Lyft (NASDAQ:LYFT) Given New $19.00 Price Target at Barclays

Lyft (NASDAQ:LYFT) had its price objective trimmed by Barclays from $20.00 to $19.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the ride-sharing company’s stock.

Several other equities analysts have also commented on the stock. Susquehanna upped their price target on shares of Lyft from $10.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. DA Davidson upped their price target 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. Truist Financial upped their price target on shares of Lyft from $13.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Bank of America upped their price target on shares of Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Jefferies Financial Group upped their price target on shares of Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Twenty-seven equities 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 company. Based on data from MarketBeat, Lyft currently has a consensus rating of “Hold” and a consensus price target of $17.31.

Lyft Stock Performance

Shares of LYFT opened at $13.25 on Wednesday. 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’s 50 day simple moving average is $14.00 and its 200 day simple moving average is $13.52. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (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%. As a group, research analysts forecast that Lyft will post 0.06 earnings per share for the current year.

Lyft announced that its board has authorized a share buyback program on Tuesday, February 11th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Logan Green sold 10,919 shares of the business’s 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 sale, the director now owns 314,492 shares in the company, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Institutional investors and hedge funds have recently made changes to their positions in the company. True Wealth Design LLC acquired a new stake in shares of Lyft in the 3rd quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Lyft in the 4th quarter valued at $29,000. ORG Wealth Partners LLC acquired a new stake in shares of Lyft in the 4th quarter valued at $31,000. Plato Investment Management Ltd acquired a new stake in shares of Lyft in the 4th quarter valued at $35,000. Finally, Byrne Asset Management LLC acquired a new position in Lyft during the 4th quarter worth about $35,000. Institutional investors and hedge funds 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.