Wells Fargo & Company Lowers Lyft (NASDAQ:LYFT) Price Target to $14.00

Lyft (NASDAQ:LYFT - Get Free Report) had its price target dropped by analysts at Wells Fargo & Company from $17.00 to $14.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the ride-sharing company's stock. Wells Fargo & Company's target price would indicate a potential upside of 2.94% from the stock's current price.

A number of other brokerages have also recently commented on LYFT. Bank of America raised their price objective on shares of Lyft from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Morgan Stanley lifted 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. Truist Financial increased their target price on shares of Lyft from $13.00 to $20.00 and gave the stock a "hold" rating in a research note on Thursday, November 7th. Benchmark upgraded Lyft from a "hold" rating to a "buy" rating and set a $20.00 price target for the company in a research note on Monday, January 6th. Finally, Wedbush lowered their price target on Lyft from $20.00 to $18.00 and set a "neutral" rating on the stock in a research report on Monday, January 6th. Twenty-seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $17.84.

Lyft Stock Performance

NASDAQ LYFT traded up $0.20 on Thursday, reaching $13.60. 14,778,870 shares of the company's stock traded hands, compared to its average volume of 15,842,905. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $20.82. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market cap of $5.64 billion, a price-to-earnings ratio of -85.00, a P/E/G ratio of 1.72 and a beta of 2.14. The stock has a 50 day moving average price of $15.38 and a 200-day moving average price of $13.41.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.09. The business had revenue of $1.52 billion during the quarter, compared to analysts' expectations of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The company's revenue for the quarter was up 31.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.02) EPS. Equities research analysts predict that Lyft will post 0.06 EPS for the current fiscal year.

Insider Buying and Selling at Lyft

In related news, Director Logan Green sold 10,919 shares of the firm's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the sale, the director now directly owns 314,492 shares of the company's stock, valued at approximately $5,424,987. This trade represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were 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 directly owns 332,243 shares in the company, valued at $5,987,018.86. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,242 shares of company stock worth $427,330 in the last ninety days. 3.07% of the stock is owned by insiders.

Institutional Trading of Lyft

Several institutional investors have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Lyft by 0.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company's stock valued at $230,174,000 after buying an additional 80,675 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Lyft by 27.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company's stock valued at $103,456,000 after purchasing an additional 1,735,208 shares in the last quarter. Pacer Advisors Inc. acquired a new position in shares of Lyft in the third quarter valued at approximately $90,604,000. Primecap Management Co. CA increased its stake in Lyft by 3.8% during the 3rd quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company's stock worth $82,768,000 after buying an additional 235,510 shares during the period. Finally, Maple Rock Capital Partners Inc. lifted its holdings in Lyft by 84.8% during the 3rd quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company's stock worth $78,872,000 after buying an additional 2,838,000 shares in the last quarter. Institutional investors and hedge funds 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.