Tigress Financial Reaffirms Buy Rating for Lyft (NASDAQ:LYFT)

Key Points

• Tigress Financial reiterated its Buy rating on Lyft and set a $28 price target, implying roughly 93% upside from the current share price.
• Lyft shares were up 4.8% to about $14.49 in Wednesday trading, with the stock still well below its 52-week high of $25.54.
• The company’s latest earnings showed $0.04 EPS versus expectations for $0.30, though revenue of $1.65 billion topped estimates and rose 17.2% year over year.

Lyft (NASDAQ:LYFT - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Tigress Financial in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $28.00 target price on the ride-sharing company's stock. Tigress Financial's target price points to a potential upside of 93.29% from the stock's current price.

Other analysts also recently issued reports about the stock. Oppenheimer assumed coverage on shares of Lyft in a report on Wednesday, June 17th. They set an "outperform" rating on the stock. JPMorgan Chase & Co. increased their price objective on shares of Lyft from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. BTIG Research upgraded shares of Lyft from a "neutral" rating to a "buy" rating in a report on Wednesday, June 17th. Canaccord Genuity Group cut their price objective on shares of Lyft from $16.00 to $15.00 and set a "hold" rating on the stock in a research report on Friday, May 8th. Finally, Royal Bank Of Canada reduced their target price on shares of Lyft from $22.00 to $18.00 and set an "outperform" rating for the company in a research note on Friday, May 8th. Thirteen research analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, Lyft presently has an average rating of "Hold" and an average price target of $19.23.

Lyft Trading Up 4.8%

NASDAQ LYFT traded up $0.67 during trading hours on Wednesday, hitting $14.49. The company's stock had a trading volume of 8,401,003 shares, compared to its average volume of 15,902,861. Lyft has a twelve month low of $12.46 and a twelve month high of $25.54. The firm has a market capitalization of $5.50 billion, a P/E ratio of 2.12, a PEG ratio of 0.84 and a beta of 1.82. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.33. The stock has a fifty day moving average of $14.00 and a 200 day moving average of $15.54.

Lyft (NASDAQ:LYFT - Get Free Report) last released its earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.30 by ($0.26). The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.Lyft's revenue was up 17.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.01 EPS. Equities research analysts forecast that Lyft will post 0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Lyft news, insider Lindsay Catherine Llewellyn sold 23,661 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $15.00, for a total value of $354,915.00. Following the completion of the sale, the insider owned 916,022 shares in the company, valued at $13,740,330. This trade represents a 2.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen W. Hope sold 5,460 shares of Lyft stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total transaction of $75,129.60. Following the completion of the transaction, the chief accounting officer directly owned 335,463 shares of the company's stock, valued at approximately $4,615,970.88. This trade represents a 1.60% decrease in their position. 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. Over the last three months, insiders sold 69,196 shares of company stock valued at $992,371. 0.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lyft

Several hedge funds have recently bought and sold shares of LYFT. AQR Capital Management LLC lifted its stake in shares of Lyft by 7.4% in the 3rd quarter. AQR Capital Management LLC now owns 25,783,363 shares of the ride-sharing company's stock valued at $567,492,000 after purchasing an additional 1,773,438 shares during the period. Renaissance Technologies LLC grew its stake in Lyft by 15.4% during the fourth quarter. Renaissance Technologies LLC now owns 9,873,232 shares of the ride-sharing company's stock worth $191,245,000 after purchasing an additional 1,320,938 shares during the period. Altshuler Shaham Ltd increased its holdings in Lyft by 51.6% in the first quarter. Altshuler Shaham Ltd now owns 7,662,027 shares of the ride-sharing company's stock worth $101,905,000 after purchasing an additional 2,607,417 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Lyft by 58.0% in the first quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company's stock worth $89,360,000 after purchasing an additional 2,467,010 shares in the last quarter. Finally, Norges Bank acquired a new position in Lyft in the fourth quarter valued at approximately $109,987,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

About Lyft

Lyft, Inc NASDAQ: LYFT operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft's platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.

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