Analysts Set Lyft, Inc. (NASDAQ:LYFT) Target Price at $18.00

Lyft, Inc. (NASDAQ:LYFT - Get Free Report) has received an average rating of "Hold" from the thirty analysts that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, eighteen have given a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $18.00.

Several brokerages have recently issued reports on LYFT. Needham & Company LLC restated a "hold" rating on shares of Lyft in a report on Friday, June 7th. Wedbush raised their target price on shares of Lyft from $18.00 to $19.00 and gave the stock a "neutral" rating in a report on Friday, June 7th. Citigroup raised their price target on Lyft from $15.00 to $18.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 8th. Morgan Stanley raised their price target on Lyft from $17.00 to $18.00 and gave the stock an "equal weight" rating in a research note on Friday, June 7th. Finally, Sanford C. Bernstein raised their price target on Lyft from $15.00 to $19.00 and gave the stock a "market perform" rating in a research note on Wednesday, May 8th.

Insider Transactions at Lyft

In related news, President Kristin Sverchek sold 3,000 shares of Lyft stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $13.81, for a total value of $41,430.00. Following the completion of the sale, the president now directly owns 47,778 shares in the company, valued at $659,814.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director John Patrick Zimmer sold 3,327 shares of Lyft stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $15.74, for a total value of $52,366.98. Following the completion of the sale, the director now directly owns 921,294 shares in the company, valued at $14,501,167.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Kristin Sverchek sold 3,000 shares of Lyft stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $13.81, for a total value of $41,430.00. Following the completion of the sale, the president now owns 47,778 shares of the company's stock, valued at $659,814.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,333 shares of company stock worth $680,974. 3.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lyft

Several institutional investors and hedge funds have recently added to or reduced their stakes in LYFT. Norges Bank purchased a new position in Lyft in the fourth quarter valued at about $94,687,000. Kodai Capital Management LP purchased a new stake in shares of Lyft during the fourth quarter worth about $26,069,000. Bank of Nova Scotia purchased a new stake in shares of Lyft during the fourth quarter worth about $21,433,000. Price T Rowe Associates Inc. MD grew its stake in shares of Lyft by 592.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company's stock worth $27,562,000 after acquiring an additional 1,218,620 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Lyft by 3.7% during the third quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company's stock worth $331,562,000 after acquiring an additional 1,135,036 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company's stock.

Lyft Price Performance

NASDAQ LYFT traded down $0.05 on Tuesday, reaching $13.43. 9,985,984 shares of the company's stock traded hands, compared to its average volume of 15,463,378. The company has a debt-to-equity ratio of 1.92, a current ratio of 0.82 and a quick ratio of 0.82. Lyft has a 12 month low of $8.85 and a 12 month high of $20.82. The stock has a market cap of $5.42 billion, a PE ratio of -28.68 and a beta of 2.06. The stock has a 50-day simple moving average of $15.28 and a 200 day simple moving average of $15.67.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.09. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. The firm had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.17 billion. As a group, research analysts predict that Lyft will post -0.19 earnings per share for the current year.

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.