Lyft, Inc. (NASDAQ:LYFT) Given Average Rating of “Hold” by Brokerages

Lyft, Inc. (NASDAQ:LYFT) has been given a consensus rating of “Hold” by the thirty-seven ratings firms that are currently covering the stock, Marketbeat.com reports. Twenty-six analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $17.22.

Several research analysts have recently commented on LYFT shares. Royal Bank of Canada restated an “outperform” rating and set a $21.00 price target on shares of Lyft in a research report on Tuesday. Roth Mkm increased their price objective on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. DA Davidson reduced their price objective on Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Canaccord Genuity Group increased their price objective on Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $18.00 price objective (down from $23.00) on shares of Lyft in a research note on Wednesday, February 12th.

Insider Activity

In other news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the sale, the director now directly owns 314,492 shares in the company, valued at approximately $5,424,987. This trade 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. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

A number of hedge funds and other institutional investors have recently modified their holdings of LYFT. Spurstone Advisory Services LLC acquired a new stake in shares of Lyft during the 4th quarter valued at approximately $25,000. True Wealth Design LLC acquired a new position in shares of Lyft during the 3rd quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Lyft during the 4th quarter worth approximately $29,000. ORG Wealth Partners LLC acquired a new position in shares of Lyft during the 4th quarter worth approximately $31,000. Finally, Byrne Asset Management LLC acquired a new position in shares of Lyft during the 4th quarter worth approximately $35,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Lyft Trading Up 4.3 %

Shares of Lyft stock opened at $14.01 on Wednesday. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $20.82. The stock has a 50 day moving average of $13.77 and a 200 day moving average of $13.57. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of -87.56, a PEG ratio of 1.94 and a beta of 2.16. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75.

Lyft (NASDAQ:LYFT) last released its quarterly 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%. As a group, research analysts predict that Lyft will post 0.06 earnings per share for the current year.

Lyft announced that its Board of Directors has authorized a share buyback plan 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 reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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.