LYFT Inc (NASDAQ:LYFT) was the recipient of a large increase in short interest in the month of April. As of April 30th, there was short interest totalling 17,584,773 shares, an increase of 21.9% from the April 15th total of 14,421,098 shares. Currently, 9.4% of the shares of the company are sold short. Based on an average trading volume of 7,437,462 shares, the short-interest ratio is currently 2.4 days.

Shares of LYFT opened at $57.88 on Thursday. LYFT has a fifty-two week low of $47.17 and a fifty-two week high of $88.60.

LYFT has been the topic of several research reports. DA Davidson initiated coverage on LYFT in a research report on Tuesday, March 19th. They issued a “buy” rating and a $75.00 target price on the stock. Piper Jaffray Companies initiated coverage on LYFT in a research report on Tuesday, April 23rd. They issued an “overweight” rating and a $78.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on LYFT in a research report on Tuesday, April 23rd. They issued an “overweight” rating and a $82.00 target price on the stock. Raymond James initiated coverage on LYFT in a research report on Tuesday, April 23rd. They issued an “outperform” rating and a $85.00 target price on the stock. Finally, Cross Research initiated coverage on LYFT in a research report on Tuesday, April 2nd. They set a “buy” rating and a $69.01 price target on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the company’s stock. LYFT currently has a consensus rating of “Buy” and a consensus price target of $71.51.

In other news, Director R. Ann Miura-Ko bought 1,650 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were purchased at an average cost of $72.00 per share, with a total value of $118,800.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Institutional investors and hedge funds have recently made changes to their positions in the business. Cypress Wealth Advisors LLC purchased a new stake in shares of LYFT during the 1st quarter worth about $2,443,000. Canyon Capital Advisors LLC purchased a new stake in shares of LYFT during the 1st quarter worth about $3,132,000. Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of LYFT during the 1st quarter worth about $42,175,000. FMR LLC purchased a new stake in shares of LYFT during the 1st quarter worth about $1,451,179,000. Finally, BlueMountain Capital Management LLC purchased a new stake in shares of LYFT during the 1st quarter worth about $3,915,000. 1.66% of the stock is currently owned by institutional investors.

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About LYFT

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.

Further Reading: Buyback

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