Lyft (NASDAQ:LYFT) Board Approves Stock Buyback Plan

Lyft (NASDAQ:LYFT) announced that its board has approved a share buyback plan on Tuesday, February 11th, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Lyft Trading Down 4.8 %

Shares of LYFT stock traded down $0.73 during mid-day trading on Tuesday, reaching $14.39. The company’s stock had a trading volume of 56,645,549 shares, compared to its average volume of 17,137,660. The company’s 50 day simple moving average is $14.05 and its 200-day simple moving average is $13.51. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82. The firm has a market capitalization of $5.97 billion, a PE ratio of -89.94, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data 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 negative return on equity of 1.58% and a negative net margin of 1.19%. On average, research analysts predict that Lyft will post 0.06 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on LYFT shares. Evercore ISI upped their price target on Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Bank of America increased their price target on Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Lyft in a research note on Thursday, November 7th. Tigress Financial increased their target price on Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Finally, Roth Mkm lifted their price objective on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $17.84.

Insider Activity at Lyft

In related news, Director Logan Green sold 10,919 shares of the firm’s 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 sale, the director now owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. This trade represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.07% of the stock is owned by corporate insiders.

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.