Lyft (NASDAQ:LYFT) Given New $15.00 Price Target at DA Davidson

Lyft (NASDAQ:LYFT) had its price target cut by DA Davidson from $16.00 to $15.00 in a report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the ride-sharing company’s stock.

A number of other brokerages have also weighed in on LYFT. JPMorgan Chase & Co. reduced their price target on Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday. Truist Financial reduced their target price on Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research report on Wednesday. Roth Mkm lifted their price target on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. TD Cowen increased their price objective on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Finally, Benchmark raised shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Monday, January 6th. Twenty-seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $17.31.

Lyft Trading Down 7.9 %

Lyft stock opened at $13.25 on Wednesday. The stock has a 50-day moving average price of $14.00 and a 200 day moving average price of $13.52. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88.

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

Lyft declared that its Board of Directors has initiated a share buyback plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to repurchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, Director Logan Green sold 10,919 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the sale, the director now owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Hedge funds have recently bought and sold shares of the company. QRG Capital Management Inc. raised its stake in Lyft by 3.8% during the fourth quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock valued at $316,000 after buying an additional 903 shares in the last quarter. Sanctuary Advisors LLC increased its holdings in shares of Lyft by 3.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock valued at $363,000 after acquiring an additional 969 shares during the last quarter. XTX Topco Ltd raised its position in shares of Lyft by 2.5% during the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after acquiring an additional 1,043 shares in the last quarter. US Bancorp DE lifted its stake in Lyft by 2.6% during the fourth quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock worth $536,000 after purchasing an additional 1,045 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in Lyft by 42.7% in the fourth quarter. Brown Brothers Harriman & Co. now owns 3,538 shares of the ride-sharing company’s stock worth $46,000 after purchasing an additional 1,058 shares during the period. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.