Lyft (NASDAQ:LYFT) Earns Hold Rating from Canaccord Genuity Group

Lyft (NASDAQ:LYFT - Get Free Report)'s stock had its "hold" rating reissued by equities researchers at Canaccord Genuity Group in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $14.00 price objective on the ride-sharing company's stock, down from their previous price objective of $22.00. Canaccord Genuity Group's target price points to a potential downside of 11.67% from the stock's current price.

A number of other analysts have also weighed in on LYFT. UBS Group raised their target price on shares of Lyft from $12.00 to $14.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Loop Capital lowered their price target on shares of Lyft from $23.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. Barclays raised their price objective on Lyft from $19.00 to $20.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. JPMorgan Chase & Co. boosted their price objective on Lyft from $14.00 to $16.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Finally, Bank of America downgraded Lyft from a "buy" rating to an "underperform" rating and set a $10.50 target price for the company. in a research report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, twenty-six have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $16.36.

Lyft Price Performance

Lyft stock opened at $15.85 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.77 and a current ratio of 0.77. Lyft has a 52 week low of $8.93 and a 52 week high of $19.07. The stock has a market capitalization of $6.63 billion, a P/E ratio of 105.67, a price-to-earnings-growth ratio of 3.05 and a beta of 2.22. The stock has a fifty day moving average of $14.68 and a 200-day moving average of $13.51.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.19). Lyft had a return on equity of 11.28% and a net margin of 0.95%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period in the previous year, the firm posted $0.15 EPS. The firm's revenue was up 13.5% compared to the same quarter last year. On average, sell-side analysts expect that Lyft will post 0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO John David Risher acquired 6,538 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were purchased at an average price of $15.29 per share, for a total transaction of $99,966.02. Following the completion of the acquisition, the chief executive officer now owns 11,791,340 shares of the company's stock, valued at approximately $180,289,588.60. This trade represents a 0.06% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $12.45, for a total transaction of $283,063.20. Following the transaction, the insider now directly owns 959,697 shares in the company, valued at $11,948,227.65. This trade represents a 2.31% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,732 shares of company stock worth $347,159. Corporate insiders own 3.07% of the company's stock.

Institutional Investors Weigh In On Lyft

A number of hedge funds have recently added to or reduced their stakes in the company. Spurstone Advisory Services LLC bought a new stake in shares of Lyft during the fourth quarter valued at approximately $25,000. Plato Investment Management Ltd acquired a new stake in Lyft in the 4th quarter valued at $35,000. GAMMA Investing LLC grew its position in Lyft by 81.4% in the 1st quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company's stock valued at $33,000 after purchasing an additional 1,237 shares during the period. Harbour Investments Inc. increased its stake in Lyft by 259.7% during the 4th quarter. Harbour Investments Inc. now owns 2,770 shares of the ride-sharing company's stock valued at $36,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in Lyft during the first quarter worth $35,000. Institutional investors and hedge funds own 83.07% of the company's stock.

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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