Lyft (NASDAQ:LYFT) Price Target Lowered to $19.00 at Barclays

Lyft (NASDAQ:LYFT) had its target price dropped by stock analysts at Barclays from $20.00 to $19.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the ride-sharing company’s stock. Barclays‘s price target indicates a potential upside of 32.04% from the stock’s current price.

LYFT has been the topic of several other research reports. TD Cowen raised their target price on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and set a $23.00 price target (up previously from $17.00) on shares of Lyft in a research note on Thursday, November 7th. Loop Capital lifted their price target on shares of Lyft from $16.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Truist Financial lifted their price target on shares of Lyft from $13.00 to $20.00 and gave the stock a “hold” rating in a research note on Thursday, November 7th. Finally, Benchmark upgraded shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Monday, January 6th. Twenty-seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $17.81.

Lyft Trading Down 4.8 %

NASDAQ:LYFT opened at $14.39 on Wednesday. The company’s 50 day moving average price is $14.05 and its 200-day moving average price is $13.51. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. 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 stock has a market cap of $5.97 billion, a price-to-earnings ratio of -89.94, a PEG ratio of 1.94 and a beta of 2.16.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates 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 research analysts forecast that Lyft will post 0.06 earnings per share for the current fiscal year.

Lyft announced that its board has authorized a share repurchase program on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Lyft

In related news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the transaction, the director now directly owns 314,492 shares in the company, valued at approximately $5,424,987. This represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Several hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake in 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 acquiring an additional 2,302,248 shares in the last quarter. Paragon Capital Management Inc. bought a new position in Lyft in the 4th quarter worth about $1,681,000. KBC Group NV lifted its position 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 during the period. Nordea Investment Management AB lifted its position in shares of Lyft by 59.6% in the 4th quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company’s stock worth $5,006,000 after purchasing an additional 142,880 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Lyft by 10,225.6% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 424,384 shares of the ride-sharing company’s stock worth $5,475,000 after purchasing an additional 420,274 shares during the period. 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.