Lyft (NASDAQ:LYFT) Stock Price Crosses Below Fifty Day Moving Average - What's Next?

Key Points

• Lyft shares fell below their 50-day moving average, trading as low as $15.84 before last changing hands at $16.16. The stock’s 50-day average was $16.21, compared with a 200-day average of $15.16.
• Analyst sentiment remains mixed but leans neutral: Lyft has an average rating of “Hold” from MarketBeat, with 10 Buy, 26 Hold and 2 Sell ratings, and an average price target of $19.20.
• Lyft’s latest quarterly revenue rose 16.1% year over year to $1.84 billion, exceeding estimates, though adjusted EPS of $0.13 narrowly missed expectations. Insiders sold 112,020 shares worth about $1.85 million over the past 90 days.

Lyft, Inc. (NASDAQ:LYFT - Get Free Report) shares crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $16.21 and traded as low as $15.84. Lyft shares last traded at $16.16, with a volume of 8,110,372 shares.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on LYFT shares. Roth Capital reissued a "buy" rating and set a $25.00 target price (up from $23.00) on shares of Lyft in a research report on Monday, August 10th. UBS Group boosted their price target on shares of Lyft from $16.00 to $17.00 and gave the stock a "neutral" rating in a research report on Friday, August 7th. Bank of America raised shares of Lyft from an "underperform" rating to a "buy" rating in a research note on Friday, August 7th. Piper Sandler reaffirmed an "overweight" rating and issued a $21.00 price objective (up from $20.00) on shares of Lyft in a research note on Friday, August 7th. Finally, Scotiabank initiated coverage on shares of Lyft in a research report on Wednesday, September 9th. They set a "sector perform" rating and a $17.00 price objective for the company. Ten analysts have rated the stock with a Buy rating, twenty-six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $19.20.

Lyft Stock Down 1.5%

The firm has a market cap of $6.12 billion, a price-to-earnings ratio of 2.35, a PEG ratio of 1.02 and a beta of 1.95. The firm has a 50 day moving average of $16.21 and a 200 day moving average of $15.16. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.33.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly 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). The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.81 billion. Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. Lyft's quarterly revenue was up 16.1% compared to the same quarter last year. During the same period last year, the firm posted $0.10 earnings per share. As a group, sell-side analysts predict that Lyft, Inc. will post 0.81 earnings per share for the current year.

Insider Activity at Lyft

In other Lyft news, insider Lindsay Llewellyn sold 36,214 shares of Lyft stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $16.14, for a total value of $584,493.96. Following the completion of the sale, the insider directly owned 817,517 shares of the company's stock, valued at approximately $13,194,724.38. The trade was 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, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $14.64, for a total transaction of $219,600.00. Following the completion of the sale, the chief financial officer directly owned 837,303 shares of the company's stock, valued at approximately $12,258,115.92. This trade represents a 1.76% 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 have sold 112,020 shares of company stock worth $1,850,559 over the last ninety days. 0.92% of the stock is owned by corporate insiders.

Institutional Trading of Lyft

Large investors have recently made changes to their positions in the company. Covestor Ltd grew its stake in shares of Lyft by 8.7% in the 3rd quarter. Covestor Ltd now owns 14,402 shares of the ride-sharing company's stock worth $216,000 after acquiring an additional 1,151 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Lyft during the third quarter valued at about $121,000. Aviance Capital Partners LLC lifted its position in shares of Lyft by 5.1% during the third quarter. Aviance Capital Partners LLC now owns 66,195 shares of the ride-sharing company's stock valued at $994,000 after purchasing an additional 3,227 shares in the last quarter. Summit Global Investments purchased a new position in Lyft during the third quarter worth about $428,000. Finally, BOKF NA boosted its holdings in Lyft by 4.7% during the third quarter. BOKF NA now owns 15,360 shares of the ride-sharing company's stock worth $231,000 after purchasing an additional 695 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Lyft Company Profile

Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.

The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.

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