Lyft (NASDAQ:LYFT) Given “Overweight” Rating at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Lyft (NASDAQ:LYFT) in a research note published on Wednesday,Benzinga reports. Piper Sandler currently has a $18.00 price target on the ride-sharing company’s stock, down from their prior price target of $23.00.

Other research analysts have also issued reports about the company. Susquehanna upped their target price on Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Wells Fargo & Company dropped their price target on Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 16th. Wedbush decreased their price objective on shares of Lyft from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Morgan Stanley lifted their target price on shares of Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Finally, Tigress Financial upped their price target on shares of Lyft from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Lyft currently has an average rating of “Hold” and a consensus price target of $17.31.

Lyft Stock Performance

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

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data 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%. On average, research analysts predict that Lyft will post 0.06 EPS for the current fiscal year.

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

Insider Activity

In related news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the sale, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new stake in shares of Lyft during the second quarter worth about $388,000. CWM LLC increased its stake in Lyft by 512.2% during the 3rd quarter. CWM LLC now owns 42,656 shares of the ride-sharing company’s stock worth $544,000 after buying an additional 35,688 shares in the last quarter. Wesbanco Bank Inc. acquired a new position in shares of Lyft during the third quarter valued at approximately $284,000. Vontobel Holding Ltd. raised its holdings in shares of Lyft by 21.7% during the third quarter. Vontobel Holding Ltd. now owns 47,181 shares of the ride-sharing company’s stock valued at $602,000 after acquiring an additional 8,408 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Lyft by 2,103.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 19,765 shares of the ride-sharing company’s stock valued at $252,000 after acquiring an additional 18,868 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.