Lyft (NASDAQ:LYFT) Trading Down 3% on Analyst Downgrade

Shares of Lyft, Inc. (NASDAQ:LYFT - Get Free Report) were down 3% during trading on Monday after Wells Fargo & Company lowered their price target on the stock from $18.00 to $17.00. Wells Fargo & Company currently has an equal weight rating on the stock. Lyft traded as low as $13.65 and last traded at $13.67. Approximately 1,148,740 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 15,568,890 shares. The stock had previously closed at $14.10.

Other research analysts also recently issued reports about the company. Needham & Company LLC reiterated a "hold" rating on shares of Lyft in a report on Friday, June 7th. TD Cowen upped their target price on Lyft from $16.00 to $18.00 and gave the company a "hold" rating in a research note on Friday, June 7th. Vertical Research raised Lyft to a "strong-buy" rating in a research note on Friday, June 7th. Morgan Stanley upped their price objective on shares of Lyft from $17.00 to $18.00 and gave the company an "equal weight" rating in a research note on Friday, June 7th. Finally, Argus raised shares of Lyft from a "hold" rating to a "buy" rating and set a $20.00 target price on the stock in a research report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $18.00.

Insider Activity at Lyft

In other news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the business's stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $15.67, for a total value of $142,330.61. Following the completion of the sale, the chief accounting officer now owns 351,853 shares of the company's stock, valued at approximately $5,513,536.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the business's stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total value of $142,330.61. Following the completion of the sale, the chief accounting officer now directly owns 351,853 shares in the company, valued at approximately $5,513,536.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Kristin Sverchek sold 6,500 shares of the firm's stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $15.54, for a total value of $101,010.00. Following the transaction, the president now owns 64,278 shares in the company, valued at $998,880.12. The disclosure for this sale can be found here. Insiders have sold 36,833 shares of company stock valued at $590,509 over the last ninety days. Corporate insiders own 3.07% of the company's stock.

Institutional Investors Weigh In On Lyft

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position 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. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Lyft in the third quarter valued at approximately $1,224,000. Corient Private Wealth LLC raised its holdings in shares of Lyft by 163.9% during the fourth quarter. Corient Private Wealth LLC now owns 100,826 shares of the ride-sharing company's stock valued at $1,511,000 after buying an additional 62,623 shares during the last quarter. Range Financial Group LLC acquired a new position in shares of Lyft during the first quarter worth approximately $470,000. Finally, Kodai Capital Management LP bought a new position in Lyft in the 4th quarter worth approximately $26,069,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Lyft Trading Down 0.9 %

The firm has a 50-day moving average of $15.63 and a 200 day moving average of $15.75. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.92. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of -29.72 and a beta of 2.09.

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

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.