Oppenheimer Has Lowered Expectations for Lyft (NASDAQ:LYFT) Stock Price

Key Points

• Oppenheimer has lowered its price target for Lyft from $20.00 to $17.00, maintaining an "outperform" rating, which indicates a potential upside of 21.26% from the current price.
• Lyft reported a $0.10 earnings per share for the last quarter, missing estimates, with revenue of $1.59 billion, which was lower than analysts' expectations.
• Lyft's consensus rating among analysts is currently "Hold," with a consensus price target at $16.98, reflecting mixed sentiment within the market.

Lyft (NASDAQ:LYFT - Get Free Report) had its price target decreased by research analysts at Oppenheimer from $20.00 to $17.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the ride-sharing company's stock. Oppenheimer's price objective points to a potential upside of 25.61% from the stock's current price.

Other equities research analysts have also recently issued research reports about the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Lyft in a research note on Friday, May 9th. UBS Group increased their price objective on Lyft from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Citigroup reaffirmed a "hold" rating and set a $14.00 price target (down from $22.00) on shares of Lyft in a report on Friday, June 27th. Tigress Financial reiterated a "buy" rating and set a $28.00 price objective (up previously from $26.00) on shares of Lyft in a research report on Wednesday, May 21st. Finally, Barclays upped their target price on Lyft from $19.00 to $20.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Lyft has a consensus rating of "Hold" and an average target price of $16.70.

Lyft Stock Up 0.9%

Lyft stock traded up $0.12 during midday trading on Thursday, hitting $13.53. 10,316,200 shares of the stock were exchanged, compared to its average volume of 17,996,600. The business's 50-day moving average price is $15.03 and its 200-day moving average price is $13.75. Lyft has a 52-week low of $9.53 and a 52-week high of $19.07. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $5.66 billion, a price-to-earnings ratio of 56.31, a price-to-earnings-growth ratio of 2.93 and a beta of 2.26.

Lyft (NASDAQ:LYFT - Get Free Report) last released its 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 for the quarter, compared to analysts' expectations of $1.61 billion. During the same quarter in the previous year, the business posted $0.24 earnings per share. Lyft's revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts expect that Lyft will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling at Lyft

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

Hedge Funds Weigh In On Lyft

Several hedge funds have recently added to or reduced their stakes in the company. Maxi Investments CY Ltd boosted its position in Lyft by 320.4% in the 1st quarter. Maxi Investments CY Ltd now owns 945,933 shares of the ride-sharing company's stock valued at $11,228,000 after buying an additional 720,933 shares during the period. Federated Hermes Inc. boosted its position in Lyft by 1,957.5% in the 4th quarter. Federated Hermes Inc. now owns 288,827 shares of the ride-sharing company's stock valued at $3,726,000 after buying an additional 274,789 shares during the period. Meridiem Capital Partners LP purchased a new stake in Lyft in the 4th quarter valued at about $11,571,000. Capital World Investors boosted its position in Lyft by 49.4% in the 4th quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company's stock valued at $87,404,000 after buying an additional 2,240,478 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Lyft by 70.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 146,038 shares of the ride-sharing company's stock valued at $1,733,000 after purchasing an additional 60,438 shares in the last quarter. 83.07% of the stock is currently 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.