Evercore ISI Cuts Lyft (NASDAQ:LYFT) Price Target to $15.00

Lyft (NASDAQ:LYFT) had its price objective trimmed by Evercore ISI from $19.00 to $15.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has an in-line rating on the ride-sharing company’s stock.

Other analysts have also issued research reports about the stock. Truist Financial boosted their target price on shares of Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Jefferies Financial Group boosted their price objective on shares of Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Tigress Financial raised their target price on shares of Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a report on Wednesday. Finally, TD Cowen increased their price target on Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Twenty-six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Lyft presently has a consensus rating of “Hold” and an average target price of $17.22.

Lyft Stock Down 0.3 %

NASDAQ:LYFT opened at $13.43 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of -83.94, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16. Lyft has a one year low of $8.93 and a one year high of $20.82. The stock has a 50-day simple moving average of $13.88 and a 200 day simple moving average of $13.52.

Lyft (NASDAQ:LYFT) last issued its earnings results 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 negative return on equity of 1.58% and a negative net margin of 1.19%. Sell-side analysts predict that Lyft will post 0.06 EPS for the current fiscal year.

Lyft announced that its board has approved a stock 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 purchase up to 8.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Logan Green sold 10,919 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction of $188,352.75. Following the sale, the director now directly owns 314,492 shares of the company’s stock, valued at $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.07% of the stock is currently owned by insiders.

Institutional Trading of Lyft

Several institutional investors and hedge funds have recently bought and sold shares of LYFT. True Wealth Design LLC acquired a new position in shares of Lyft in the third quarter worth about $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Lyft in the 4th quarter valued at approximately $29,000. ORG Wealth Partners LLC acquired a new position in Lyft in the 4th quarter worth approximately $31,000. Plato Investment Management Ltd purchased a new position in Lyft during the 4th quarter worth approximately $35,000. Finally, Byrne Asset Management LLC acquired a new stake in Lyft during the 4th quarter valued at $35,000. 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.