Truist Financial Issues Pessimistic Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price target lowered by research analysts at Truist Financial from $20.00 to $17.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the ride-sharing company’s stock. Truist Financial’s target price would indicate a potential upside of 26.21% from the company’s current price.

Several other equities research analysts have also recently weighed in on the stock. DA Davidson upped their price objective on shares of Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Bank of America upped their price objective on shares of Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday. BMO Capital Markets cut their price objective on shares of Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a research report on Wednesday. Benchmark raised shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a report on Monday, January 6th. Finally, Barclays dropped their target price on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Wednesday. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Lyft presently has a consensus rating of “Hold” and a consensus target price of $17.22.

Lyft Price Performance

NASDAQ:LYFT opened at $13.47 on Wednesday. Lyft has a one year low of $8.93 and a one year high of $20.82. The company has a market cap of $5.59 billion, a P/E ratio of -84.19, a P/E/G ratio of 1.94 and a beta of 2.16. The firm’s fifty day moving average price is $13.92 and its two-hundred day moving average price is $13.52. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75.

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

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

Insider Activity at Lyft

In related news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction on 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. This trade represents a 3.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.07% of the stock is currently owned by insiders.

Institutional Trading of Lyft

Several hedge funds have recently bought and sold shares of the business. QRG Capital Management Inc. grew its position in Lyft by 3.8% in the 4th quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock valued at $316,000 after purchasing an additional 903 shares during the period. Sanctuary Advisors LLC grew its position in 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 purchasing an additional 969 shares during the period. Guggenheim Capital LLC grew its position in Lyft by 6.4% in the 4th quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company’s stock valued at $207,000 after purchasing an additional 970 shares during the period. XTX Topco Ltd lifted its stake in 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. Finally, US Bancorp DE lifted its stake in Lyft by 2.6% during the 4th quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock valued at $536,000 after acquiring an additional 1,045 shares in the last quarter. Institutional investors and hedge funds own 83.07% 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 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.