Lyft (NASDAQ:LYFT) Price Target Raised to $18.00

Lyft (NASDAQ:LYFT - Free Report) had its price objective hoisted by Sanford C. Bernstein from $16.00 to $18.00 in a research report released on Monday morning,Benzinga reports. Sanford C. Bernstein currently has a market perform rating on the ride-sharing company's stock.

Several other research firms also recently issued reports on LYFT. KeyCorp restated a "sector weight" rating on shares of Lyft in a research note on Wednesday, March 26th. UBS Group raised 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. Susquehanna lifted their price target on shares of Lyft from $15.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $21.00 price objective on shares of Lyft in a research report on Thursday, June 5th. Finally, Tigress Financial reaffirmed a "buy" rating and issued a $28.00 price target (up from $26.00) on shares of Lyft in a research note on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, twenty-three have given a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $16.95.

Lyft Stock Performance

Shares of LYFT stock traded down $0.13 on Monday, reaching $14.73. The stock had a trading volume of 12,150,657 shares, compared to its average volume of 16,216,474. The stock has a market cap of $6.16 billion, a P/E ratio of 98.20, a price-to-earnings-growth ratio of 2.90 and a beta of 2.20. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.77 and a current ratio of 0.77. The company has a 50 day simple moving average of $15.65 and a 200 day simple moving average of $13.68. Lyft has a 1 year low of $8.93 and a 1 year high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last released 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 firm had revenue of $1.45 billion for 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 company's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.15 earnings per share. Equities research analysts expect that Lyft will post 0.22 EPS for the current year.

Insiders Place Their Bets

In other news, CEO John David Risher purchased 6,538 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were acquired at an average price of $15.29 per share, for a total transaction of $99,966.02. Following the acquisition, the chief executive officer directly owned 11,791,340 shares in the company, valued at approximately $180,289,588.60. The trade was a 0.06% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $15.80, for a total value of $38,299.20. Following the transaction, the director directly owned 879,498 shares in the company, valued at approximately $13,896,068.40. This represents a 0.27% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,732 shares of company stock worth $347,159. Company insiders own 3.07% of the company's stock.

Institutional Trading of Lyft

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Rakuten Group Inc. acquired a new stake in Lyft in the first quarter worth approximately $130,434,000. Renaissance Technologies LLC increased its stake in shares of Lyft by 282.0% in the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after acquiring an additional 6,365,727 shares during the last quarter. Two Sigma Advisers LP increased its position in Lyft by 828.5% during the fourth quarter. Two Sigma Advisers LP now owns 6,662,535 shares of the ride-sharing company's stock worth $85,947,000 after buying an additional 5,945,000 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Lyft by 26.3% in the first quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock valued at $294,978,000 after purchasing an additional 5,178,118 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Lyft by 103.3% in the first quarter. AQR Capital Management LLC now owns 9,804,782 shares of the ride-sharing company's stock valued at $110,598,000 after buying an additional 4,980,876 shares during the period. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.