Wells Fargo & Company Forecasts Strong Price Appreciation for Lyft (NASDAQ:LYFT) Stock

Lyft (NASDAQ:LYFT - Free Report) had its target price hoisted by Wells Fargo & Company from $13.00 to $14.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the ride-sharing company's stock.

Several other analysts have also issued reports on LYFT. Morgan Stanley reduced their target price on shares of Lyft from $17.00 to $15.00 and set an "equal weight" rating for the company in a research note on Thursday, April 17th. Wall Street Zen raised shares of Lyft from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. UBS Group lifted their target price on shares of Lyft from $12.00 to $14.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. The Goldman Sachs Group upgraded Lyft from a "neutral" rating to a "buy" rating and set a $20.00 target price on the stock in a research note on Friday, May 9th. Finally, Susquehanna increased their price target on Lyft from $15.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $16.78.

Lyft Stock Up 2.4%

Shares of NASDAQ LYFT traded up $0.38 during mid-day trading on Monday, reaching $16.45. 15,872,890 shares of the company's stock traded hands, compared to its average volume of 16,278,620. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.77 and a quick ratio of 0.77. Lyft has a 1-year low of $8.93 and a 1-year high of $19.07. The stock has a market cap of $6.88 billion, a P/E ratio of 109.67, a PEG ratio of 3.15 and a beta of 2.20. The business has a 50-day simple moving average of $15.37 and a 200 day simple moving average of $13.59.

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

Insider Buying and Selling

In related 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 sale, the insider owned 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jill Beggs sold 1,572 shares of the firm's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $16.41, for a total transaction of $25,796.52. Following the completion of the transaction, the director directly owned 20,467 shares of the company's stock, valued at approximately $335,863.47. The trade was a 7.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,732 shares of company stock worth $347,159 in the last 90 days. 3.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Spurstone Advisory Services LLC bought a new stake in Lyft during the fourth quarter valued at $25,000. Atwood & Palmer Inc. purchased a new stake in shares of Lyft in the 2nd quarter valued at about $32,000. GAMMA Investing LLC boosted its position in shares of Lyft by 81.4% during the 1st quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company's stock valued at $33,000 after acquiring an additional 1,237 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Lyft during the 1st quarter valued at about $35,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of Lyft during the first quarter worth about $35,000. 83.07% of the stock is currently owned by hedge funds and other 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.