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

Lyft (NASDAQ:LYFT) had its price target increased by investment analysts at JPMorgan Chase & Co. from $14.00 to $16.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the ride-sharing company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential downside of 3.85% from the company’s current price.

Other equities analysts have also issued reports about the company. KeyCorp reaffirmed a “sector weight” rating on shares of Lyft in a research report on Wednesday, March 26th. Oppenheimer reiterated an “outperform” rating and set a $17.00 price objective (up from $15.00) on shares of Lyft in a report on Friday. Wells Fargo & Company lowered their target price on shares of Lyft from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, April 3rd. Susquehanna cut 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. Finally, Truist Financial dropped their target price on Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $16.47.

Lyft Stock Up 28.0 %

Shares of NASDAQ:LYFT opened at $16.64 on Friday. The business’s 50-day moving average is $11.84 and its 200-day moving average is $13.59. Lyft has a 1 year low of $8.93 and a 1 year high of $19.07. The company has a market capitalization of $6.96 billion, a price-to-earnings ratio of 277.33, a P/E/G ratio of 1.90 and a beta of 2.14. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.19). Lyft had a return on equity of 8.03% and a net margin of 0.39%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the previous year, the company posted $0.15 earnings per share. Lyft’s quarterly revenue was up 13.5% on a year-over-year basis. Equities research analysts predict that Lyft will post 0.22 earnings per share for the current year.

Lyft declared that its board has approved a stock buyback program on Tuesday, February 11th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 22,736 shares of the firm’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $12.45, for a total value of $283,063.20. Following the completion of the transaction, the insider now directly owns 959,697 shares of the company’s stock, valued at $11,948,227.65. This trade represents a 2.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Logan Green sold 11,411 shares of the 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 sale, the director now directly owns 297,640 shares in the company, valued at $3,970,517.60. This trade represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,143 shares of company stock worth $486,841. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Hedge funds have recently bought and sold shares of the company. Amalgamated Bank lifted its stake in Lyft by 4.0% in the 1st quarter. Amalgamated Bank now owns 23,344 shares of the ride-sharing company’s stock worth $277,000 after purchasing an additional 892 shares in the last quarter. QRG Capital Management Inc. increased its holdings 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 during the period. Creative Financial Designs Inc. ADV raised its position in shares of Lyft by 11.3% in the first quarter. Creative Financial Designs Inc. ADV now owns 9,025 shares of the ride-sharing company’s stock worth $107,000 after buying an additional 914 shares in the last quarter. Guggenheim Capital LLC boosted its stake in Lyft by 6.4% during the fourth quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company’s stock valued at $207,000 after buying an additional 970 shares during the period. Finally, US Bancorp DE grew its position in Lyft by 2.6% during the fourth 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 in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

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.