Lyft (NASDAQ:LYFT) Rating Increased to Buy at TD Cowen

Lyft (NASDAQ:LYFT - Get Free Report) was upgraded by investment analysts at TD Cowen from a "hold" rating to a "buy" rating in a report issued on Tuesday, MarketBeat reports. The firm presently has a $21.00 price target on the ride-sharing company's stock, up from their previous price target of $16.00. TD Cowen's price objective suggests a potential upside of 32.41% from the company's previous close.

Several other research analysts have also recently weighed in on LYFT. JPMorgan Chase & Co. boosted their price objective on Lyft from $14.00 to $16.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Needham & Company LLC reissued a "hold" rating on shares of Lyft in a report on Friday, May 9th. Bank of America lowered shares of Lyft from a "buy" rating to an "underperform" rating and set a $10.50 price target for the company. in a research report on Thursday, April 3rd. Wall Street Zen raised shares of Lyft from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Barclays boosted their target price on shares of Lyft from $19.00 to $20.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, twenty-four have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $16.50.

Lyft Stock Up 6.1%

NASDAQ:LYFT traded up $0.91 during trading hours on Tuesday, hitting $15.86. 24,949,826 shares of the company traded hands, compared to its average volume of 16,167,141. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.66. The company has a market cap of $6.63 billion, a PE ratio of 105.73, a PEG ratio of 2.76 and a beta of 2.22. The firm's 50-day simple moving average is $14.39 and its 200-day simple moving average is $13.48. Lyft has a one year low of $8.93 and a one year high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly 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 firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the previous year, the business earned $0.15 earnings per share. The firm's revenue for the quarter was up 13.5% on a year-over-year basis. Equities analysts predict that Lyft will post 0.22 earnings per share for the current year.

Insider Buying and Selling at Lyft

In related news, Director Jill Beggs sold 1,572 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $16.41, for a total transaction of $25,796.52. Following the completion of the transaction, the director now owns 20,467 shares of the company's stock, valued at $335,863.47. This trade represents a 7.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John David Risher bought 6,538 shares of the company's stock in a transaction on Thursday, May 29th. The stock was bought at an average cost of $15.29 per share, for a total transaction of $99,966.02. Following the completion of the acquisition, the chief executive officer now directly owns 11,791,340 shares of the company's stock, valued at approximately $180,289,588.60. This represents a 0.06% increase in their position. The disclosure for this purchase can be found here. Insiders sold 26,732 shares of company stock valued at $347,159 in the last 90 days. Insiders own 3.07% of the company's stock.

Hedge Funds Weigh In On Lyft

Several institutional investors and hedge funds have recently modified their holdings of LYFT. Sanctuary Advisors LLC increased its position in shares of Lyft by 34.0% during the fourth quarter. Sanctuary Advisors LLC now owns 38,117 shares of the ride-sharing company's stock valued at $517,000 after acquiring an additional 9,663 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in Lyft by 17.7% during the 4th quarter. Handelsbanken Fonder AB now owns 87,600 shares of the ride-sharing company's stock valued at $1,130,000 after purchasing an additional 13,200 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Lyft by 33.9% during the 4th quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company's stock valued at $50,031,000 after purchasing an additional 981,186 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Lyft by 7,536.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,854,823 shares of the ride-sharing company's stock worth $23,927,000 after purchasing an additional 1,830,533 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in shares of Lyft in the fourth quarter worth $176,000. 83.07% of the stock is currently owned by 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.