Lyft (NASDAQ:LYFT) Price Target Cut to $15.00 by Analysts at BMO Capital Markets

Lyft (NASDAQ:LYFT) had its price target decreased by analysts at BMO Capital Markets from $18.00 to $15.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the ride-sharing company’s stock. BMO Capital Markets’ target price points to a potential upside of 10.97% from the company’s current price.

A number of other analysts have also recently commented on LYFT. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research note on Wednesday. Benchmark raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research note on Monday, January 6th. Truist Financial upped their price target on Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Jefferies Financial Group upped their price target on Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Finally, TD Cowen boosted their price objective on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. 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. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.41.

Lyft Price Performance

Shares of Lyft stock traded down $0.87 during trading on Wednesday, reaching $13.52. The company’s stock had a trading volume of 37,740,842 shares, compared to its average volume of 17,805,768. The stock has a 50-day moving average price of $14.00 and a two-hundred day moving average price of $13.52. 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 has a one year low of $8.93 and a one year high of $20.82. The stock has a market capitalization of $5.61 billion, a P/E ratio of -84.48, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16.

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

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

Insider Transactions at Lyft

In related news, Director Logan Green sold 10,919 shares of the stock in a transaction on Wednesday, November 27th. The stock was 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. This represents a 3.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

A number of large investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. raised its stake 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 acquiring an additional 903 shares during the period. Sanctuary Advisors LLC raised its stake 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 acquiring an additional 969 shares during the period. XTX Topco Ltd raised its stake in Lyft by 2.5% in 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 during the period. US Bancorp DE increased its position in Lyft by 2.6% during the 4th quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock worth $536,000 after buying an additional 1,045 shares during the period. Finally, Manchester Capital Management LLC increased its position in Lyft by 13.8% during the 4th quarter. Manchester Capital Management LLC now owns 8,879 shares of the ride-sharing company’s stock worth $115,000 after buying an additional 1,080 shares during the period. Institutional investors 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.