Lyft (NASDAQ:LYFT) Trading Down 4.2% - Here's What Happened

Lyft, Inc. (NASDAQ:LYFT - Get Free Report) fell 4.2% during mid-day trading on Wednesday . The stock traded as low as $15.77 and last traded at $15.76. 10,145,891 shares traded hands during trading, a decline of 38% from the average session volume of 16,255,818 shares. The stock had previously closed at $16.45.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LYFT. Susquehanna upped their target price on shares of Lyft from $15.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. UBS Group raised their price objective on shares of Lyft from $12.00 to $14.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. DA Davidson reiterated a "neutral" rating and issued a $15.00 price target on shares of Lyft in a report on Wednesday, April 16th. Barclays increased their price target on Lyft from $19.00 to $20.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. increased their price target on Lyft from $14.00 to $16.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. One equities research 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 company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $16.78.

Lyft Trading Down 2.2%

The company has a market capitalization of $6.40 billion, a price-to-earnings ratio of 102.13, a P/E/G ratio of 3.07 and a beta of 2.20. 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 company's 50 day simple moving average is $15.49 and its two-hundred day simple moving average is $13.62.

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 for the quarter, missing the consensus estimate of $0.20 by ($0.19). Lyft had a net margin of 0.95% and a return on equity of 11.28%. The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.47 billion. During the same quarter last year, the business earned $0.15 earnings per share. Lyft's revenue was up 13.5% on a year-over-year basis. As a group, research analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Insider Activity at Lyft

In related news, CEO John David Risher acquired 6,538 shares of the stock in a transaction dated Thursday, May 29th. The stock was acquired at an average cost of $15.29 per share, for a total transaction of $99,966.02. Following the completion of the purchase, the chief executive officer owned 11,791,340 shares of the company's stock, valued at approximately $180,289,588.60. This represents a 0.06% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $15.80, for a total transaction of $38,299.20. Following the sale, the director owned 879,498 shares of the company's stock, valued at $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. Over the last ninety days, insiders have sold 26,732 shares of company stock valued at $347,159. 3.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in LYFT. Proficio Capital Partners LLC purchased a new position in shares of Lyft during the fourth quarter worth $176,000. US Bancorp DE raised its holdings in shares of Lyft by 2.6% during the fourth quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company's stock worth $536,000 after purchasing an additional 1,045 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Lyft by 50.9% during the fourth quarter. Jones Financial Companies Lllp now owns 15,514 shares of the ride-sharing company's stock worth $200,000 after purchasing an additional 5,234 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Lyft by 45.7% during the fourth quarter. Victory Capital Management Inc. now owns 175,488 shares of the ride-sharing company's stock worth $2,264,000 after purchasing an additional 55,045 shares during the last quarter. Finally, M&T Bank Corp raised its holdings in shares of Lyft by 9.3% during the fourth quarter. M&T Bank Corp now owns 21,634 shares of the ride-sharing company's stock worth $280,000 after purchasing an additional 1,844 shares during the last quarter. Hedge funds and other 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.