Lyft (NASDAQ:LYFT) Price Target Cut to $16.00 by Analysts at JPMorgan Chase & Co.

Lyft (NASDAQ:LYFT) had its target price reduced by analysts at JPMorgan Chase & Co. from $19.00 to $16.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the ride-sharing company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 18.78% from the company’s previous close.

LYFT has been the subject of several other research reports. Wells Fargo & Company cut their price target on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, January 16th. DA Davidson boosted their price target on shares of Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. UBS Group cut their price target on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. TD Cowen upped their target price 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, Canaccord Genuity Group upped their target price on shares of Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Twenty-seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.22.

Lyft Stock Performance

Shares of NASDAQ LYFT opened at $13.47 on Wednesday. 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 12 month low of $8.93 and a 12 month high of $20.82. The company has a 50 day simple moving average of $13.92 and a two-hundred day simple moving average of $13.52. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of -84.19, a PEG ratio of 1.94 and a beta of 2.16.

Lyft (NASDAQ:LYFT) last posted its earnings results 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 net margin of 1.19% and a negative return on equity of 1.58%. As a group, analysts predict that Lyft will post 0.06 earnings per share for the current year.

Lyft announced that its Board of Directors has authorized a stock buyback plan on Tuesday, February 11th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock repurchase plans are usually 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 company’s stock in a transaction on 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 sale, the director now directly owns 314,492 shares of the company’s stock, valued at $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Lyft by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock valued at $464,434,000 after buying an additional 984,907 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Lyft by 0.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company’s stock valued at $230,174,000 after buying an additional 80,675 shares during the period. Pacer Advisors Inc. increased its position in Lyft by 32.4% in the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after purchasing an additional 2,302,248 shares during the last quarter. Renaissance Technologies LLC increased its position in Lyft by 282.0% in the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company’s stock worth $111,240,000 after purchasing an additional 6,365,727 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in Lyft by 27.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock worth $103,456,000 after purchasing an additional 1,735,208 shares during the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

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.