Lyft (NASDAQ:LYFT) coverage launched at KeyCorp

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KeyCorp began hedging the shares of Lyft (NASDAQ: LYFT – Get an Assessment) in a research report published on Tuesday, reports The Fly. The brokerage issued a sector weight rating on shares of the rideshare company.

A number of other research companies have also weighed in on LYFT. Stifel Nicolaus cut his price target on Lyft from $28.00 to $18.00 in a Tuesday, June 28 research report. Argus reduced its price target on Lyft from $72.00 to $41.00 in a Monday, May 16 research report. MKM Partners reduced its price target on Lyft from $49.00 to $32.00 in a Wednesday, May 4 research report. Cowen cut its price target on Lyft from $68.00 to $42.00 and set an outperform rating for the company in a Wednesday, May 4 research report. Finally, DA Davidson reduced his price target on Lyft from $60.00 to $27.00 in a Thursday, May 5 research report. Eleven research analysts gave the stock a hold rating and sixteen gave the stock a buy rating. According to data from MarketBeat.com, the stock has a Moderate Buy consensus rating and an average target price of $43.86.

NASDAQ: LYFT opened at $12.61 on Tuesday. The company’s 50-day moving average price is $16.57 and its 200-day moving average price is $30.67. The company has a market capitalization of $4.40 billion, a P/E ratio of -5.51 and a beta of 1.88. Lyft has a 52-week minimum of $12.34 and a 52-week maximum of $58.12. The company has a quick ratio of 1.14, a current ratio of 1.14 and a leverage ratio of 0.68.

Lyft (NASDAQ:LYFT – Get Rating) last reported results on Tuesday, May 3. The rideshare company reported ($0.37) earnings per share (EPS) for the quarter, beating analyst consensus estimates of ($0.58) by $0.21. The company posted revenue of $875.60 million for the quarter, versus analyst estimates of $845.91 million. Lyft had a negative return on equity of 50.06% and a negative net margin of 22.42%. Lyft’s revenue increased 43.8% from the same quarter last year. During the same period of the previous year, the company made ($0.86) earnings per share. Sell-side analysts expect Lyft to post -1.87 EPS for the current year.

Hedge funds and other institutional investors have recently changed their positions in the stock. MCF Advisors LLC bought a new equity stake in Lyft in Q1 worth about $25,000. Elequin Capital LP bought a new equity stake in Lyft in Q1 worth about $26,000. Rockbridge Investment Management LCC increased its stake in Lyft stock to 95.6% in Q4. Rockbridge Investment Management LCC now owns 671 shares of the ride-hailing company valued at $29,000 after buying 328 additional shares in the last quarter. Concord Wealth Partners increased its holdings in Lyft by 64.2% in Q4. Concord Wealth Partners now owns 962 shares of the ride-sharing company worth $41,000 after buying 376 additional shares in the last quarter. Finally, Activest Wealth Management acquired a new stake in Lyft in Q1 worth approximately $44,000. 80.43% of the shares are held by institutional investors and hedge funds.

Lyft Company Profile (Get an evaluation)

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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