Lyft (NASDAQ:LYFT) Price Target Cut to $17.00 by Analysts at Truist Financial

Lyft (NASDAQ:LYFT) had its price objective cut by Truist Financial from $20.00 to $17.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a hold rating on the ride-sharing company’s stock.

Several other analysts also recently weighed in on the company. TD Cowen boosted their price target on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Cantor Fitzgerald reduced their price target on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday. Susquehanna upped their price objective on shares of Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, November 11th. JPMorgan Chase & Co. reduced their target price on shares of Lyft from $19.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Wells Fargo & Company lowered their price target on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a report on Thursday, January 16th. Twenty-seven research 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.com, the company presently has a consensus rating of “Hold” and a consensus target price of $17.31.

Lyft Price Performance

Shares of Lyft stock opened at $13.25 on Wednesday. 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 company has a 50 day moving average price of $14.00 and a 200 day moving average price of $13.52.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.10). Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. As a group, equities research analysts predict that Lyft will post 0.06 earnings per share for the current fiscal year.

Lyft declared that its board has authorized a stock buyback 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 shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Lyft news, Director Logan Green sold 10,919 shares of the 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 sale, the director now owns 314,492 shares in the company, valued at approximately $5,424,987. This represents a 3.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lyft

A number of large investors have recently made changes to their positions in LYFT. True Wealth Design LLC purchased a new position in Lyft during the third quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Lyft in the 4th quarter worth $29,000. ORG Wealth Partners LLC purchased a new position in shares of Lyft during the 4th quarter worth $31,000. Byrne Asset Management LLC acquired a new position in shares of Lyft during the 4th quarter valued at about $35,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of Lyft in the fourth quarter valued at about $35,000. 83.07% of the stock is currently 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.