Lyft (NASDAQ:LYFT) Price Target Cut to $16.00 by Analysts at Wedbush

Lyft (NASDAQ:LYFT) had its price objective trimmed by Wedbush from $18.00 to $16.00 in a research report sent to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has a neutral rating on the ride-sharing company’s stock.

Several other analysts have also recently commented on LYFT. Cantor Fitzgerald decreased their target price on Lyft from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday. Barclays dropped their price objective on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Wednesday. Tigress Financial upped their target price on shares of Lyft from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Benchmark upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Monday, January 6th. Finally, UBS Group cut their price target on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. Twenty-six research 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. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $17.22.

Lyft Trading Down 0.3 %

Shares of LYFT stock opened at $13.43 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $5.57 billion, a P/E ratio of -83.94, a P/E/G ratio of 1.94 and a beta of 2.16. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82. The firm has a 50-day moving average price of $13.88 and a 200 day moving average price of $13.52.

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

Lyft declared that its Board of Directors has approved a stock repurchase plan on Tuesday, February 11th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Lyft

In other news, Director Logan Green sold 10,919 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. This represents a 3.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Institutional investors have recently added to or reduced their stakes in the company. True Wealth Design LLC bought a new position in shares of Lyft in the 3rd quarter valued at about $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Lyft in the 4th quarter valued at about $29,000. ORG Wealth Partners LLC bought a new position in Lyft during the fourth quarter worth about $31,000. Plato Investment Management Ltd acquired a new position in Lyft during the fourth quarter worth approximately $35,000. Finally, Byrne Asset Management LLC bought a new stake in Lyft in the fourth quarter valued at approximately $35,000. 83.07% of the stock is currently 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.