Lyft (NASDAQ:LYFT) Receives Sector Weight Rating from KeyCorp

KeyCorp reissued their sector weight rating on shares of Lyft (NASDAQ:LYFT) in a research note published on Wednesday,Benzinga reports.

Several other equities research analysts also recently issued reports on LYFT. UBS Group cut their price target on Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, February 12th. Loop Capital decreased their price target on shares of Lyft from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. Barclays cut their price objective on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 12th. Susquehanna lowered their target price on Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, February 13th. Finally, Evercore ISI decreased their price objective on Lyft from $19.00 to $15.00 and set an “in-line” rating on the stock in a report on Wednesday, February 12th. Twenty-seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $17.03.

Lyft Stock Down 4.7 %

NASDAQ:LYFT opened at $11.57 on Wednesday. The firm has a market capitalization of $4.84 billion, a price-to-earnings ratio of 192.83, a price-to-earnings-growth ratio of 1.90 and a beta of 2.15. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft has a twelve month low of $8.93 and a twelve month high of $19.64. The stock’s 50 day moving average price is $12.94 and its two-hundred day moving average price is $13.80.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. Equities research analysts expect that Lyft will post 0.22 earnings per share for the current fiscal year.

Lyft declared that its board 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 repurchase up to 8.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Logan Green sold 11,411 shares of the stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $13.34, for a total transaction of $152,222.74. Following the transaction, the director now directly owns 297,640 shares in the company, valued at approximately $3,970,517.60. This represents a 3.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the completion of the sale, the director now owns 911,922 shares of the company’s stock, valued at $11,417,263.44. The trade was a 0.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,407 shares of company stock valued at $203,778. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Lyft by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock valued at $464,434,000 after acquiring an additional 984,907 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Lyft by 0.4% during the third 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 valued at $230,174,000 after acquiring an additional 80,675 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Lyft by 32.4% in the fourth 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 period. Jacobs Levy Equity Management Inc. raised its stake in Lyft by 15.1% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company’s stock worth $120,463,000 after buying an additional 1,224,056 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Lyft by 282.0% in 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 in the last quarter. Hedge funds and other institutional investors 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.