Lyft (NASDAQ:LYFT) Trading 3.3% Higher - Here's Why

Lyft, Inc. (NASDAQ:LYFT - Get Free Report)'s share price was up 3.3% during trading on Friday . The stock traded as high as $18.54 and last traded at $18.51. Approximately 1,920,470 shares were traded during trading, a decline of 87% from the average daily volume of 15,069,757 shares. The stock had previously closed at $17.92.

Analyst Ratings Changes

Several research firms have recently issued reports on LYFT. Morgan Stanley increased their price objective on shares of Lyft from $16.50 to $18.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th. Melius assumed coverage on Lyft in a research note on Monday, July 22nd. They issued a "hold" rating and a $15.00 price objective on the stock. Wedbush restated a "neutral" rating and issued a $20.00 price objective (up previously from $12.00) on shares of Lyft in a report on Thursday, November 7th. Truist Financial lifted their target price on Lyft from $13.00 to $20.00 and gave the stock a "hold" rating in a report on Thursday, November 7th. Finally, Citigroup cut their price target on shares of Lyft from $18.00 to $10.00 and set a "neutral" rating for the company in a report on Thursday, August 8th. Twenty-eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Lyft presently has a consensus rating of "Hold" and an average price target of $17.48.

Lyft Price Performance

The company's 50-day simple moving average is $13.50 and its 200 day simple moving average is $13.58. The company has a market capitalization of $7.43 billion, a P/E ratio of -114.81, a P/E/G ratio of 5.16 and a beta of 2.04. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.20 by $0.09. The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.44 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The business's quarterly revenue was up 31.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.02) earnings per share. As a group, sell-side analysts expect that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lyft news, insider Lindsay Catherine Llewellyn sold 4,242 shares of the firm's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $17.76, for a total value of $75,337.92. Following the sale, the insider now directly owns 755,847 shares in the company, valued at $13,423,842.72. This trade represents a 0.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Patrick Zimmer sold 7,188 shares of the business's stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the transaction, the director now owns 932,062 shares in the company, valued at approximately $10,625,506.80. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,987 shares of company stock valued at $619,025 over the last 90 days. 3.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lyft

A number of institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio grew its holdings in shares of Lyft by 87.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 260,374 shares of the ride-sharing company's stock worth $3,320,000 after purchasing an additional 121,142 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Lyft during the third quarter worth $1,838,000. Main Management ETF Advisors LLC bought a new stake in Lyft in the 3rd quarter valued at $881,000. XTX Topco Ltd raised its stake 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 buying an additional 1,043 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of Lyft in the 3rd quarter valued at $677,000. 83.07% of the stock is owned by institutional investors and hedge funds.

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.