Lyft (NASDAQ:LYFT) Shares Gap Down to $16.92

Lyft, Inc. (NASDAQ:LYFT - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $16.92, but opened at $16.50. Lyft shares last traded at $16.60, with a volume of 2,435,604 shares changing hands.

Analyst Ratings Changes

A number of research firms have weighed in on LYFT. Wedbush reiterated a "neutral" rating and issued a $15.00 target price (up previously from $14.00) on shares of Lyft in a research note on Wednesday, February 14th. UBS Group increased their price target on Lyft from $13.00 to $14.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 14th. JPMorgan Chase & Co. increased their price target on Lyft from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 14th. Piper Sandler increased their price target on Lyft from $17.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, March 15th. Finally, Moffett Nathanson raised Lyft from a "sell" rating to a "neutral" rating in a research report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $14.60.

Lyft Stock Performance

The company has a market capitalization of $6.53 billion, a PE ratio of -18.36 and a beta of 1.98. The firm has a 50-day moving average of $17.83 and a two-hundred day moving average of $14.18. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.19) by $0.14. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. Research analysts anticipate that Lyft, Inc. will post -0.35 EPS for the current year.

Insider Transactions at Lyft

In other news, Director John Patrick Zimmer sold 15,724 shares of Lyft stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.51, for a total value of $275,327.24. Following the sale, the director now directly owns 1,204,071 shares of the company's stock, valued at $21,083,283.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Lyft news, Director Logan Green sold 11,867 shares of Lyft stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $15.69, for a total value of $186,193.23. Following the sale, the director now owns 346,341 shares in the company, valued at $5,434,090.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Patrick Zimmer sold 15,724 shares of Lyft stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $17.51, for a total value of $275,327.24. Following the completion of the sale, the director now owns 1,204,071 shares in the company, valued at approximately $21,083,283.21. The disclosure for this sale can be found here. Insiders have sold 270,526 shares of company stock valued at $5,195,771 over the last ninety days. Insiders own 3.16% of the company's stock.

Institutional Investors Weigh In On Lyft

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP raised its holdings in shares of Lyft by 685.2% in the 4th quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company's stock valued at $29,000 after buying an additional 1,672 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Lyft in the 1st quarter valued at $41,000. GAMMA Investing LLC raised its holdings in shares of Lyft by 42.9% in the 1st quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company's stock valued at $43,000 after buying an additional 664 shares during the period. a16z Perennial Management L.P. purchased a new stake in shares of Lyft in the 4th quarter valued at $34,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in shares of Lyft in the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

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.