Lyft (NASDAQ:LYFT) Earns “Sector Weight” Rating from KeyCorp

Lyft (NASDAQ:LYFT)‘s stock had its “sector weight” rating reiterated by KeyCorp in a report issued on Wednesday,Benzinga reports.

Other equities analysts have also recently issued reports about the company. Barclays dropped their price objective on Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 12th. Loop Capital cut their price target on shares of Lyft from $23.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a research note on Monday. Evercore ISI cut their target price on Lyft from $19.00 to $15.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 12th. Finally, UBS Group decreased their price target on Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Twenty-seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Lyft currently has an average rating of “Hold” and an average price target of $17.03.

Lyft Stock Down 1.1 %

Shares of NASDAQ LYFT opened at $12.14 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. The company has a 50-day moving average price of $12.97 and a 200-day moving average price of $13.80. The stock has a market capitalization of $5.07 billion, a P/E ratio of 202.33, a P/E/G ratio of 1.90 and a beta of 2.15. Lyft has a 1 year low of $8.93 and a 1 year high of $19.69.

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

Lyft announced that its board has initiated a stock buyback 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 buy up to 8.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

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

Institutional Investors Weigh In On Lyft

A number of large investors have recently added to or reduced their stakes in LYFT. Cerity Partners LLC bought a new position in shares of Lyft during the 3rd quarter valued at about $1,057,000. Pitcairn Co. bought a new position in shares of Lyft during the 3rd quarter valued at $140,000. Qsemble Capital Management LP boosted its position in Lyft by 99.6% during the third quarter. Qsemble Capital Management LP now owns 21,524 shares of the ride-sharing company’s stock valued at $274,000 after buying an additional 10,743 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Lyft by 1.6% during the third quarter. The Manufacturers Life Insurance Company now owns 82,690 shares of the ride-sharing company’s stock valued at $1,054,000 after buying an additional 1,315 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Lyft by 54.2% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 135,366 shares of the ride-sharing company’s stock worth $1,726,000 after buying an additional 47,566 shares during the period. Hedge funds and other institutional investors 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.