Sanford C. Bernstein Raises Lyft (NASDAQ:LYFT) Price Target to $19.00

Lyft (NASDAQ:LYFT) had its target price hoisted by equities research analysts at Sanford C. Bernstein from $15.00 to $19.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “market perform” rating on the ride-sharing company’s stock. Sanford C. Bernstein’s price objective suggests a potential upside of 8.08% from the stock’s previous close.

Other analysts have also issued reports about the company. BMO Capital Markets lifted their price target on Lyft from $15.00 to $18.00 and gave the stock a “market perform” rating in a research note on Wednesday. Barclays upped their target price on shares of Lyft from $14.00 to $17.00 and gave the stock an “equal weight” rating in a report on Thursday, February 15th. Morgan Stanley boosted their price target on shares of Lyft from $12.00 to $13.00 and gave the stock an “equal weight” rating in a research report on Monday. DA Davidson increased their price objective on shares of Lyft from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Moffett Nathanson upgraded Lyft from a “sell” rating to a “neutral” rating in a report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Lyft currently has a consensus rating of “Hold” and an average target price of $16.04.

Lyft Price Performance

Shares of NASDAQ:LYFT traded up $0.98 during trading on Wednesday, reaching $17.58. 23,748,348 shares of the company’s stock traded hands, compared to its average volume of 16,426,936. The firm has a market cap of $7.03 billion, a PE ratio of -19.51 and a beta of 2.05. Lyft has a fifty-two week low of $7.85 and a fifty-two week high of $20.82. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55. The company has a 50-day simple moving average of $17.75 and a 200-day simple moving average of $14.58.

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

Insiders Place Their Bets

In other Lyft news, President Kristin Sverchek sold 3,500 shares of Lyft stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $17.50, for a total value of $61,250.00. Following the completion of the transaction, the president now directly owns 60,778 shares of the company’s stock, valued at approximately $1,063,615. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Lyft news, President Kristin Sverchek sold 3,500 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $17.50, for a total transaction of $61,250.00. Following the completion of the transaction, the president now owns 60,778 shares in the company, valued at approximately $1,063,615. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Patrick Zimmer sold 193,200 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.04, for a total transaction of $3,871,728.00. Following the completion of the sale, the director now owns 932,544 shares in the company, valued at $18,688,181.76. The disclosure for this sale can be found here. Insiders have sold 280,526 shares of company stock worth $5,358,031 over the last ninety days. Corporate insiders own 3.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LYFT. Norges Bank purchased a new position in shares of Lyft during the 4th quarter worth approximately $94,687,000. Kodai Capital Management LP purchased a new stake in shares of Lyft during the 4th quarter worth $26,069,000. Bank of Nova Scotia acquired a new position in shares of Lyft during the 4th quarter worth $21,433,000. Vanguard Group Inc. increased its holdings in shares of Lyft by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock valued at $331,562,000 after purchasing an additional 1,135,036 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Lyft by 126.0% in the fourth quarter. BNP Paribas Financial Markets now owns 1,937,357 shares of the ride-sharing company’s stock valued at $29,041,000 after purchasing an additional 1,080,009 shares during the period. Hedge funds and other institutional investors own 83.07% of the company’s stock.

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.