Lyft (NASDAQ:LYFT) Price Target Lowered to $14.00 at Wells Fargo & Company

Lyft (NASDAQ:LYFT - Get Free Report) had its price target lowered by equities research analysts at Wells Fargo & Company from $17.00 to $14.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the ride-sharing company's stock. Wells Fargo & Company's target price points to a potential upside of 4.40% from the stock's previous close.

Several other research firms have also issued reports on LYFT. Jefferies Financial Group raised their price target on shares of Lyft from $10.50 to $13.00 and gave the stock a "hold" rating in a research report on Tuesday, October 22nd. Roth Mkm lifted their target price on Lyft from $13.00 to $16.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. TD Cowen upped their price target on Lyft from $16.00 to $18.00 and gave the company a "hold" rating in a report on Thursday, November 7th. Loop Capital lifted their price objective on Lyft from $16.00 to $23.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. Finally, Truist Financial boosted their price objective on Lyft from $13.00 to $20.00 and gave the company a "hold" rating in a research report on Thursday, November 7th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $17.84.

Lyft Stock Performance

Shares of NASDAQ LYFT traded down $0.19 during trading hours on Thursday, hitting $13.41. 13,904,471 shares of the company's stock were exchanged, compared to its average volume of 15,667,731. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of -83.81, a PEG ratio of 1.72 and a beta of 2.14. The company's 50-day moving average price is $15.38 and its 200-day moving average price is $13.41. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.09. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the company earned ($0.02) earnings per share. The company's quarterly revenue was up 31.6% compared to the same quarter last year. On average, sell-side analysts expect that Lyft will post 0.06 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Lisa Blackwood-Kapral sold 9,081 shares of the firm's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $18.02, for a total transaction of $163,639.62. Following the sale, the chief accounting officer now directly owns 332,243 shares in the company, valued at $5,987,018.86. This trade represents a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of the company's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $17.76, for a total value of $75,337.92. Following the transaction, the insider now directly owns 755,847 shares of the company's stock, valued at $13,423,842.72. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,242 shares of company stock valued at $427,330 in the last quarter. Company insiders own 3.07% of the company's stock.

Institutional Trading of Lyft

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sanctuary Advisors LLC grew its position in Lyft by 3.5% in the third quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company's stock valued at $363,000 after purchasing an additional 969 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of Lyft by 2.5% in the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company's stock valued at $538,000 after acquiring an additional 1,043 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Lyft by 9.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company's stock valued at $196,000 after acquiring an additional 1,160 shares in the last quarter. Miracle Mile Advisors LLC increased its position in shares of Lyft by 11.0% in the fourth quarter. Miracle Mile Advisors LLC now owns 12,864 shares of the ride-sharing company's stock valued at $166,000 after acquiring an additional 1,277 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Lyft by 1.6% during the third quarter. The Manufacturers Life Insurance Company now owns 82,690 shares of the ride-sharing company's stock worth $1,054,000 after acquiring an additional 1,315 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.