Lyft (NASDAQ:LYFT) Sets New 12-Month High - Here's What Happened

Key Points

• Shares of Lyft reached a new 52-week high at $20.50 during trading, closing at $20.44, with a significant trading volume of over 25 million shares.
• Analysts have set new price targets for Lyft, with Tigress Financial upgrading it to a $28.00 target, while Citigroup and Susquehanna adjusted theirs down to $14.00, reflecting mixed sentiments about the stock.
• Insider trading activity saw notable sales, including 28,356 shares sold by insider Lindsay Llewellyn and 15,000 shares sold by CFO Erin Brewer, suggesting some caution among company executives.

Lyft, Inc. (NASDAQ:LYFT - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The stock traded as high as $20.50 and last traded at $20.44, with a volume of 25386431 shares trading hands. The stock had previously closed at $18.62.

Wall Street Analyst Weigh In

Several research analysts have commented on LYFT shares. Deutsche Bank Aktiengesellschaft upped their target price on shares of Lyft from $16.00 to $21.00 and gave the stock a "hold" rating in a research report on Thursday. Royal Bank Of Canada restated an "outperform" rating and issued a $21.00 price target on shares of Lyft in a research report on Thursday, June 5th. Canaccord Genuity Group lifted their price target on shares of Lyft from $11.00 to $18.00 and gave the company a "hold" rating in a report on Thursday. Susquehanna dropped their price target on shares of Lyft from $18.00 to $14.00 and set a "neutral" rating for the company in a research note on Monday, August 11th. Finally, Oppenheimer upped their price target on shares of Lyft from $17.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday. Nine analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $18.30.

Lyft Trading Up 2.8%

The firm's fifty day simple moving average is $16.11 and its 200-day simple moving average is $14.52. The stock has a market cap of $9.18 billion, a P/E ratio of 94.09, a price-to-earnings-growth ratio of 3.44 and a beta of 2.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.70 and a current ratio of 0.70.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.17). Lyft had a net margin of 1.51% and a return on equity of 14.32%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period in the previous year, the business posted $0.24 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts expect that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Insider Transactions at Lyft

In other Lyft news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $15.85, for a total value of $449,442.60. Following the completion of the sale, the insider owned 850,388 shares of the company's stock, valued at approximately $13,478,649.80. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Erin Brewer sold 15,000 shares of the business's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $15.24, for a total value of $228,600.00. Following the transaction, the chief financial officer directly owned 540,759 shares in the company, valued at $8,241,167.16. This trade represents a 2.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,427 shares of company stock valued at $1,252,686. 3.07% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lyft

Several institutional investors have recently made changes to their positions in LYFT. American Trust acquired a new stake in shares of Lyft during the 2nd quarter valued at $195,000. Thrivent Financial for Lutherans purchased a new stake in shares of Lyft in the second quarter valued at $942,000. Neuberger Berman Group LLC increased its stake in shares of Lyft by 101.0% in the second quarter. Neuberger Berman Group LLC now owns 49,121 shares of the ride-sharing company's stock worth $774,000 after acquiring an additional 24,680 shares during the last quarter. Nomura Holdings Inc. acquired a new position in shares of Lyft in the second quarter worth $445,000. Finally, FORA Capital LLC acquired a new position in shares of Lyft in the second quarter worth $2,407,000. 83.07% of the stock is owned by institutional investors.

Lyft Company Profile

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.