JPMorgan Chase & Co. Cuts Lyft (NASDAQ:LYFT) Price Target to $16.00

Lyft (NASDAQ:LYFT) had its price target decreased by JPMorgan Chase & Co. from $19.00 to $16.00 in a report published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the ride-sharing company’s stock.

Several other research firms have also weighed in on LYFT. Bank of America lifted their price target on Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday. TD Cowen boosted their target price on shares of Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Loop Capital increased their price target on shares of Lyft from $16.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Morgan Stanley lifted their price target on shares of Lyft from $16.50 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, Evercore ISI decreased their target price on shares of Lyft from $19.00 to $15.00 and set an “in-line” rating for the company in a research note on Wednesday. Twenty-six equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Lyft presently has a consensus rating of “Hold” and a consensus price target of $17.22.

Lyft Stock Down 0.3 %

Shares of NASDAQ LYFT opened at $13.43 on Wednesday. The firm has a fifty day simple moving average of $13.88 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 current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $5.57 billion, a PE ratio of -83.94, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16.

Lyft (NASDAQ:LYFT) last released its quarterly 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 return on equity of 1.58% and a negative net margin of 1.19%. Equities analysts expect that Lyft will post 0.06 earnings per share for the current year.

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

Insider Buying and Selling at Lyft

In related news, Director Logan Green sold 10,919 shares of the firm’s 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 transaction, the director now directly owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. This trade represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. QRG Capital Management Inc. increased its stake in shares of Lyft by 3.8% in the fourth quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock worth $316,000 after purchasing an additional 903 shares in the last quarter. Sanctuary Advisors LLC lifted its position in shares of Lyft by 3.5% in the third 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 in the last quarter. Guggenheim Capital LLC boosted its stake in shares of Lyft by 6.4% in the fourth quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company’s stock worth $207,000 after acquiring an additional 970 shares during the period. XTX Topco Ltd raised its stake in Lyft by 2.5% during the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after purchasing an additional 1,043 shares during the period. Finally, US Bancorp DE boosted its stake in Lyft by 2.6% in the 4th quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock worth $536,000 after purchasing an additional 1,045 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.