Piper Sandler Increases Lyft (NASDAQ:LYFT) Price Target to $23.00

Lyft (NASDAQ:LYFT) had its price target upped by investment analysts at Piper Sandler from $22.00 to $23.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the ride-sharing company’s stock. Piper Sandler’s target price suggests a potential upside of 30.83% from the stock’s current price.

Several other research firms have also recently weighed in on LYFT. Barclays lifted their price target on Lyft from $14.00 to $17.00 and gave the stock an “equal weight” rating in a report on Thursday, February 15th. DA Davidson boosted their price objective on Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday. BMO Capital Markets boosted their price objective on Lyft from $15.00 to $18.00 and gave the stock a “market perform” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their price objective on Lyft from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Finally, Wells Fargo & Company boosted their price objective on Lyft from $15.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $16.04.

Lyft Stock Up 5.9 %

NASDAQ LYFT traded up $0.98 during trading hours on Wednesday, hitting $17.58. 23,748,348 shares of the company traded hands, compared to its average volume of 16,426,936. The business’s 50-day moving average is $17.75 and its 200-day moving average is $14.58. Lyft has a twelve month low of $7.85 and a twelve month high of $20.82. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of -19.51 and a beta of 2.05.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.14. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Sell-side analysts anticipate that Lyft will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, President Kristin Sverchek sold 3,500 shares of Lyft stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $17.50, for a total transaction of $61,250.00. Following the completion of the sale, the president now owns 60,778 shares of the company’s stock, valued at $1,063,615. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director John Patrick Zimmer sold 193,200 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.04, for a total value of $3,871,728.00. Following the completion of the sale, the director now owns 932,544 shares of the company’s stock, valued at approximately $18,688,181.76. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Kristin Sverchek sold 3,500 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $17.50, for a total value of $61,250.00. Following the transaction, the president now owns 60,778 shares in the company, valued at approximately $1,063,615. The disclosure for this sale can be found here. Insiders sold 280,526 shares of company stock valued at $5,358,031 over the last ninety days. 3.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. FinTrust Capital Advisors LLC grew its stake in shares of Lyft by 277.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after buying an additional 1,000 shares during the last quarter. Allworth Financial LP lifted its position in Lyft by 685.2% in the 4th quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock valued at $29,000 after acquiring an additional 1,672 shares in the last quarter. a16z Perennial Management L.P. bought a new position in Lyft in the 4th quarter valued at approximately $34,000. Kapitalo Investimentos Ltda bought a new position in Lyft in the 4th quarter valued at approximately $34,000. Finally, Gables Capital Management Inc. lifted its position in Lyft by 129.0% in the 3rd quarter. Gables Capital Management Inc. now owns 3,550 shares of the ride-sharing company’s stock valued at $37,000 after acquiring an additional 2,000 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

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.