Royal Bank of Canada Lowers Lyft (NASDAQ:LYFT) Price Target to $21.00

Lyft (NASDAQ:LYFT) had its target price cut by equities research analysts at Royal Bank of Canada from $24.00 to $21.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the ride-sharing company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 53.64% from the company’s current price.

Several other research firms have also weighed in on LYFT. DA Davidson lifted their price objective on shares of Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. UBS Group dropped their price objective on Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Wells Fargo & Company dropped their price target on Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 16th. Roth Mkm increased their target price on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Cantor Fitzgerald cut their price target on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday. Twenty-seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $17.47.

Lyft Stock Down 5.0 %

LYFT traded down $0.72 during midday trading on Wednesday, hitting $13.67. 44,680,347 shares of the company’s stock traded hands, compared to its average volume of 18,182,531. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market cap of $5.67 billion, a PE ratio of -85.47, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16. Lyft has a one year low of $8.93 and a one year high of $20.82. The stock’s fifty day simple moving average is $14.00 and its 200-day simple moving average is $13.52.

Lyft (NASDAQ:LYFT) last released its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.10). Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. As a group, equities analysts anticipate that Lyft will post 0.06 earnings per share for the current fiscal year.

Lyft announced that its board has approved a stock buyback plan on Tuesday, February 11th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the transaction, the director now directly owns 314,492 shares in the company, valued at approximately $5,424,987. This represents a 3.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Lyft by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock valued at $464,434,000 after purchasing an additional 984,907 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Lyft by 0.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company’s stock worth $230,174,000 after purchasing an additional 80,675 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after acquiring an additional 2,302,248 shares during the period. Jacobs Levy Equity Management Inc. increased its position in Lyft by 27.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock valued at $103,456,000 after acquiring an additional 1,735,208 shares during the last quarter. Finally, Primecap Management Co. CA lifted its holdings in Lyft by 3.8% in the third quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company’s stock valued at $82,768,000 after acquiring an additional 235,510 shares during the period. Institutional investors own 83.07% of the company’s stock.

About Lyft

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.