LYFT Inc (NASDAQ:LYFT) was the recipient of a large increase in short interest in November. As of November 29th, there was short interest totalling 17,660,000 shares, an increase of 13.6% from the November 14th total of 15,550,000 shares. Approximately 8.9% of the shares of the stock are sold short. Based on an average daily volume of 6,576,100 shares, the days-to-cover ratio is presently 2.7 days.
LYFT has been the topic of a number of research reports. JMP Securities restated a “buy” rating and set a $88.00 price objective on shares of LYFT in a research report on Monday, November 18th. Guggenheim upgraded shares of LYFT from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Monday, August 26th. Deutsche Bank started coverage on shares of LYFT in a research note on Thursday, September 5th. They issued a “buy” rating and a $70.00 price objective on the stock. Wells Fargo & Co started coverage on shares of LYFT in a research report on Thursday, September 26th. They issued an “outperform” rating and a $60.00 price target on the stock. Finally, ValuEngine upgraded LYFT from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-nine have assigned a buy rating to the stock. LYFT currently has an average rating of “Buy” and an average price target of $68.94.
Shares of LYFT stock traded up $1.64 during trading on Friday, reaching $47.92. The company’s stock had a trading volume of 16,965,676 shares, compared to its average volume of 4,722,878. The firm’s 50-day moving average is $45.48 and its two-hundred day moving average is $51.34. LYFT has a 52-week low of $37.07 and a 52-week high of $88.60. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.49 and a quick ratio of 1.49.
LYFT (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, October 30th. The ride-sharing company reported ($1.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.66) by $0.09. The company had revenue of $955.60 million for the quarter, compared to the consensus estimate of $915.15 million. The business’s revenue for the quarter was up 63.4% on a year-over-year basis. Equities research analysts expect that LYFT will post -10.41 EPS for the current year.
In other LYFT news, EVP Ran I. Makavy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $43.23, for a total transaction of $1,513,050.00. Also, President John Patrick Zimmer sold 39,037 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $43.60, for a total transaction of $1,702,013.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 226,909 shares of company stock worth $9,995,827.
Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of LYFT by 2,285.8% during the 2nd quarter. Vanguard Group Inc. now owns 3,329,568 shares of the ride-sharing company’s stock valued at $218,786,000 after buying an additional 3,190,012 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in shares of LYFT during the 2nd quarter valued at $175,033,000. Invesco Ltd. increased its stake in LYFT by 112.5% in the 2nd quarter. Invesco Ltd. now owns 1,713,033 shares of the ride-sharing company’s stock worth $112,564,000 after buying an additional 906,762 shares in the last quarter. State Street Corp grew its position in shares of LYFT by 104.3% during the third quarter. State Street Corp now owns 1,629,130 shares of the ride-sharing company’s stock worth $66,534,000 after purchasing an additional 831,600 shares in the last quarter. Finally, Baillie Gifford & Co. raised its stake in LYFT by 73.5% during the 2nd quarter. Baillie Gifford & Co. now owns 1,735,207 shares of the ride-sharing company’s stock valued at $114,021,000 after purchasing an additional 735,207 shares during the period. Hedge funds and other institutional investors own 44.35% of the company’s stock.
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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