Stock Buyback Plan Authorized by Lyft (NASDAQ:LYFT) Board of Directors

Lyft (NASDAQ:LYFT) declared that its Board of Directors has initiated a stock buyback program on Tuesday, February 11th, RTT News reports. The company plans to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages recently weighed in on LYFT. Wells Fargo & Company reduced their target price on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, January 16th. Wedbush reduced their price objective on Lyft from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Monday, January 6th. DA Davidson boosted their target price on Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. TD Cowen increased their price target on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Finally, Bank of America lifted their price target on Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday. Twenty-seven equities 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.84.

Lyft Trading Down 4.8 %

Shares of NASDAQ:LYFT opened at $14.39 on Wednesday. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. The firm has a fifty day moving average price of $14.05 and a 200 day moving average price of $13.51. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $5.97 billion, a PE ratio of -89.94, a P/E/G ratio of 1.94 and a beta of 2.16.

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 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%. Analysts expect that Lyft will post 0.06 EPS for the current fiscal year.

Insider Buying and Selling at Lyft

In related news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $5,424,987. This represents a 3.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.07% 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.