Shares of Lyft, Inc. (NASDAQ:LYFT – Get Free Report) traded up 11.9% during mid-day trading on Wednesday. The stock traded as high as $18.62 and last traded at $18.6460. 5,528,561 shares changed hands during trading, a decline of 59% from the average daily volume of 13,598,369 shares. The stock had previously closed at $16.67.
Lyft News Roundup
Here are the key news stories impacting Lyft this week:
- Positive Sentiment: Uber’s strong delivery quarter lifted ride-hailing and delivery stocks broadly, helping drive gains in Lyft alongside Uber and DoorDash. Article: Uber Climbs 7% Despite Soft Profit Outlook as Delivery Strength Shines; Lyft Jumps 11%, DoorDash Gains 7%
- Positive Sentiment: Recent reports said LYFT moved above its 20-day and 50-day moving averages, a technical signal that may indicate improving short-term momentum. Article: Lyft Just Overtook the 20-Day Moving Average Article: Lyft Just Overtook the 50-Day Moving Average
- Neutral Sentiment: UBS raised its price target from $17 to $18 but kept a “neutral” rating; the new target was below the stock’s recent trading level, tempering the positive implication of the increase. Article: Lyft Stock Gets Price Target Bump from UBS Group
- Neutral Sentiment: Lyft offered discounted Election Day rides. The promotion could encourage usage, though the articles did not quantify its effect on bookings or profitability. Article: Lyft, Uber Offer Half-Price Rides to Polling Locations on Election Day
Wall Street Analysts Forecast Growth
LYFT has been the topic of several recent research reports. TD Cowen lowered their price objective on shares of Lyft from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, October 21st. Guggenheim cut shares of Lyft from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $22.00 to $16.00 in a report on Thursday, September 17th. Wells Fargo & Company decreased their price target on shares of Lyft from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Monday, October 5th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $17.00 price target on shares of Lyft in a report on Monday, August 10th. Finally, UBS Group increased their price objective on Lyft from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday. Ten analysts have rated the stock with a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Lyft has a consensus rating of “Hold” and a consensus price target of $19.23.
Check Out Our Latest Stock Analysis on Lyft
Lyft Stock Up 12.3%
The business has a fifty day moving average of $16.17 and a 200 day moving average of $15.14. The stock has a market cap of $7.09 billion, a price-to-earnings ratio of 2.72, a P/E/G ratio of 1.03 and a beta of 2.06. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.59 and a quick ratio of 0.59.
Lyft (NASDAQ:LYFT – Get Free Report) last posted its earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. Lyft had a negative return on equity of 1.20% and a net margin of 42.32%. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.10 earnings per share. On average, equities analysts predict that Lyft, Inc. will post 0.81 earnings per share for the current year.
Insider Transactions at Lyft
In other Lyft news, CFO Erin Brewer sold 15,000 shares of the stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $14.64, for a total transaction of $219,600.00. Following the completion of the transaction, the chief financial officer directly owned 837,303 shares in the company, valued at $12,258,115.92. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Lawee sold 4,613 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $17.33, for a total transaction of $79,943.29. Following the sale, the director owned 119,124 shares of the company’s stock, valued at $2,064,418.92. This trade represents a 3.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 75,806 shares of company stock valued at $1,266,066 over the last 90 days. Corporate insiders own 0.92% of the company’s stock.
Institutional Trading of Lyft
Hedge funds have recently modified their holdings of the stock. Wedmont Private Capital grew its stake in shares of Lyft by 5.0% in the third quarter. Wedmont Private Capital now owns 13,517 shares of the ride-sharing company’s stock worth $218,000 after acquiring an additional 642 shares during the last quarter. BOKF NA boosted its stake in Lyft by 4.7% in the 3rd quarter. BOKF NA now owns 15,360 shares of the ride-sharing company’s stock worth $231,000 after purchasing an additional 695 shares in the last quarter. Nicollet Investment Management Inc. grew its position in Lyft by 2.0% during the 3rd quarter. Nicollet Investment Management Inc. now owns 50,501 shares of the ride-sharing company’s stock valued at $758,000 after purchasing an additional 999 shares during the last quarter. Evergreen Capital Management LLC grew its position in Lyft by 5.8% during the 3rd quarter. Evergreen Capital Management LLC now owns 19,742 shares of the ride-sharing company’s stock valued at $296,000 after purchasing an additional 1,077 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its stake in Lyft by 3.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 35,758 shares of the ride-sharing company’s stock valued at $537,000 after purchasing an additional 1,104 shares in the last quarter. 83.07% of the stock is owned by institutional investors.
Lyft Company Profile
Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.
The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.
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