TD Cowen Boosts Lyft (NASDAQ:LYFT) Price Target to $16.00

Lyft (NASDAQ:LYFT) had its target price upped by analysts at TD Cowen from $14.00 to $16.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the ride-sharing company’s stock. TD Cowen’s target price suggests a potential downside of 8.15% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Moffett Nathanson raised shares of Lyft from a “sell” rating to a “neutral” rating in a research report on Wednesday, February 14th. Wells Fargo & Company lifted their price objective on shares of Lyft from $15.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Monday, April 8th. Argus upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Tuesday, March 5th. UBS Group lifted their price objective on Lyft from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Finally, Royal Bank of Canada raised shares of Lyft from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $17.00 to $23.00 in a research note on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $16.22.

Lyft Stock Performance

Lyft stock traded up $0.82 during mid-day trading on Wednesday, reaching $17.42. 27,088,598 shares of the company’s stock were exchanged, compared to its average volume of 16,465,334. Lyft has a one year low of $7.85 and a one year high of $20.82. The business’s fifty day simple moving average is $17.75 and its 200 day simple moving average is $14.58. The firm has a market capitalization of $6.96 billion, a PE ratio of -19.73 and a beta of 2.05. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. On average, sell-side analysts expect that Lyft will post -0.35 earnings per share for the current year.

Insider Activity at Lyft

In other Lyft news, President Kristin Sverchek sold 5,670 shares of Lyft stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total value of $85,163.40. Following the sale, the president now owns 633,950 shares of the company’s stock, valued at $9,521,929. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, President Kristin Sverchek sold 5,670 shares of Lyft stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total transaction of $85,163.40. Following the completion of the sale, the president now owns 633,950 shares in the company, valued at approximately $9,521,929. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John Patrick Zimmer sold 15,724 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.51, for a total value of $275,327.24. Following the completion of the sale, the director now owns 1,204,071 shares of the company’s stock, valued at approximately $21,083,283.21. The disclosure for this sale can be found here. Insiders have sold a total of 280,526 shares of company stock valued at $5,358,031 over the last 90 days. Insiders own 3.16% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several hedge funds have recently bought and sold shares of LYFT. QRG Capital Management Inc. increased its holdings in Lyft by 55.2% during the first quarter. QRG Capital Management Inc. now owns 23,417 shares of the ride-sharing company’s stock valued at $453,000 after buying an additional 8,328 shares during the last quarter. Headlands Technologies LLC purchased a new position in Lyft during the 1st quarter valued at $2,328,000. Sei Investments Co. increased its position in shares of Lyft by 55.3% during the first quarter. Sei Investments Co. now owns 98,676 shares of the ride-sharing company’s stock worth $1,909,000 after acquiring an additional 35,146 shares during the period. Swiss National Bank raised its holdings in shares of Lyft by 2.0% in the first quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock valued at $13,218,000 after acquiring an additional 13,300 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Lyft during the first quarter worth $1,262,000. 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.