Lyft (NASDAQ:LYFT) Price Target Cut to $20.00 by Analysts at Loop Capital

Lyft (NASDAQ:LYFT) had its price objective reduced by analysts at Loop Capital from $23.00 to $20.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the ride-sharing company’s stock. Loop Capital’s price objective would indicate a potential upside of 72.76% from the stock’s previous close.

LYFT has been the topic of several other reports. Evercore ISI reduced their price objective on Lyft from $19.00 to $15.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 12th. Piper Sandler restated an “overweight” rating and set a $18.00 price target (down from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. Cantor Fitzgerald reduced their price target on Lyft from $15.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. JPMorgan Chase & Co. reduced their price target on Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Finally, Wedbush reduced their price target on Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Twenty-six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Lyft has a consensus rating of “Hold” and an average target price of $17.03.

Lyft Price Performance

Shares of Lyft stock traded down $0.45 during trading on Tuesday, hitting $11.58. 1,676,552 shares of the stock traded hands, compared to its average volume of 14,962,790. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. The stock has a market cap of $4.84 billion, a price-to-earnings ratio of 192.95, a PEG ratio of 1.90 and a beta of 2.15. The firm’s fifty day moving average is $13.19 and its 200-day moving average is $13.80. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a net margin of 0.39% and a return on equity of 8.03%. Research analysts expect that Lyft will post 0.22 EPS for the current fiscal year.

Lyft declared that its Board of Directors has initiated a share buyback plan on Tuesday, February 11th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Lyft

In other Lyft news, Director Logan Green sold 11,411 shares of Lyft stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the transaction, the director now owns 297,640 shares in the company, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total value of $30,348.48. Following the transaction, the director now owns 911,922 shares of the company’s stock, valued at $11,417,263.44. The trade was a 0.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,407 shares of company stock worth $203,778. 3.07% of the stock is owned by insiders.

Institutional Trading of Lyft

Institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp increased its holdings in shares of Lyft by 14.0% in the 4th quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company’s stock worth $5,146,000 after purchasing an additional 49,138 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Lyft by 32.4% in the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after purchasing an additional 2,302,248 shares in the last quarter. Paragon Capital Management Inc. bought a new stake in shares of Lyft in the 4th quarter worth $1,681,000. KBC Group NV increased its holdings in shares of Lyft by 354.9% in the 4th quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company’s stock worth $3,434,000 after purchasing an additional 207,672 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Lyft by 33.9% in the 4th quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company’s stock worth $50,031,000 after purchasing an additional 981,186 shares in the last quarter. 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.