Oppenheimer Forecasts Strong Price Appreciation for Lyft (NASDAQ:LYFT) Stock

Lyft (NASDAQ:LYFT - Get Free Report) had its target price hoisted by investment analysts at Oppenheimer from $17.00 to $20.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the ride-sharing company's stock. Oppenheimer's price objective points to a potential upside of 21.58% from the company's previous close.

Other analysts have also issued reports about the company. UBS Group boosted their price objective on Lyft from $12.00 to $14.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. JPMorgan Chase & Co. boosted their target price on Lyft from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Bank of America downgraded Lyft from a "buy" rating to an "underperform" rating and set a $10.50 target price on the stock. in a research note on Thursday, April 3rd. Morgan Stanley cut their target price on Lyft from $17.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 17th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $21.00 target price on shares of Lyft in a research note on Thursday, June 5th. One analyst has rated the stock with a sell rating, twenty-five have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $16.78.

Lyft Stock Up 2.4%

Lyft stock traded up $0.38 during midday trading on Tuesday, reaching $16.45. The stock had a trading volume of 15,872,890 shares, compared to its average volume of 16,278,620. 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 company has a fifty day moving average price of $15.29 and a two-hundred day moving average price of $13.57. The company has a market capitalization of $6.88 billion, a P/E ratio of 109.67, a PEG ratio of 3.15 and a beta of 2.20. Lyft has a 12 month low of $8.93 and a 12 month high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The ride-sharing company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.19). The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.47 billion. Lyft had a return on equity of 11.28% and a net margin of 0.95%. The business's revenue for the quarter was up 13.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 earnings per share. As a group, equities analysts expect that Lyft will post 0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Lindsay Catherine Llewellyn sold 22,736 shares of the business's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $12.45, for a total transaction of $283,063.20. Following the completion of the transaction, the insider directly owned 959,697 shares in the company, valued at $11,948,227.65. The trade was a 2.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $38,299.20. Following the transaction, the director owned 879,498 shares of the company's stock, valued at approximately $13,896,068.40. The trade was a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,732 shares of company stock valued at $347,159 in the last ninety days. Corporate insiders own 3.07% of the company's stock.

Hedge Funds Weigh In On Lyft

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. Rakuten Group Inc. purchased a new position in shares of Lyft in the 1st quarter worth about $130,434,000. Renaissance Technologies LLC boosted its holdings in shares of Lyft by 282.0% in the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after purchasing an additional 6,365,727 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in shares of Lyft by 828.5% in the 4th quarter. Two Sigma Advisers LP now owns 6,662,535 shares of the ride-sharing company's stock worth $85,947,000 after purchasing an additional 5,945,000 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Lyft by 26.3% in the 1st quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock worth $294,978,000 after purchasing an additional 5,178,118 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Lyft by 103.3% in the 1st quarter. AQR Capital Management LLC now owns 9,804,782 shares of the ride-sharing company's stock worth $110,598,000 after purchasing an additional 4,980,876 shares in the last quarter. 83.07% of the stock is currently 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.