Barclays Lowers Lyft (NASDAQ:LYFT) Price Target to $19.00

Lyft (NASDAQ:LYFT) had its price objective lowered by research analysts at Barclays from $20.00 to $19.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the ride-sharing company’s stock. Barclays‘s price target would suggest a potential upside of 41.05% from the company’s previous close.

Other analysts also recently issued research reports about the stock. DA Davidson raised their price target on shares of Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. TD Cowen raised their price target on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Susquehanna raised their price target on shares of Lyft from $10.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Benchmark raised shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Monday, January 6th. Finally, Piper Sandler reissued an “overweight” rating and set a $23.00 price target (up previously from $17.00) on shares of Lyft in a research report on Thursday, November 7th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Lyft currently has a consensus rating of “Hold” and an average price target of $17.22.

Lyft Trading Up 1.7 %

LYFT opened at $13.47 on Wednesday. The firm has a market capitalization of $5.59 billion, a P/E ratio of -84.19, a P/E/G ratio of 1.94 and a beta of 2.16. The firm’s 50 day moving average is $13.92 and its 200-day moving average is $13.52. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82. 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 (NASDAQ:LYFT) last released its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share 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%. Analysts expect that Lyft will post 0.06 EPS for the current fiscal year.

Lyft announced that its Board of Directors has authorized a share repurchase plan on Tuesday, February 11th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the ride-sharing company to purchase up to 8.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Lyft

In related news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the sale, the director now directly owns 314,492 shares in the company, valued at $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company 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. Sanctuary Advisors LLC bought a new stake in Lyft in the second quarter worth about $388,000. CWM LLC raised its position in Lyft by 512.2% in the third quarter. CWM LLC now owns 42,656 shares of the ride-sharing company’s stock worth $544,000 after acquiring an additional 35,688 shares in the last quarter. Wesbanco Bank Inc. bought a new stake in Lyft in the third quarter worth about $284,000. Vontobel Holding Ltd. raised its position in Lyft by 21.7% in the third quarter. Vontobel Holding Ltd. now owns 47,181 shares of the ride-sharing company’s stock worth $602,000 after acquiring an additional 8,408 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Lyft by 2,103.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 19,765 shares of the ride-sharing company’s stock worth $252,000 after acquiring an additional 18,868 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

About Lyft

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.