Wedbush Cuts Lyft (NASDAQ:LYFT) Price Target to $16.00

Lyft (NASDAQ:LYFT) had its target price trimmed by Wedbush from $18.00 to $16.00 in a research note released on Wednesday morning, MarketBeat.com reports. The brokerage currently has a neutral rating on the ride-sharing company’s stock.

A number of other equities analysts have also recently commented on LYFT. Morgan Stanley boosted their price target 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. Benchmark upgraded shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Monday, January 6th. Bank of America increased their target price on Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday. DA Davidson lifted their price target on Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company cut their price objective on Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, January 16th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $17.31.

Lyft Trading Down 7.9 %

NASDAQ:LYFT opened at $13.25 on Wednesday. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82. The stock has a fifty day moving average of $14.00 and a 200 day moving average of $13.52. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT) last released its quarterly 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%. On average, equities analysts forecast that Lyft will post 0.06 EPS for the current fiscal year.

Lyft declared that its Board of Directors has initiated a stock repurchase program on Tuesday, February 11th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Lyft 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 completion of the transaction, the director now owns 314,492 shares in the company, valued at approximately $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.07% of the stock is currently owned by company insiders.

Institutional Trading of Lyft

A number of hedge funds and other institutional investors have recently modified their holdings of the business. QRG Capital Management Inc. boosted its stake in Lyft by 3.8% during the fourth quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock worth $316,000 after acquiring an additional 903 shares in the last quarter. Sanctuary Advisors LLC boosted its position in shares of Lyft by 3.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock worth $363,000 after purchasing an additional 969 shares in the last quarter. XTX Topco Ltd boosted its position in shares of Lyft by 2.5% in the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock worth $538,000 after purchasing an additional 1,043 shares in the last quarter. US Bancorp DE grew its stake in shares of 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 buying an additional 1,045 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in Lyft by 42.7% during the 4th quarter. Brown Brothers Harriman & Co. now owns 3,538 shares of the ride-sharing company’s stock valued at $46,000 after buying an additional 1,058 shares in the last quarter. 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.