Lyft (NASDAQ:LYFT) Sets New 52-Week High - Here's What Happened

Key Points

• Lyft's stock price reached a new 52-week high on Wednesday, trading as high as $19.35 before closing at $19.01, marking a significant increase from its previous close of $18.39.
• A consensus rating of "Hold" has been established for Lyft's stock, with a target price averaging around $16.87, despite mixed analyst ratings and target adjustments from various research firms.
• Lyft reported a miss in earnings per share for the last quarter, posting $0.10 against a consensus estimate of $0.27, while achieving a year-over-year revenue increase of 10.6% to $1.59 billion.

Lyft, Inc. (NASDAQ:LYFT - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $19.35 and last traded at $19.01, with a volume of 7114480 shares traded. The stock had previously closed at $18.39.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on LYFT. Susquehanna lowered their target price on Lyft from $18.00 to $14.00 and set a "neutral" rating for the company in a research note on Monday, August 11th. BMO Capital Markets reiterated a "market perform" rating and issued a $16.00 price objective (up previously from $15.00) on shares of Lyft in a research report on Thursday, August 7th. Oppenheimer cut their target price on shares of Lyft from $20.00 to $17.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Sanford C. Bernstein lifted their target price 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. Finally, Citigroup reissued a "hold" rating and set a $14.00 price target (down previously from $22.00) on shares of Lyft in a research report on Friday, June 27th. Nine equities research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Lyft has a consensus rating of "Hold" and a consensus target price of $16.87.

Lyft Stock Up 4.2%

The company has a market capitalization of $7.79 billion, a P/E ratio of 79.73, a price-to-earnings-growth ratio of 2.89 and a beta of 2.33. The company has a 50-day moving average of $15.36 and a two-hundred day moving average of $14.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.72.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share 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 analysts' expectations of $1.61 billion. Lyft had a return on equity of 14.32% and a net margin of 1.51%.The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.24 EPS. On average, research analysts predict that Lyft, Inc. will post 0.22 EPS for the current year.

Insider Activity at Lyft

In related news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $15.85, for a total transaction of $449,442.60. Following the sale, the insider directly owned 850,388 shares of the company's stock, valued at $13,478,649.80. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO John David Risher bought 5,926 shares of the firm's stock in a transaction 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 owned 11,797,266 shares in the company, valued at $199,137,850.08. The trade was a 0.05% increase in their position. The disclosure for this purchase can be found here. Insiders sold 59,821 shares of company stock valued at $960,566 over the last 90 days. Corporate insiders own 3.07% of the company's stock.

Institutional Trading of Lyft

A number of large investors have recently made changes to their positions in LYFT. Neuberger Berman Group LLC lifted its position in Lyft by 3.7% during the first quarter. Neuberger Berman Group LLC now owns 24,441 shares of the ride-sharing company's stock valued at $290,000 after purchasing an additional 868 shares during the period. Amalgamated Bank grew its holdings in shares of Lyft by 4.0% in the first quarter. Amalgamated Bank now owns 23,344 shares of the ride-sharing company's stock worth $277,000 after acquiring an additional 892 shares during the period. Main Street Financial Solutions LLC lifted its holdings in Lyft by 3.8% in the second quarter. Main Street Financial Solutions LLC now owns 24,688 shares of the ride-sharing company's stock valued at $389,000 after acquiring an additional 909 shares during the period. Creative Financial Designs Inc. ADV grew its stake in shares of Lyft by 11.3% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 9,025 shares of the ride-sharing company's stock valued at $107,000 after purchasing an additional 914 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of Lyft by 1.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 83,822 shares of the ride-sharing company's stock valued at $1,081,000 after purchasing an additional 1,132 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors.

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.

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