Zacks Investment Research upgraded shares of Lyft (NASDAQ:LYFT) from a sell rating to a hold rating in a research report released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $51.00 price target on the ride-sharing company’s stock.
According to Zacks, “Gradual recovery in Lyft’s ride volumes is encouraging. Notably, rideshare rides have recovered significantly from the lows in April. Moreover, with consistent cost-control efforts, the company’s adjusted EBITDA losses have been improving over the past few quarters. Despite the challenges, Lyft has maintained its adjusted EBITDA profitability target for the fourth quarter of 2021. Although ride volumes have improved from the dramatic lows, it is significantly below 2019 levels. Due to this weakness, revenues dropped 30.9% in the first nine months of 2020. The company’s fourth-quarter performance is also expected to reflect this softness in ride volumes. Shares of Lyft have underperformed its industry in a year’s time partly due to the huge losses it incurred in each of the quarters since going public on Mar 29, 2019.”
LYFT has been the topic of a number of other research reports. UBS Group lifted their target price on Lyft from $38.00 to $45.00 and gave the company a buy rating in a report on Wednesday, November 11th. Loop Capital lifted their target price on Lyft from $50.00 to $63.00 and gave the stock a buy rating in a research report on Friday, December 18th. They noted that the move was a valuation call. Morgan Stanley lifted their target price on Lyft from $34.00 to $55.00 and gave the stock an equal weight rating in a research report on Monday. BTIG Research boosted their price objective on Lyft from $50.00 to $60.00 and gave the company a buy rating in a report on Thursday, January 7th. Finally, DA Davidson lifted their target price on Lyft from $42.00 to $58.00 and gave the company a buy rating in a research note on Tuesday, December 22nd. Ten research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $50.94.
Shares of LYFT stock opened at $50.68 on Tuesday. The company has a market cap of $16.09 billion, a price-to-earnings ratio of -9.44 and a beta of 2.27. The stock has a 50 day simple moving average of $46.71 and a 200-day simple moving average of $33.98. Lyft has a 12-month low of $14.56 and a 12-month high of $54.50. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.31.
Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Tuesday, November 10th. The ride-sharing company reported ($0.89) earnings per share for the quarter, topping the consensus estimate of ($1.33) by $0.44. The company had revenue of $499.70 million during the quarter, compared to the consensus estimate of $489.26 million. Lyft had a negative return on equity of 60.70% and a negative net margin of 58.70%. Lyft’s revenue was down 47.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.41) earnings per share. On average, equities analysts forecast that Lyft will post -4.8 earnings per share for the current fiscal year.
In other Lyft news, Director David Lawee sold 309,249 shares of the company’s stock in a transaction on Wednesday, December 16th. The stock was sold at an average price of $50.04, for a total value of $15,474,819.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Kristin Sverchek sold 5,000 shares of the company’s stock in a transaction on Wednesday, December 23rd. The shares were sold at an average price of $50.08, for a total value of $250,400.00. The disclosure for this sale can be found here. Insiders sold 873,047 shares of company stock valued at $43,336,352 over the last 90 days. 22.86% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Glenmede Trust Co. NA boosted its position in shares of Lyft by 58.8% during the 2nd quarter. Glenmede Trust Co. NA now owns 961 shares of the ride-sharing company’s stock valued at $31,000 after acquiring an additional 356 shares during the last quarter. Clearstead Advisors LLC raised its position in Lyft by 173.2% during the third quarter. Clearstead Advisors LLC now owns 1,161 shares of the ride-sharing company’s stock valued at $32,000 after acquiring an additional 736 shares in the last quarter. Prospera Financial Services Inc purchased a new position in Lyft during the third quarter valued at approximately $33,000. Creative Financial Designs Inc. ADV purchased a new position in Lyft during the fourth quarter valued at approximately $34,000. Finally, Amundi Pioneer Asset Management Inc. purchased a new position in Lyft during the first quarter valued at approximately $39,000. 64.17% of the stock is currently owned by institutional investors.
Lyft Company Profile
Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company offers riders, personalized and on-demand access to various transportation options. It provides Ridesharing Marketplace, which enable drivers to provide their transportation services to riders.
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