Lyft (NASDAQ:LYFT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Key Points

• Canaccord Genuity Group raised Lyft's price target from $11.00 to $18.00, indicating a potential downside of 20% from its current price, while maintaining a "hold" rating.
• Lyft reported $1.59 billion in revenue for the last quarter, missing analyst estimates, and had earnings per share of $0.10, falling short of expected $0.27.
• Currently, Lyft has a consensus rating of "Hold" from analysts, with nine having a Buy rating and twenty-one a Hold rating, reflecting a mixed outlook on the stock.

Lyft (NASDAQ:LYFT - Free Report) had its price target increased by Canaccord Genuity Group from $11.00 to $18.00 in a research report report published on Thursday,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the ride-sharing company's stock.

Other equities analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft raised their price objective on Lyft from $16.00 to $21.00 and gave the stock a "hold" rating in a research note on Thursday. Royal Bank Of Canada restated an "outperform" rating and set a $21.00 price objective on shares of Lyft in a research note on Thursday, June 5th. Roth Capital raised Lyft from a "neutral" rating to a "buy" rating and set a $19.00 target price on the stock in a report on Thursday, August 7th. UBS Group raised their target price on Lyft from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Finally, Bank of America raised their target price on Lyft from $12.00 to $14.00 and gave the company an "underperform" rating in a report on Thursday. Nine investment analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Lyft presently has an average rating of "Hold" and an average price target of $18.30.

Lyft Stock Performance

Shares of NASDAQ LYFT traded up $0.62 during trading hours on Thursday, reaching $22.58. 28,599,235 shares of the stock were exchanged, compared to its average volume of 25,427,384. The firm has a market capitalization of $9.18 billion, a price-to-earnings ratio of 94.09, a P/E/G 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 has a 52 week low of $9.66 and a 52 week high of $23.50. The stock's fifty day simple moving average is $16.11 and its 200 day simple moving average is $14.52.

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

Insiders Place Their Bets

In other news, CEO John David Risher bought 5,926 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was acquired at an average cost of $16.88 per share, with a total value of $100,030.88. Following the transaction, the chief executive officer directly owned 11,797,266 shares of the company's stock, valued at approximately $199,137,850.08. This represents a 0.05% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 28,356 shares of Lyft stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $15.85, for a total value of $449,442.60. Following the transaction, the insider owned 850,388 shares of the company's stock, valued at $13,478,649.80. This trade represents a 3.23% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,427 shares of company stock valued at $1,252,686. 3.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lyft

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Neuberger Berman Group LLC raised its position in Lyft by 3.7% in the 1st quarter. Neuberger Berman Group LLC now owns 24,441 shares of the ride-sharing company's stock worth $290,000 after purchasing an additional 868 shares during the period. Amalgamated Bank raised its position in Lyft by 4.0% in the 1st quarter. Amalgamated Bank now owns 23,344 shares of the ride-sharing company's stock worth $277,000 after purchasing an additional 892 shares during the period. Main Street Financial Solutions LLC raised its position in Lyft by 3.8% in the 2nd quarter. Main Street Financial Solutions LLC now owns 24,688 shares of the ride-sharing company's stock worth $389,000 after purchasing an additional 909 shares during the period. Creative Financial Designs Inc. ADV raised its position in Lyft by 11.3% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 9,025 shares of the ride-sharing company's stock worth $107,000 after purchasing an additional 914 shares during the period. Finally, Parallel Advisors LLC raised its position in Lyft by 39.4% in the 2nd quarter. Parallel Advisors LLC now owns 4,107 shares of the ride-sharing company's stock worth $65,000 after purchasing an additional 1,160 shares during the period. Hedge funds and other institutional investors own 83.07% of the company's stock.

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.