Lyft (NASDAQ:LYFT) Price Target Lowered to $13.00 at Wells Fargo & Company

Lyft (NASDAQ:LYFT) had its target price reduced by Wells Fargo & Company from $14.00 to $13.00 in a research report released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the ride-sharing company’s stock.

Other analysts also recently issued reports about the company. Susquehanna reduced their price target on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Cantor Fitzgerald reduced their target price on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $21.00 price target on shares of Lyft in a research report on Monday, March 17th. DA Davidson cut their price objective on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, February 12th. Finally, Truist Financial lowered their target price on shares of Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $16.66.

Lyft Price Performance

Shares of LYFT opened at $11.48 on Thursday. The company’s 50-day moving average is $12.82 and its 200-day moving average is $13.82. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. The firm has a market capitalization of $4.80 billion, a PE ratio of 191.33, a PEG ratio of 1.90 and a beta of 2.13. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $19.55.

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 the consensus estimate of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. Equities analysts forecast that Lyft will post 0.22 EPS for the current year.

Lyft declared that its Board of Directors has initiated a share repurchase plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the completion of the sale, the director now directly owns 911,922 shares in the company, valued at $11,417,263.44. This represents a 0.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Logan Green sold 11,411 shares of Lyft stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the transaction, the director now directly owns 297,640 shares in the company, valued at $3,970,517.60. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,407 shares of company stock worth $203,778 in the last ninety days. Company insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

A number of hedge funds have recently made changes to their positions in LYFT. Cerity Partners LLC acquired a new stake in Lyft during the 3rd quarter valued at approximately $1,057,000. The Manufacturers Life Insurance Company increased its position in shares of Lyft by 1.6% during the third quarter. The Manufacturers Life Insurance Company now owns 82,690 shares of the ride-sharing company’s stock worth $1,054,000 after buying an additional 1,315 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Lyft by 10.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,668 shares of the ride-sharing company’s stock worth $863,000 after buying an additional 6,249 shares during the last quarter. Captrust Financial Advisors acquired a new position in Lyft in the third quarter valued at $138,000. Finally, Point72 Asset Management L.P. bought a new stake in Lyft during the third quarter valued at $13,430,000. 83.07% of the stock is currently owned by 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.