Lyft (NASDAQ:LYFT) Shares Gap Up - Still a Buy?

Lyft, Inc. (NASDAQ:LYFT - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $14.95, but opened at $15.85. Lyft shares last traded at $15.79, with a volume of 5,671,493 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently issued reports on LYFT shares. Bank of America downgraded Lyft from a "buy" rating to an "underperform" rating and set a $10.50 price objective for the company. in a report on Thursday, April 3rd. Barclays upped their price target on Lyft from $19.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. DA Davidson reiterated a "neutral" rating and issued a $15.00 price objective on shares of Lyft in a report on Wednesday, April 16th. Canaccord Genuity Group reissued a "hold" rating and issued a $14.00 price objective (down previously from $22.00) on shares of Lyft in a research report on Friday. Finally, Tigress Financial reaffirmed a "buy" rating and issued a $28.00 target price (up previously from $26.00) on shares of Lyft in a research report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, twenty-six have assigned a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, Lyft has a consensus rating of "Hold" and an average price target of $16.36.

Lyft Trading Down 1.0%

The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.66. The business has a fifty day moving average price of $14.68 and a 200-day moving average price of $13.51. The company has a market cap of $6.56 billion, a P/E ratio of 104.63, a PEG ratio of 3.05 and a beta of 2.22.

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

Insider Buying and Selling at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 22,736 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $12.45, for a total transaction of $283,063.20. Following the completion of the sale, the insider now owns 959,697 shares of the company's stock, valued at approximately $11,948,227.65. This represents a 2.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO John David Risher purchased 6,538 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was acquired at an average price of $15.29 per share, for a total transaction of $99,966.02. Following the purchase, the chief executive officer now owns 11,791,340 shares in the company, valued at approximately $180,289,588.60. The trade was a 0.06% increase in their position. The disclosure for this purchase can be found here. Insiders sold 26,732 shares of company stock valued at $347,159 in the last quarter. Company insiders own 3.07% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LYFT. Sanctuary Advisors LLC increased its holdings in Lyft by 34.0% in the 4th quarter. Sanctuary Advisors LLC now owns 38,117 shares of the ride-sharing company's stock worth $517,000 after purchasing an additional 9,663 shares in the last quarter. Handelsbanken Fonder AB increased its stake in shares of Lyft by 17.7% in the fourth quarter. Handelsbanken Fonder AB now owns 87,600 shares of the ride-sharing company's stock valued at $1,130,000 after buying an additional 13,200 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Lyft by 33.9% in the fourth quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company's stock valued at $50,031,000 after buying an additional 981,186 shares during the period. Proficio Capital Partners LLC bought a new position in Lyft in the 4th quarter valued at approximately $176,000. Finally, QRG Capital Management Inc. boosted its position in Lyft by 3.8% during the 4th quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company's stock worth $316,000 after buying an additional 903 shares during the period. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.