Lyft (NASDAQ: LYFT – Get an Assessment) saw its price target lowered by equity analysts Goldman Sachs Group from $36.00 to $24.00 in a research report released Thursday, The Fly reports. The Goldman Sachs Group price target indicates a potential upside of 41.68% from the company’s current price.
A number of other brokerages have also weighed in on LYFT recently. Cowen lowered his price target on Lyft stock from $68.00 to $42.00 and set an “outperform” rating for the company in a Wednesday, May 4 research note. BTIG Research lowered its target price on Lyft stock from $65.00 to $60.00 in a Wednesday, May 4 research note. DA Davidson reduced its target price on Lyft stock from $60.00 to $27.00 in a Thursday, May 5 research note. MKM Partners cut its price target on Lyft shares from $49.00 to $32.00 in a Wednesday, May 4 research report. Finally, Canaccord Genuity Group cut its price target on Lyft stock from $58.00 to $52.00 in a Wednesday, May 4 research report. Ten analysts gave the stock a hold rating and sixteen gave the company a buy rating. Based on data from MarketBeat.com, Lyft has an average rating of “Buy” and a consensus price target of $46.00.
LYFT was down $0.69 on Thursday, hitting $16.94. The company had a trading volume of 9,649,877 shares, compared to an average volume of 9,475,111 shares. The company has a debt ratio of 0.68, a current ratio of 1.14 and a quick ratio of 1.14. Lyft has a 52-week minimum of $16.33 and a 52-week maximum of $63.07. The stock has a fifty-day simple moving average of $25.82 and a 200-day simple moving average of $35.02. The company has a market capitalization of $5.90 billion, a P/E ratio of -7.40 and a beta of 1.84.
Lyft (NASDAQ:LYFT – Get Rating) last reported results on Tuesday, May 3. The rideshare company reported ($0.37) earnings per share for the quarter, beating analyst consensus estimates of ($0.58) by $0.21. Lyft had a negative net margin of 22.42% and a negative return on equity of 50.06%. The company posted revenue of $875.60 million in the quarter, versus a consensus estimate of $845.91 million. In the same quarter last year, the company made ($0.86) earnings per share. The company’s revenue for the quarter increased 43.8% year over year. Equity research analysts expect Lyft to post -1.87 earnings per share for the current fiscal year.
In other Lyft news, insider Kristin Sverchek sold 3,938 shares of Lyft in a trade on Tuesday, March 29. The shares were sold at an average price of $40.00, for a total value of $157,520.00. The sale was disclosed in a filing with the SEC, accessible via this link. 5.77% of the shares are currently held by insiders.
A number of institutional investors have recently increased or reduced their stake in LYFT. Clearbridge Investments LLC increased its stake in Lyft stock by 46.4% in the first quarter. Clearbridge Investments LLC now owns 6,470,972 shares of the rideshare company worth $248,485,000 after acquiring an additional 2,050,430 shares during the period. Paradigm Financial Partners LLC increased its position in Lyft by 600.0% during the fourth quarter. Paradigm Financial Partners LLC now owns 2,357,411 shares of the ride-hailing company worth $104,905,000 after purchasing an additional 2,020,638 shares in the last quarter. Norges Bank acquired a new stake in Lyft stock during the fourth quarter worth approximately $82,882,000. American Century Companies Inc. increased its position in Lyft stock by 25.9% in the first quarter. American Century Companies Inc. now owns 6,068,020 shares of the ride-hailing company valued at $233,012,000 after acquiring an additional 1,249,383 shares in the last quarter. Finally, Woodline Partners LP acquired a new equity stake in Lyft during the first quarter worth approximately $47,505,000. 80.43% of the shares are held by institutional investors.
About Lyft (Get a rating)
Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company operates multimodal transportation networks that provide riders with personalized, on-demand access to a variety of mobility options. It supplies the carpooling market, which connects drivers with passengers; Express Drive, a flexible car rental program for drivers; Lyft Rentals, which provides vehicles for long-distance trips; and a network of shared bicycles and scooters in different cities to meet the needs of cyclists for short trips.
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