Lyft (NASDAQ:LYFT) Price Target Raised to $30.00 at TD Cowen

Key Points

• TD Cowen has raised its price target for Lyft from $22.00 to $30.00, indicating a potential upside of 36.27% from the stock's previous close.
• Currently, Lyft holds a consensus rating of "Hold" among analysts, with a price target average of $18.84.
• Lyft's recent quarterly earnings report showed an EPS of $0.10, falling short of estimates, with a revenue of $1.59 billion.

Lyft (NASDAQ:LYFT - Get Free Report) had its target price hoisted by research analysts at TD Cowen from $22.00 to $30.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the ride-sharing company's stock. TD Cowen's price objective points to a potential upside of 36.27% from the stock's previous close.

Several other brokerages have also recently issued reports on LYFT. Canaccord Genuity Group lifted their price target on Lyft from $11.00 to $18.00 and gave the company a "hold" rating in a research report on Thursday, September 18th. UBS Group lifted their price target on Lyft from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Morgan Stanley boosted their target price on Lyft from $19.00 to $20.50 and gave the company an "equal weight" rating in a research note on Thursday, September 11th. Citigroup restated a "hold" rating and issued a $14.00 target price (down previously from $22.00) on shares of Lyft in a research note on Friday, June 27th. Finally, Roth Capital upgraded Lyft from a "neutral" rating to a "buy" rating and set a $19.00 target price on the stock in a research note on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $18.84.

Lyft Stock Performance

Shares of NASDAQ LYFT traded down $0.07 during mid-day trading on Wednesday, hitting $22.02. The company had a trading volume of 7,004,825 shares, compared to its average volume of 19,038,293. The stock has a market cap of $8.95 billion, a price-to-earnings ratio of 91.76, a PEG ratio of 3.54 and a beta of 2.33. Lyft has a 12 month low of $9.66 and a 12 month high of $23.50. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.70 and a quick ratio of 0.70. The firm's 50 day simple moving average is $16.41 and its two-hundred day simple moving average is $14.68.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly 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). The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.61 billion. Lyft had a return on equity of 14.32% and a net margin of 1.51%.The company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the business posted $0.24 EPS. As a group, equities research analysts forecast that Lyft will post 0.22 earnings per share for the current year.

Insider Transactions at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $15.85, for a total value of $449,442.60. Following the transaction, the insider directly owned 850,388 shares in the company, valued at $13,478,649.80. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Erin Brewer sold 15,000 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $15.24, for a total value of $228,600.00. Following the sale, the chief financial officer directly owned 540,759 shares in the company, valued at $8,241,167.16. The trade was a 2.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 74,427 shares of company stock worth $1,252,686 in the last three months. Insiders own 3.07% of the company's stock.

Hedge Funds Weigh In On Lyft

Hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its position in Lyft by 42.1% during the first quarter. PNC Financial Services Group Inc. now owns 9,689 shares of the ride-sharing company's stock valued at $115,000 after purchasing an additional 2,871 shares in the last quarter. Maxi Investments CY Ltd boosted its position in Lyft by 320.4% during the first quarter. Maxi Investments CY Ltd now owns 945,933 shares of the ride-sharing company's stock valued at $11,228,000 after acquiring an additional 720,933 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new position in shares of Lyft during the first quarter valued at about $2,191,000. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in shares of Lyft by 40.2% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 104,314 shares of the ride-sharing company's stock valued at $1,221,000 after purchasing an additional 29,912 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in shares of Lyft by 26.3% during the first quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock valued at $294,978,000 after purchasing an additional 5,178,118 shares during the period. 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.

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