Wells Fargo & Company Cuts Lyft (NASDAQ:LYFT) Price Target to $12.00

Lyft (NASDAQ:LYFT) had its target price lowered by Wells Fargo & Company from $17.00 to $12.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the ride-sharing company’s stock.

Other research analysts also recently issued reports about the stock. Loop Capital raised shares of Lyft from a hold rating to a buy rating and set a $20.00 price objective for the company in a report on Friday, June 7th. Wedbush lowered their target price on shares of Lyft from $19.00 to $12.00 and set a neutral rating on the stock in a research note on Thursday. BMO Capital Markets increased their target price on shares of Lyft from $18.00 to $19.00 and gave the stock a market perform rating in a research note on Friday, June 7th. TD Cowen increased their target price on shares of Lyft from $16.00 to $18.00 and gave the stock a hold rating in a research note on Friday, June 7th. Finally, Citigroup increased their target price on shares of Lyft from $15.00 to $18.00 and gave the stock a neutral rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $16.03.

Lyft Stock Performance

LYFT traded down $0.31 on Thursday, hitting $9.76. The company’s stock had a trading volume of 18,693,449 shares, compared to its average volume of 15,903,942. The company’s 50 day simple moving average is $13.14 and its 200-day simple moving average is $15.35. The firm has a market cap of $3.94 billion, a P/E ratio of -20.77 and a beta of 2.06. Lyft has a 12 month low of $8.85 and a 12 month 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 data on Tuesday, May 7th. The ride-sharing company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.09. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.17 billion. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. Analysts forecast that Lyft will post -0.18 EPS for the current year.

Insider Buying and Selling

In other Lyft news, President Kristin Sverchek sold 3,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $13.81, for a total value of $41,430.00. Following the sale, the president now owns 47,778 shares of the company’s stock, valued at approximately $659,814.18. The sale was disclosed in a legal filing with the SEC, which is available through 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 value of $131,046.42. Following the sale, the director now owns 924,621 shares of the company’s stock, valued at approximately $15,293,231.34. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Kristin Sverchek sold 3,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $13.81, for a total transaction of $41,430.00. Following the completion of the sale, the president now directly owns 47,778 shares in the company, valued at approximately $659,814.18. The disclosure for this sale can be found here. Insiders have sold a total of 33,333 shares of company stock worth $518,714 in the last 90 days. 3.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lyft

Large investors have recently added to or reduced their stakes in the company. FinTrust Capital Advisors LLC boosted its stake in shares of Lyft by 277.8% during the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after purchasing an additional 1,000 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Lyft by 685.2% during the 4th quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock valued at $29,000 after purchasing an additional 1,672 shares in the last quarter. a16z Perennial Management L.P. bought a new stake in shares of Lyft during the 4th quarter valued at about $34,000. Kapitalo Investimentos Ltda bought a new stake in shares of Lyft during the 4th quarter valued at about $34,000. Finally, International Assets Investment Management LLC bought a new stake in shares of Lyft during the 2nd quarter valued at about $35,000. 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.