DA Davidson Issues Pessimistic Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price objective dropped by stock analysts at DA Davidson from $16.00 to $15.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the ride-sharing company’s stock. DA Davidson’s price objective indicates a potential upside of 11.36% from the company’s current price.

A number of other research analysts also recently weighed in on the company. BMO Capital Markets lowered their target price on Lyft from $18.00 to $15.00 and set a “market perform” rating on the stock in a report on Wednesday. TD Cowen increased their target price on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Wells Fargo & Company lowered their target price on Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a report on Thursday, January 16th. Roth Mkm raised their price objective on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Wedbush decreased their price objective on Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday. Twenty-seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.22.

Lyft Trading Up 1.7 %

Shares of NASDAQ:LYFT opened at $13.47 on Wednesday. The company has a market cap of $5.59 billion, a P/E ratio of -84.19, a PEG ratio of 1.94 and a beta of 2.16. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. The stock’s fifty day moving average price is $13.92 and its 200-day moving average price is $13.52.

Lyft (NASDAQ:LYFT) last posted its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share 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%. Sell-side analysts expect that Lyft will post 0.06 earnings per share for the current year.

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

Insider Transactions at Lyft

In other news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction that occurred on Wednesday, November 27th. The stock was 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. The trade was a 3.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Lyft by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock worth $464,434,000 after purchasing an additional 984,907 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Lyft by 0.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company’s stock worth $230,174,000 after acquiring an additional 80,675 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of Lyft by 32.4% during 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 during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Lyft by 282.0% during the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company’s stock worth $111,240,000 after acquiring an additional 6,365,727 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of Lyft by 27.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock worth $103,456,000 after acquiring an additional 1,735,208 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

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.