LYFT (NASDAQ:LYFT) Upgraded to Buy at HSBC

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HSBC upgraded shares of LYFT (NASDAQ:LYFT) from a hold rating to a buy rating in a research report released on Monday morning, BenzingaRatingsTable reports. HSBC currently has $62.00 price objective on the ride-sharing company’s stock, down from their previous price objective of $67.00.

A number of other brokerages have also issued reports on LYFT. Piper Jaffray Companies increased their target price on shares of LYFT from $78.00 to $79.00 and gave the company an overweight rating in a research report on Thursday, August 8th. Barclays increased their target price on shares of LYFT from $55.00 to $63.00 and gave the company a positive rating in a research report on Thursday, August 8th. Zacks Investment Research upgraded shares of LYFT from a sell rating to a hold rating in a research report on Wednesday, August 7th. Macquarie assumed coverage on shares of LYFT in a research report on Tuesday, June 4th. They issued an outperform rating for the company. Finally, Citigroup increased their target price on shares of LYFT from $70.00 to $75.00 and gave the company a buy rating in a research report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-six have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $72.35.

LYFT stock opened at $47.28 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.73 and a current ratio of 1.73. LYFT has a fifty-two week low of $43.41 and a fifty-two week high of $88.60. The business has a 50-day moving average price of $51.74.

LYFT (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported ($0.68) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.66) by $0.98. The firm had revenue of $867.30 million during the quarter, compared to analyst estimates of $809.64 million. The firm’s revenue was up 71.8% on a year-over-year basis. As a group, research analysts forecast that LYFT will post -11.38 earnings per share for the current fiscal year.

In other news, General Counsel Kristin Sverchek sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $47.97, for a total transaction of $287,820.00. Following the completion of the transaction, the general counsel now owns 206,969 shares in the company, valued at approximately $9,928,302.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Ran I. Makavy sold 70,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $52.11, for a total transaction of $3,647,700.00. The disclosure for this sale can be found here.

Several large investors have recently bought and sold shares of the company. Atria Investments LLC bought a new position in shares of LYFT during the 2nd quarter valued at about $205,000. Treasurer of the State of North Carolina bought a new position in shares of LYFT during the 2nd quarter valued at about $1,034,000. NewSquare Capital LLC bought a new position in shares of LYFT during the 2nd quarter valued at about $69,000. Primecap Management Co. CA boosted its position in shares of LYFT by 66.2% during the 2nd quarter. Primecap Management Co. CA now owns 830,800 shares of the ride-sharing company’s stock valued at $54,592,000 after purchasing an additional 330,800 shares in the last quarter. Finally, Steadfast Capital Management LP bought a new position in shares of LYFT during the 2nd quarter valued at about $18,858,000. Institutional investors own 34.55% 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 provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders.

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Analyst Recommendations for LYFT (NASDAQ:LYFT)

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