Canaccord Genuity Group Cuts Lyft (NASDAQ:LYFT) Price Target to $18.00

Lyft (NASDAQ:LYFT) had its price target reduced by Canaccord Genuity Group from $23.00 to $18.00 in a report issued on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the ride-sharing company’s stock.

Several other brokerages also recently issued reports on LYFT. Citigroup upped their price target on shares of Lyft from $15.00 to $18.00 and gave the company a neutral rating in a report on Wednesday, May 8th. Sanford C. Bernstein upped their target price on Lyft from $15.00 to $19.00 and gave the company a market perform rating in a research note on Wednesday, May 8th. Wolfe Research initiated coverage on Lyft in a research report on Tuesday, July 16th. They set a peer perform rating for the company. Wedbush upped their price objective on Lyft from $18.00 to $19.00 and gave the company a neutral rating in a research report on Friday, June 7th. Finally, Fox Advisors raised Lyft from an equal weight rating to an overweight rating and set a $20.00 price objective on the stock in a research note on Friday, June 7th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and an average price target of $16.03.

Lyft Price Performance

NASDAQ LYFT traded down $0.31 during mid-day trading on Thursday, hitting $9.76. The stock had a trading volume of 18,693,449 shares, compared to its average volume of 15,903,942. The company has a 50 day simple moving average of $13.26 and a 200 day simple moving average of $15.38. The company has a market cap of $3.94 billion, a price-to-earnings ratio of -21.43 and a beta of 2.06. Lyft has a 52-week low of $8.85 and a 52-week high of $20.82. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.92.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.09. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.17 billion. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. Equities analysts forecast that Lyft will post -0.18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total value of $142,330.61. Following the transaction, the chief accounting officer now owns 351,853 shares in the company, valued at $5,513,536.51. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Lyft news, Director John Patrick Zimmer sold 7,923 shares of the firm’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $16.54, for a total transaction of $131,046.42. Following the completion of the transaction, the director now directly owns 924,621 shares of the company’s stock, valued at approximately $15,293,231.34. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,083 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total transaction of $142,330.61. Following the completion of the sale, the chief accounting officer now directly owns 351,853 shares of the company’s stock, valued at approximately $5,513,536.51. The disclosure for this sale can be found here. Insiders have sold 33,333 shares of company stock worth $518,714 in the last quarter. 3.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lyft

A number of hedge funds have recently bought and sold shares of the company. FinTrust Capital Advisors LLC lifted its stake in Lyft by 277.8% during the first quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after purchasing an additional 1,000 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Lyft by 685.2% during the fourth quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock worth $29,000 after purchasing an additional 1,672 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Lyft in the 1st quarter worth about $41,000. GAMMA Investing LLC boosted its holdings in shares of Lyft by 42.9% in the 1st quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock valued at $43,000 after buying an additional 664 shares during the period. Finally, a16z Perennial Management L.P. bought a new stake in shares of Lyft during the 4th quarter valued at about $34,000. 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.