Wedbush Issues Pessimistic Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT - Free Report) had its price target reduced by Wedbush from $20.00 to $18.00 in a research report report published on Monday morning,Benzinga reports. They currently have a neutral rating on the ride-sharing company's stock.

A number of other equities research analysts have also recently issued reports on the company. Benchmark upgraded Lyft from a "hold" rating to a "buy" rating and set a $20.00 price objective on the stock in a research note on Monday. Roth Mkm 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 lifted their price objective 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. Tigress Financial boosted their target price on shares of Lyft from $24.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, November 21st. Finally, Raymond James began coverage on Lyft in a report on Tuesday, September 24th. They issued a "market perform" rating for the company. Twenty-seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $17.78.

Lyft Stock Performance

NASDAQ LYFT traded up $0.12 during trading hours on Monday, reaching $14.39. 12,581,200 shares of the company were exchanged, compared to its average volume of 18,330,898. The stock has a market capitalization of $5.97 billion, a P/E ratio of -89.94, a P/E/G ratio of 4.10 and a beta of 2.14. 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 has a 1 year low of $8.93 and a 1 year high of $20.82. The business's 50 day simple moving average is $15.43 and its 200-day simple moving average is $13.42.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.09. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same quarter last year, the business posted ($0.02) EPS. Lyft's quarterly revenue was up 31.6% compared to the same quarter last year. On average, equities research analysts expect that Lyft will post 0.08 earnings per share for the current year.

Insider Activity

In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,081 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $18.02, for a total transaction of $163,639.62. Following the completion of the transaction, the chief accounting officer now owns 332,243 shares of the company's stock, valued at $5,987,018.86. This represents a 2.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Logan Green sold 10,919 shares of Lyft stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the sale, the director now owns 314,492 shares in the company, valued at approximately $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,242 shares of company stock valued at $427,330. 3.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lyft

Hedge funds and other institutional investors have recently made changes to their positions in the business. True Wealth Design LLC purchased a new position in Lyft during the 3rd quarter valued at $27,000. Brown Brothers Harriman & Co. bought a new stake in shares of Lyft during the 2nd quarter valued at about $35,000. Capital Performance Advisors LLP purchased a new position in shares of Lyft during the third quarter valued at about $38,000. Quarry LP raised its stake in Lyft by 4,032.6% in the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company's stock worth $50,000 after buying an additional 3,468 shares in the last quarter. Finally, Benjamin Edwards Inc. purchased a new stake in Lyft in the second quarter worth about $72,000. Institutional investors own 83.07% of the company's stock.

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.