Lyft (NASDAQ:LYFT) Receives Sector Weight Rating from KeyCorp

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

LYFT has been the subject of several other reports. Evercore ISI decreased their price objective on shares of Lyft from $19.00 to $15.00 and set an “in-line” rating for the company in a report on Wednesday, February 12th. Needham & Company LLC reissued a “hold” rating on shares of Lyft in a research note on Monday. Truist Financial cut their price objective on Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research report on Wednesday, February 12th. DA Davidson decreased their target price on Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $21.00 price target on shares of Lyft in a research report on Monday, March 17th. Twenty-seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Lyft currently has a consensus rating of “Hold” and a consensus price target of $17.03.

Lyft Stock Performance

Lyft stock opened at $12.14 on Wednesday. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The firm has a market cap 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. The firm has a 50-day moving average of $12.97 and a 200-day moving average of $13.80.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data 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 return on equity of 8.03% and a net margin of 0.39%. Sell-side analysts expect that Lyft will post 0.22 EPS for the current year.

Lyft announced that its Board of Directors has initiated 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 reacquire up to 8.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the transaction, the director now directly owns 911,922 shares in the company, valued at $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 is available at this link. Also, Director Logan Green sold 11,411 shares of Lyft stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the completion of the sale, the director now directly 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 disclosure for this sale can be found here. Insiders sold 15,407 shares of company stock worth $203,778 over the last three months. 3.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lyft

Institutional investors have recently made changes to their positions in the business. Cerity Partners LLC purchased a new stake in Lyft during the third quarter valued at approximately $1,057,000. Pitcairn Co. bought a new stake in shares of Lyft during the 3rd quarter valued at $140,000. Qsemble Capital Management LP increased its stake in shares of Lyft by 99.6% in the 3rd quarter. Qsemble Capital Management LP now owns 21,524 shares of the ride-sharing company’s stock worth $274,000 after purchasing an additional 10,743 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Lyft by 1.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 82,690 shares of the ride-sharing company’s stock worth $1,054,000 after purchasing an additional 1,315 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Lyft by 54.2% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 135,366 shares of the ride-sharing company’s stock valued at $1,726,000 after purchasing an additional 47,566 shares in the last quarter. 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.