Lyft (NASDAQ:LYFT) Stock Price Expected to Rise, Bank of America Analyst Says

Key Points

• Bank of America has raised Lyft's price target from $12.00 to $14.00, maintaining an "underperform" rating, suggesting a potential downside of 38.70% from the current price.
• Multiple analysts have varying ratings for Lyft, with a consensus of "Hold" and an average target price of $17.59, while Citigroup downgraded its target to $14.00.
• Lyft recently reported earnings with EPS of $0.10, missing estimates of $0.27, and a revenue of $1.59 billion, which was below expectations of $1.61 billion.

Lyft (NASDAQ:LYFT - Get Free Report) had its price objective raised by stock analysts at Bank of America from $12.00 to $14.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "underperform" rating on the ride-sharing company's stock. Bank of America's price objective points to a potential downside of 38.00% from the company's previous close.

Other research analysts also recently issued reports about the company. UBS Group upped their target price on Lyft from $14.00 to $15.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Canaccord Genuity Group reduced their target price on Lyft from $14.00 to $11.00 and set a "hold" rating for the company in a research note on Thursday, August 7th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Lyft from $16.00 to $21.00 and gave the company a "hold" rating in a report on Thursday. Wells Fargo & Company increased their price objective on shares of Lyft from $15.00 to $16.00 and gave the company an "equal weight" rating in a report on Friday, September 5th. Finally, Susquehanna decreased their price objective on shares of Lyft from $18.00 to $14.00 and set a "neutral" rating on the stock in a report on Monday, August 11th. Nine analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $18.30.

Lyft Stock Performance

LYFT traded up $0.62 on Thursday, reaching $22.58. The stock had a trading volume of 28,599,235 shares, compared to its average volume of 25,427,384. Lyft has a 12-month low of $9.66 and a 12-month high of $23.50. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.72. The business's 50-day moving average price is $16.11 and its two-hundred day moving average price is $14.52. The company 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.

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

Insider Transactions at Lyft

In other Lyft news, CEO John David Risher purchased 5,926 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were purchased at an average cost of $16.88 per share, with a total value of $100,030.88. Following the completion of the purchase, the chief executive officer owned 11,797,266 shares in the company, valued at approximately $199,137,850.08. This represents a 0.05% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Erin Brewer sold 15,000 shares of the firm's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $15.24, for a total transaction of $228,600.00. Following the completion of the transaction, the chief financial officer directly owned 540,759 shares in the company, valued at approximately $8,241,167.16. This represents a 2.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,427 shares of company stock valued at $1,252,686. Corporate insiders own 3.07% of the company's stock.

Hedge Funds Weigh In On Lyft

Hedge funds and other institutional investors have recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Lyft by 162.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company's stock worth $31,000 after buying an additional 1,203 shares in the last quarter. Atwood & Palmer Inc. purchased a new position in shares of Lyft in the second quarter worth about $32,000. GAMMA Investing LLC lifted its stake in shares of Lyft by 81.4% in the first quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company's stock worth $33,000 after buying an additional 1,237 shares in the last quarter. Bogart Wealth LLC raised its stake in Lyft by 1,242.2% during the second quarter. Bogart Wealth LLC now owns 2,161 shares of the ride-sharing company's stock worth $34,000 after purchasing an additional 2,000 shares during the period. Finally, FNY Investment Advisers LLC purchased a new position in Lyft during the first quarter worth about $35,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.