JPMorgan Chase & Co. Issues Pessimistic Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price objective cut by research analysts at JPMorgan Chase & Co. from $19.00 to $16.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the ride-sharing company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 20.87% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Wedbush dropped their price objective on Lyft from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Monday, January 6th. Evercore ISI cut their price target on Lyft from $19.00 to $15.00 and set an “in-line” rating on the stock in a research note on Wednesday. TD Cowen upped their price objective on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Thursday, November 7th. Barclays reduced their price target 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, Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a research note on Wednesday. Twenty-seven equities 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’s stock. Based on data from MarketBeat, Lyft presently has an average rating of “Hold” and a consensus price target of $17.50.

Lyft Trading Down 8.0 %

LYFT traded down $1.15 during trading on Wednesday, reaching $13.24. The company had a trading volume of 28,757,998 shares, compared to its average volume of 17,279,102. 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 business has a 50 day simple moving average of $14.00 and a 200-day simple moving average of $13.52. The stock has a market cap of $5.49 billion, a P/E ratio of -82.53, a PEG ratio of 1.94 and a beta of 2.16. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82.

Lyft (NASDAQ:LYFT) last released its earnings results 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 negative return on equity of 1.58% and a negative net margin of 1.19%. On average, equities analysts anticipate that Lyft will post 0.06 EPS for the current fiscal year.

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

Insider Activity at Lyft

In other news, Director Logan Green sold 10,919 shares of the 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 sale, the director now directly owns 314,492 shares in the company, valued at approximately $5,424,987. This trade represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lyft

Several large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new stake in shares of Lyft in the 2nd quarter valued at approximately $388,000. CWM LLC grew its stake in shares of Lyft by 512.2% during the third quarter. CWM LLC now owns 42,656 shares of the ride-sharing company’s stock worth $544,000 after purchasing an additional 35,688 shares in the last quarter. Wesbanco Bank Inc. purchased a new position in Lyft in the third quarter valued at $284,000. Vontobel Holding Ltd. increased its holdings in Lyft by 21.7% in the third quarter. Vontobel Holding Ltd. now owns 47,181 shares of the ride-sharing company’s stock valued at $602,000 after buying an additional 8,408 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in 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 buying an additional 18,868 shares in the last quarter. Hedge funds and other 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.