at $17.84 on Friday. The firm has a 50 day moving average of $16.20 and a 200 day moving average of $15.13. The firm has a market capitalization of $6.75 billion, a price-to-earnings ratio of 2.59, a P/E/G 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. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.33.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The ride-sharing company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.23). The firm had revenue of $1.82 billion for the quarter, compared to analysts' expectations of $1.92 billion. Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. Lyft's revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.11 EPS. As a group, research analysts predict that Lyft will post 0.81 earnings per share for the current year.

Lyft Company Profile

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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