Lyft (NASDAQ:LYFT) Price Target Increased to $24.00 by Analysts at Tigress Financial

Lyft (NASDAQ:LYFT) had its price target raised by analysts at Tigress Financial from $22.00 to $24.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the ride-sharing company’s stock. Tigress Financial’s price target points to a potential upside of 38.65% from the company’s previous close.

LYFT has been the topic of several other reports. Royal Bank of Canada raised shares of Lyft from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $17.00 to $23.00 in a report on Monday, March 4th. BMO Capital Markets started coverage on shares of Lyft in a research note on Tuesday, January 9th. They issued a “market perform” rating and a $15.00 target price for the company. JPMorgan Chase & Co. raised their target price on shares of Lyft from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. UBS Group raised their target price on shares of Lyft from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Finally, The Goldman Sachs Group downgraded shares of Lyft from a “buy” rating to a “neutral” rating and raised their target price for the company from $12.00 to $15.00 in a research note on Thursday, January 11th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.60.

Lyft Stock Performance

Shares of NASDAQ:LYFT opened at $17.31 on Thursday. The firm has a market cap of $6.92 billion, a PE ratio of -19.45 and a beta of 1.98. The firm’s 50 day simple moving average is $17.51 and its 200-day simple moving average is $13.97. Lyft has a one year low of $7.85 and a one year high of $20.82. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.87 and a current ratio of 0.87.

Lyft (NASDAQ:LYFT) last issued its earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.14. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Lyft had a negative net margin of 7.73% and a negative return on equity of 54.80%. As a group, equities analysts predict that Lyft will post -0.35 EPS for the current year.

Insider Buying and Selling

In other Lyft news, Director John Patrick Zimmer sold 193,200 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.04, for a total value of $3,871,728.00. Following the transaction, the director now directly owns 932,544 shares in the company, valued at approximately $18,688,181.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director John Patrick Zimmer sold 193,200 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.04, for a total value of $3,871,728.00. Following the transaction, the director now directly owns 932,544 shares in the company, valued at approximately $18,688,181.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Kristin Sverchek sold 5,670 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total transaction of $85,163.40. Following the completion of the transaction, the president now owns 633,950 shares in the company, valued at $9,521,929. The disclosure for this sale can be found here. Over the last three months, insiders have sold 270,526 shares of company stock worth $5,195,771. 3.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Lyft

Large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its stake in Lyft by 42.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,488,609 shares of the ride-sharing company’s stock worth $36,770,000 after buying an additional 1,043,719 shares during the period. Invesco Ltd. increased its stake in Lyft by 21.3% during the 3rd quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock worth $46,647,000 after buying an additional 778,563 shares during the period. Vanguard Group Inc. increased its stake in Lyft by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock worth $331,562,000 after buying an additional 1,135,036 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in Lyft during the 3rd quarter worth approximately $1,224,000. Finally, Canada Pension Plan Investment Board increased its stake in Lyft by 123.4% during the 3rd quarter. Canada Pension Plan Investment Board now owns 1,208,700 shares of the ride-sharing company’s stock worth $12,740,000 after buying an additional 667,600 shares during the period. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.