Lyft’s (LYFT) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Lyft (NASDAQ:LYFT) in a research report released on Monday morning,Benzinga reports.

Several other research analysts have also recently issued reports on the company. Truist Financial lowered their price objective on Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday, February 12th. UBS Group lowered their target price on Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. DA Davidson cut their price target on Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, February 12th. 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, February 11th. Finally, Cantor Fitzgerald cut their price objective on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Twenty-six research 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.03.

Lyft Trading Up 2.0 %

NASDAQ:LYFT opened at $12.22 on Monday. The stock has a fifty day moving average price of $13.03 and a 200 day moving average price of $13.81. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. Lyft has a 12-month low of $8.93 and a 12-month high of $20.40. The firm has a market cap of $5.11 billion, a PE ratio of 203.67, a price-to-earnings-growth ratio of 1.90 and a beta of 2.15.

Lyft (NASDAQ:LYFT) last posted 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 return on equity of 8.03% and a net margin of 0.39%. Sell-side analysts anticipate that Lyft will post 0.22 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Lyft

In related news, Director Logan Green sold 11,411 shares of Lyft stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction of $152,222.74. Following the sale, the director now owns 297,640 shares of the company’s stock, valued at $3,970,517.60. The trade was a 3.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total value of $30,348.48. Following the completion of the transaction, the director now directly owns 911,922 shares of the company’s stock, valued at $11,417,263.44. This represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,407 shares of company stock worth $203,778 in the last quarter. 3.07% of the stock is owned by insiders.

Institutional Trading of Lyft

A number of hedge funds have recently made changes to their positions in the stock. QRG Capital Management Inc. lifted its position in shares of Lyft by 3.8% in the 4th quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock worth $316,000 after buying an additional 903 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in Lyft by 3.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock valued at $363,000 after purchasing an additional 969 shares during the period. Guggenheim Capital LLC grew its position in Lyft by 6.4% in the 4th quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company’s stock worth $207,000 after purchasing an additional 970 shares during the last quarter. XTX Topco Ltd raised its holdings in shares of Lyft by 2.5% during the third quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after buying an additional 1,043 shares during the last quarter. Finally, US Bancorp DE increased its position in Lyft by 2.6% in the 4th quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock valued at $536,000 after acquiring an additional 1,045 shares during the period. Institutional investors and hedge funds 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.