UBS Group Cuts Lyft (NASDAQ:LYFT) Price Target to $15.00

Lyft (NASDAQ:LYFT) had its price target lowered by UBS Group from $16.00 to $15.00 in a research note issued to investors on Wednesday,Benzinga reports. UBS Group currently has a neutral rating on the ride-sharing company’s stock.

LYFT has been the topic of several other research reports. Cantor Fitzgerald cut their target price on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday. Royal Bank of Canada cut their price target on shares of Lyft from $24.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday. Barclays dropped their target price on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, Bank of America boosted their price target on Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday. Twenty-seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $17.31.

Lyft Price Performance

NASDAQ LYFT opened at $13.25 on Wednesday. The company has a 50-day simple moving average of $14.00 and a two-hundred day simple moving average of $13.52. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75.

Lyft (NASDAQ:LYFT) last issued 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, equities analysts predict that Lyft will post 0.06 earnings per share for the current year.

Lyft announced that its board has approved a share repurchase program on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the ride-sharing company to repurchase up to 8.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the transaction, the director now owns 314,492 shares in the company, valued at $5,424,987. The trade was a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. True Wealth Design LLC purchased a new stake in shares of Lyft during the third quarter valued at approximately $27,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Lyft in the 4th quarter valued at approximately $29,000. ORG Wealth Partners LLC purchased a new stake in Lyft during the 4th quarter valued at $31,000. Byrne Asset Management LLC bought a new stake in shares of Lyft in the 4th quarter worth $35,000. Finally, Plato Investment Management Ltd purchased a new position in shares of Lyft in the fourth quarter worth $35,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.