Evercore ISI Has Lowered Expectations for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price target cut by research analysts at Evercore ISI from $19.00 to $15.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “in-line” rating on the ride-sharing company’s stock. Evercore ISI’s price objective points to a potential upside of 4.24% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Cantor Fitzgerald decreased their target price on Lyft from $15.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday. Jefferies Financial Group lifted their price objective on Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Wedbush cut their target price on Lyft from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Monday, January 6th. Barclays decreased their price target on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, BMO Capital Markets increased their price objective on shares of Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Twenty-seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.63.

Lyft Stock Down 4.8 %

Shares of LYFT stock opened at $14.39 on Wednesday. The stock has a 50 day moving average of $14.00 and a 200-day moving average of $13.52. The firm has a market cap of $5.97 billion, a PE ratio of -89.94, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82.

Lyft (NASDAQ:LYFT) last released its 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%. On average, equities analysts predict that Lyft will post 0.06 EPS for the current year.

Lyft announced that its Board of Directors has approved a stock 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 repurchase up to 8.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Lyft

In related news, Director Logan Green sold 10,919 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction 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 trade represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Large investors have recently bought and sold shares of the company. True Wealth Design LLC bought a new position in shares of Lyft in the third quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Lyft during the 4th quarter worth about $29,000. ORG Wealth Partners LLC bought a new stake in shares of Lyft during the fourth quarter worth approximately $31,000. Byrne Asset Management LLC bought a new position in Lyft during the 4th quarter worth $35,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Lyft in the fourth quarter valued at approximately $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.