Sanford C. Bernstein Increases Lyft (NASDAQ:LYFT) Price Target to $18.00

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

A number of other brokerages have also recently weighed in on LYFT. Susquehanna upped their price objective on Lyft from $15.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. KeyCorp restated a "sector weight" rating on shares of Lyft in a research note on Wednesday, March 26th. Morgan Stanley dropped their price objective on Lyft from $17.00 to $15.00 and set an "equal weight" rating on the stock in a report on Thursday, April 17th. Tigress Financial reissued a "buy" rating and issued a $28.00 price objective (up from $26.00) on shares of Lyft in a report on Wednesday, May 21st. Finally, Oppenheimer lifted their price target on Lyft from $17.00 to $20.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, twenty-five have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Lyft has an average rating of "Hold" and a consensus price target of $16.82.

Lyft Trading Up 0.6%

Shares of Lyft stock traded up $0.09 on Monday, hitting $14.86. The stock had a trading volume of 9,540,540 shares, compared to its average volume of 16,217,523. The firm has a market capitalization of $6.21 billion, a P/E ratio of 99.07, a PEG ratio of 2.90 and a beta of 2.20. The stock has a 50 day moving average of $15.65 and a 200 day moving average of $13.68. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.77 and a current ratio of 0.77. Lyft has a twelve month low of $8.93 and a twelve month high of $19.07.

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

Insiders Place Their Bets

In related news, Director Jill Beggs sold 1,572 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $16.41, for a total value of $25,796.52. Following the completion of the sale, the director directly owned 20,467 shares in the company, valued at $335,863.47. This represents a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $15.80, for a total value of $38,299.20. Following the sale, the director owned 879,498 shares of the company's stock, valued at approximately $13,896,068.40. The trade was a 0.27% 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 valued at $347,159 over the last ninety days. Company insiders own 3.07% of the company's stock.

Hedge Funds Weigh In On Lyft

Several large investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. lifted its position in shares of Lyft by 11.5% during the 2nd quarter. QRG Capital Management Inc. now owns 30,166 shares of the ride-sharing company's stock worth $475,000 after buying an additional 3,119 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Lyft by 32.7% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,286 shares of the ride-sharing company's stock worth $83,000 after purchasing an additional 1,304 shares during the period. Lecap Asset Management Ltd. purchased a new position in Lyft in the second quarter valued at approximately $1,178,000. Poinciana Advisors Group LLC lifted its stake in Lyft by 118.9% in the second quarter. Poinciana Advisors Group LLC now owns 23,022 shares of the ride-sharing company's stock valued at $363,000 after purchasing an additional 12,503 shares during the last quarter. Finally, Northwest Wealth Management LLC purchased a new stake in Lyft in the second quarter worth $203,000. Institutional investors own 83.07% of the company's stock.

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.