Lyft (NASDAQ:LYFT) Announces Earnings Results, Misses Expectations By $0.17 EPS

Lyft (NASDAQ:LYFT) released its quarterly earnings results on Wednesday. The ride-sharing company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.17), Zacks reports. Lyft had a return on equity of 18.29% and a net margin of 2.40%.The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the business posted $0.29 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis.

Lyft Stock Up 3.7%

Shares of Lyft stock traded up $0.79 on Friday, reaching $22.04. The stock had a trading volume of 21,590,512 shares, compared to its average volume of 15,815,194. The company has a 50 day moving average price of $20.29 and a 200 day moving average price of $16.82. The stock has a market capitalization of $8.96 billion, a P/E ratio of 58.00, a P/E/G ratio of 3.72 and a beta of 2.36. The company has a quick ratio of 0.70, a current ratio of 0.72 and a debt-to-equity ratio of 1.76. Lyft has a 1 year low of $9.66 and a 1 year high of $23.50.

Insider Buying and Selling at Lyft

In other news, CFO Erin Brewer sold 15,000 shares of the business’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $17.24, for a total transaction of $258,600.00. Following the sale, the chief financial officer directly owned 525,759 shares of the company’s stock, valued at $9,064,085.16. The trade was a 2.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John David Risher acquired 5,926 shares of Lyft stock in a transaction dated Wednesday, September 3rd. The stock was purchased at an average price of $16.88 per share, with a total value of $100,030.88. Following the completion of the purchase, the chief executive officer owned 11,797,266 shares of the company’s stock, valued at approximately $199,137,850.08. The trade was a 0.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders sold 74,427 shares of company stock worth $1,252,686. 3.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Lyft

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Par Capital Management Inc. increased its holdings in shares of Lyft by 21.0% during the 2nd quarter. Par Capital Management Inc. now owns 1,905,000 shares of the ride-sharing company’s stock valued at $30,023,000 after purchasing an additional 330,000 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Lyft by 10.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,688,200 shares of the ride-sharing company’s stock worth $26,606,000 after buying an additional 162,289 shares in the last quarter. Invesco Ltd. raised its stake in Lyft by 87.5% in the 2nd quarter. Invesco Ltd. now owns 1,064,930 shares of the ride-sharing company’s stock valued at $16,783,000 after purchasing an additional 497,118 shares during the last quarter. California Public Employees Retirement System boosted its position in Lyft by 12.6% during the second quarter. California Public Employees Retirement System now owns 709,188 shares of the ride-sharing company’s stock worth $11,177,000 after acquiring an additional 79,634 shares during the last quarter. Finally, Shellback Capital LP purchased a new stake in shares of Lyft in the second quarter valued at approximately $7,092,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on LYFT. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $22.00 price target on shares of Lyft in a report on Tuesday, October 21st. Truist Financial lifted their price objective on Lyft from $16.00 to $23.00 and gave the stock a “hold” rating in a research note on Friday. DA Davidson set a $22.00 price target on shares of Lyft in a report on Thursday. Canaccord Genuity Group raised their target price on shares of Lyft from $11.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, September 18th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Lyft in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Lyft currently has a consensus rating of “Hold” and an average target price of $22.42.

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.