Lyft (NASDAQ:LYFT) Stock Price Expected to Rise, Bank of America Analyst Says

Lyft (NASDAQ:LYFT - Free Report) had its price target raised by Bank of America from $19.00 to $21.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the ride-sharing company's stock.

LYFT has been the topic of a number of other research reports. Piper Sandler reiterated an "overweight" rating and issued a $23.00 price target (up previously from $17.00) on shares of Lyft in a research note on Thursday, November 7th. Truist Financial upped their price target on shares of Lyft from $13.00 to $20.00 and gave the company a "hold" rating in a research note on Thursday, November 7th. Cantor Fitzgerald upped their price target on shares of Lyft from $13.00 to $16.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. DA Davidson upped their price target on shares of Lyft from $11.00 to $16.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Finally, Evercore ISI increased their target price on shares of Lyft from $17.00 to $19.00 and gave the stock an "in-line" rating in a research report on Thursday, November 7th. Twenty-seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $17.84.

Lyft Stock Performance

Shares of LYFT stock traded down $0.73 on Tuesday, reaching $14.39. The stock had a trading volume of 56,645,549 shares, compared to its average volume of 17,137,660. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The firm's 50-day moving average is $14.05 and its two-hundred day moving average is $13.51. The firm has a market capitalization of $5.97 billion, a price-to-earnings ratio of -89.94, a P/E/G ratio of 1.94 and a beta of 2.16. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.10). Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. On average, research analysts expect that Lyft will post 0.06 EPS for the current fiscal year.

Insider Activity at Lyft

In other news, Director Logan Green sold 10,919 shares of the firm's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the transaction, the director now owns 314,492 shares of the company's stock, valued at approximately $5,424,987. This trade represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Lyft

Large investors have recently modified their holdings of the business. True Wealth Design LLC bought a new position in shares of Lyft during the third quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Lyft during the fourth quarter worth $29,000. ORG Wealth Partners LLC bought a new position in Lyft during the fourth quarter worth $31,000. Byrne Asset Management LLC bought a new position in Lyft during the fourth quarter worth $35,000. Finally, Plato Investment Management Ltd bought a new position in Lyft during the fourth quarter worth $35,000. 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.