Lyft (NASDAQ:LYFT) Cut to Equal Weight at Fox Advisors

Fox Advisors lowered shares of Lyft (NASDAQ:LYFT) from an overweight rating to an equal weight rating in a report issued on Monday morning, Marketbeat Ratings reports.

LYFT has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price objective on Lyft from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Raymond James Financial reissued a “market perform” rating on shares of Lyft in a research note on Friday, November 6th. The Goldman Sachs Group restated a “buy” rating and issued a $20.00 target price on shares of Lyft in a report on Friday, November 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Lyft in a research report on Friday, October 30th. Finally, Roth Capital restated a “buy” rating and issued a $25.00 price objective (up from $23.00) on shares of Lyft in a research report on Monday, August 10th. Ten equities research analysts have rated the stock with a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $18.89.

Lyft Stock Performance

NASDAQ:LYFT opened at $17.29 on Monday. Lyft has a 1-year low of $12.46 and a 1-year high of $25.54. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.60 and a quick ratio of 0.59. The business has a 50 day moving average of $16.19 and a 200 day moving average of $15.11. The company has a market capitalization of $6.54 billion, a price-to-earnings ratio of 121.57, a PEG ratio of 1.06 and a beta of 2.06.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Thursday, November 5th. The ride-sharing company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.20 by ($0.23). Lyft had a return on equity of 1.25% and a net margin of 40.67%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.92 billion. During the same period last year, the business posted $0.11 earnings per share. The company’s revenue was up 8.1% compared to the same quarter last year. On average, sell-side analysts predict that Lyft will post 0.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Stephen Hope sold 5,982 shares of Lyft stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $17.34, for a total transaction of $103,727.88. Following the completion of the transaction, the chief accounting officer directly owned 299,974 shares in the company, valued at approximately $5,201,549.16. This trade represents a 1.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lindsay Llewellyn sold 13,204 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $16.64, for a total value of $219,714.56. Following the completion of the sale, the insider directly owned 781,152 shares in the company, valued at $12,998,369.28. This trade represents a 1.66% decrease in their ownership of the stock. 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. In the last quarter, insiders have sold 61,586 shares of company stock valued at $1,024,326. Insiders own 0.92% of the company’s stock.

Institutional Trading of Lyft

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in Lyft by 58.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company’s stock valued at $89,360,000 after acquiring an additional 2,467,010 shares during the period. Bank of New York Mellon Corp increased its holdings in Lyft by 36.6% in the 1st quarter. Bank of New York Mellon Corp now owns 2,289,671 shares of the ride-sharing company’s stock worth $30,453,000 after acquiring an additional 613,494 shares in the last quarter. Engineers Gate Manager LP raised its stake in Lyft by 270.3% during the 2nd quarter. Engineers Gate Manager LP now owns 457,534 shares of the ride-sharing company’s stock worth $6,685,000 after acquiring an additional 333,977 shares during the period. Junto Capital Management LP purchased a new position in Lyft during the second quarter valued at approximately $36,926,000. Finally, Pacer Advisors Inc. boosted its position in shares of Lyft by 62.2% in the first quarter. Pacer Advisors Inc. now owns 3,189,313 shares of the ride-sharing company’s stock worth $42,418,000 after purchasing an additional 1,223,536 shares during the period. 83.07% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Lyft

These are some of the LYFT headlines that stood out recently:

• Positive Sentiment: Canaccord Genuity Group raised its price target for Lyft, providing a potentially supportive analyst signal; the report did not specify the new target. Article: Lyft Stock Gets Price Target Increase from Canaccord Genuity Group
• Neutral Sentiment: Lyft CEO David Risher is scheduled to participate in a fireside chat at the RBC Capital Markets technology and media conference. The announcement may provide an opportunity for management to discuss the business, but no new financial information was reported. Article: Lyft CEO to Participate in Fireside Chat
• Negative Sentiment: Fox Advisors lowered its rating on Lyft to “Equal Weight,” signaling a less favorable view of the shares. Article: Lyft Rating Lowered to Equal Weight at Fox Advisors

Lyft Company Profile

Lyft operates a mobile platform that connects people seeking transportation with drivers who provide rides. Through its app, customers can request on-demand trips, schedule rides in advance, and access other ride options where available. The company also offers Lyft Pink, a membership program with benefits for eligible rides and services. Lyft provides transportation programs for businesses and organizations through Lyft Business, including tools for arranging and managing rides. The company’s platform primarily serves markets in the United States and Canada.