Oppenheimer Lowers Lyft (NASDAQ:LYFT) Price Target to $17.00

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 reduced by investment analysts at Oppenheimer from $20.00 to $17.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the ride-sharing company's stock. Oppenheimer's target price would suggest a potential upside of 26.66% from the company's current price.

LYFT has been the topic of a number of other research reports. Sanford C. Bernstein increased their price target on shares of Lyft from $16.00 to $18.00 and gave the stock a "market perform" rating in a research note on Monday, July 21st. BMO Capital Markets reaffirmed a "market perform" rating and set a $16.00 price target (up previously from $15.00) on shares of Lyft in a research note on Thursday. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $21.00 price target on shares of Lyft in a research note on Thursday, June 5th. Wells Fargo & Company increased their price target on shares of Lyft from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Finally, Tigress Financial reaffirmed a "buy" rating and set a $28.00 price target (up previously from $26.00) on shares of Lyft in a research note on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $16.64.

Lyft Trading Down 5.5%

Shares of NASDAQ LYFT traded down $0.79 during midday trading on Thursday, reaching $13.42. 24,297,227 shares of the stock were exchanged, compared to its average volume of 17,530,690. The company has a market capitalization of $5.61 billion, a P/E ratio of 55.93, a P/E/G ratio of 2.79 and a beta of 2.26. Lyft has a 52-week low of $9.53 and a 52-week high of $19.07. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.66. The stock has a 50 day moving average price of $15.03 and a 200-day moving average price of $13.75.

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 analysts' consensus estimates of $0.27 by ($0.17). The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.22%. Lyft's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.24 earnings per share. Equities research analysts expect that Lyft will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jill Beggs sold 1,572 shares of the 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 owned 20,467 shares of the company's stock, valued at $335,863.47. This trade represents a 7.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John David Risher acquired 6,538 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was purchased at an average cost of $15.29 per share, for a total transaction of $99,966.02. Following the acquisition, the chief executive officer owned 11,791,340 shares in the company, valued at approximately $180,289,588.60. This trade represents a 0.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.07% of the company's stock.

Hedge Funds Weigh In On Lyft

A number of institutional investors and hedge funds have recently bought and sold shares of LYFT. American Century Companies Inc. grew its position in Lyft by 335.7% in the 4th quarter. American Century Companies Inc. now owns 102,614 shares of the ride-sharing company's stock valued at $1,324,000 after buying an additional 79,062 shares in the last quarter. Alliancebernstein L.P. grew its position in Lyft by 53.9% in the 4th quarter. Alliancebernstein L.P. now owns 120,562 shares of the ride-sharing company's stock valued at $1,555,000 after buying an additional 42,218 shares in the last quarter. Geode Capital Management LLC grew its position in Lyft by 7.6% in the 4th quarter. Geode Capital Management LLC now owns 6,309,681 shares of the ride-sharing company's stock valued at $81,419,000 after buying an additional 443,109 shares in the last quarter. World Investment Advisors bought a new position in Lyft in the 4th quarter valued at about $185,000. Finally, Russell Investments Group Ltd. grew its position in Lyft by 46.3% in the 4th quarter. Russell Investments Group Ltd. now owns 1,444,427 shares of the ride-sharing company's stock valued at $18,633,000 after buying an additional 457,273 shares in the last quarter. Institutional investors 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.