Lyft (NASDAQ:LYFT) Price Target Increased to $23.00 by Analysts at Piper Sandler

Lyft (NASDAQ:LYFT) had its target price hoisted by Piper Sandler from $22.00 to $23.00 in a research report report published on Wednesday, Benzinga reports. They currently have an overweight rating on the ride-sharing company’s stock.

A number of other research firms have also issued reports on LYFT. Barclays lifted their target price on Lyft from $14.00 to $17.00 and gave the stock an equal weight rating in a report on Thursday, February 15th. TD Cowen increased their price target on Lyft from $10.00 to $12.00 and gave the company a market perform rating in a research report on Monday, January 22nd. Needham & Company LLC reiterated a hold rating on shares of Lyft in a research report on Wednesday. BMO Capital Markets increased their price target on Lyft from $15.00 to $18.00 and gave the company a market perform rating in a research report on Wednesday. Finally, Wedbush increased their price target on Lyft from $15.00 to $18.00 and gave the company a neutral rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Lyft currently has a consensus rating of Hold and a consensus price target of $16.70.

Lyft Price Performance

NASDAQ:LYFT traded down $0.54 during mid-day trading on Wednesday, reaching $17.24. 12,924,053 shares of the stock were exchanged, compared to its average volume of 16,567,121. The business has a fifty day moving average price of $17.75 and a 200 day moving average price of $14.58. The firm has a market capitalization of $6.89 billion, a PE ratio of -36.87 and a beta of 2.05. Lyft has a 1-year low of $7.85 and a 1-year high of $20.82. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.55.

Lyft (NASDAQ:LYFT) last released its earnings results 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. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. Research analysts expect that Lyft will post -0.35 earnings per share for the current fiscal year.

Insider Activity at Lyft

In related news, CAO Lisa Blackwood-Kapral sold 18,065 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $16.06, for a total value of $290,123.90. Following the transaction, the chief accounting officer now directly owns 255,817 shares of the company’s stock, valued at approximately $4,108,421.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Lyft news, CAO Lisa Blackwood-Kapral sold 18,065 shares of Lyft stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $16.06, for a total value of $290,123.90. Following the transaction, the chief accounting officer now directly owns 255,817 shares of the company’s stock, valued at approximately $4,108,421.02. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John Patrick Zimmer sold 193,200 shares of Lyft stock in a transaction that occurred on 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 transaction, the director now directly owns 932,544 shares in the company, valued at $18,688,181.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 280,526 shares of company stock valued at $5,358,031. Corporate insiders own 3.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. FinTrust Capital Advisors LLC grew its holdings in shares of Lyft by 277.8% during the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after purchasing an additional 1,000 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Lyft by 685.2% during the 4th quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock worth $29,000 after purchasing an additional 1,672 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Lyft during the 1st quarter worth approximately $41,000. GAMMA Investing LLC grew its holdings in shares of Lyft by 42.9% during the 1st quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock worth $43,000 after purchasing an additional 664 shares in the last quarter. Finally, a16z Perennial Management L.P. acquired a new stake in shares of Lyft during the 4th quarter worth approximately $34,000. 83.07% of the stock is owned by institutional investors.

About Lyft

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.