Lyft (NASDAQ:LYFT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Key Points

• Canaccord Genuity raised Lyft’s price target from $15 to $16 but maintained a “hold” rating, implying 8.36% downside from the prior close. Analysts overall also assign Lyft a consensus “Hold” rating with a $19.60 price target.
• Lyft reported quarterly revenue of $1.84 billion, up 16.1% year over year and above estimates, but EPS of $0.13 narrowly missed the $0.14 consensus forecast.
• Institutional ownership remains substantial at 83.07%, while insiders sold 81,749 shares worth approximately $1.22 million over the past 90 days.

Lyft (NASDAQ:LYFT - Get Free Report) had its target price raised by analysts at Canaccord Genuity Group from $15.00 to $16.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a "hold" rating on the ride-sharing company's stock. Canaccord Genuity Group's price objective would suggest a potential downside of 8.36% from the stock's previous close.

Several other research firms also recently weighed in on LYFT. Weiss Ratings restated a "hold (c)" rating on shares of Lyft in a research report on Monday, August 3rd. Royal Bank Of Canada boosted their price target on shares of Lyft from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Friday. William Blair cut Lyft to a "market perform" rating in a report on Wednesday, June 17th. Piper Sandler reissued an "overweight" rating and set a $21.00 price objective (up from $20.00) on shares of Lyft in a research note on Friday. Finally, Citigroup started coverage on shares of Lyft in a research note on Wednesday, June 17th. They issued a "buy" rating for the company. Thirteen investment analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Lyft currently has an average rating of "Hold" and a consensus price target of $19.60.

Lyft Price Performance

Shares of NASDAQ LYFT opened at $17.46 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.58 and a current ratio of 0.59. The firm has a fifty day moving average of $14.95 and a 200 day moving average of $14.52. The firm has a market cap of $6.63 billion, a PE ratio of 2.54, a PEG ratio of 1.04 and a beta of 1.80. Lyft has a one year low of $12.46 and a one year high of $25.54.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.81 billion. During the same quarter last year, the business earned $0.10 EPS. The firm's revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, research analysts predict that Lyft will post 0.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Lindsay Catherine Llewellyn sold 36,214 shares of Lyft stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $16.14, for a total value of $584,493.96. Following the completion of the transaction, the insider directly owned 817,517 shares in the company, valued at approximately $13,194,724.38. This trade represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,093 shares of the business's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total value of $28,799.68. Following the transaction, the director directly owned 30,092 shares of the company's stock, valued at approximately $414,065.92. This represents a 6.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 81,749 shares of company stock worth $1,221,950 over the last ninety days. Insiders own 0.92% of the company's stock.

Institutional Investors Weigh In On Lyft

A number of institutional investors and hedge funds have recently bought and sold shares of LYFT. AQR Capital Management LLC lifted its stake in Lyft by 7.4% in the third quarter. AQR Capital Management LLC now owns 25,783,363 shares of the ride-sharing company's stock valued at $567,492,000 after buying an additional 1,773,438 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Lyft by 15.4% during the fourth quarter. Renaissance Technologies LLC now owns 9,873,232 shares of the ride-sharing company's stock worth $191,245,000 after purchasing an additional 1,320,938 shares during the last quarter. Altshuler Shaham Ltd raised its position in Lyft by 51.6% during the 1st quarter. Altshuler Shaham Ltd now owns 7,662,027 shares of the ride-sharing company's stock worth $101,905,000 after buying an additional 2,607,417 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Lyft by 58.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company's stock worth $89,360,000 after buying an additional 2,467,010 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Lyft in the 4th quarter worth $109,987,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

About Lyft

Lyft, Inc NASDAQ: LYFT operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft's platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.

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