Lyft’s (LYFT) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Lyft (NASDAQ:LYFT) in a research report sent to investors on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a $21.00 price objective on the ride-sharing company’s stock.

Several other brokerages have also issued reports on LYFT. Piper Sandler reissued an “overweight” rating and set a $18.00 price objective (down from $23.00) on shares of Lyft in a report on Wednesday, February 12th. Loop Capital lifted their price objective on shares of Lyft from $16.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Truist Financial cut their price objective on shares of Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a report on Wednesday, February 12th. JPMorgan Chase & Co. cut their price objective on shares of Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. Finally, Canaccord Genuity Group lifted their price objective on shares of Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Twenty-six investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $17.22.

Lyft Stock Performance

Shares of NASDAQ:LYFT opened at $13.46 on Tuesday. The firm has a market cap of $5.58 billion, a PE ratio of 224.33, a price-to-earnings-growth ratio of 1.98 and a beta of 2.16. The firm’s 50 day simple moving average is $13.69 and its 200-day simple moving average is $13.59. Lyft has a one year low of $8.93 and a one year high of $20.82. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75.

Lyft (NASDAQ:LYFT) last issued its 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 return on equity of 8.71% and a net margin of 0.39%. As a group, equities analysts predict that Lyft will post 0.22 EPS for the current year.

Lyft declared that its board has initiated a share repurchase plan on Tuesday, February 11th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Lyft

In other Lyft 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 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. 3.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Mackenzie Financial Corp acquired a new position in shares of Lyft in the fourth quarter worth about $2,395,000. Forum Financial Management LP purchased a new stake in Lyft during the 4th quarter valued at about $132,000. Toronto Dominion Bank purchased a new stake in Lyft during the 4th quarter valued at about $279,000. Neo Ivy Capital Management grew its stake in Lyft by 52.4% during the 4th quarter. Neo Ivy Capital Management now owns 167,718 shares of the ride-sharing company’s stock valued at $2,163,000 after acquiring an additional 57,694 shares in the last quarter. Finally, PharVision Advisers LLC purchased a new stake in shares of Lyft in the 4th quarter valued at approximately $198,000. Institutional investors and hedge funds 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.