Evercore ISI Lowers Lyft (NASDAQ:LYFT) Price Target to $15.00

Lyft (NASDAQ:LYFT) had its price objective dropped by equities research analysts at Evercore ISI from $19.00 to $15.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “in-line” rating on the ride-sharing company’s stock. Evercore ISI’s target price would indicate a potential upside of 4.24% from the stock’s previous close.

Several other research firms also recently issued reports on LYFT. Canaccord Genuity Group lifted their price objective on Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Morgan Stanley increased their price target on shares of Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. TD Cowen upped their price objective on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. BMO Capital Markets boosted their price target on Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. Finally, 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. Twenty-seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.63.

Lyft Stock Performance

Shares of NASDAQ:LYFT opened at $14.39 on Wednesday. The company has a market cap of $5.97 billion, a P/E ratio of -89.94, a PEG ratio of 1.94 and a beta of 2.16. Lyft has a one year low of $8.93 and a one year high of $20.82. The business’s 50-day simple moving average is $14.00 and its 200 day simple moving average is $13.52. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data 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 negative net margin of 1.19% and a negative return on equity of 1.58%. On average, sell-side analysts forecast that Lyft will post 0.06 earnings per share for the current fiscal year.

Lyft declared that its board has authorized a stock repurchase plan on Tuesday, February 11th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Lyft news, Director Logan Green sold 10,919 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the sale, the director now owns 314,492 shares in the company, valued at $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 available through this hyperlink. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Institutional investors have recently bought and sold shares of the company. True Wealth Design LLC bought a new stake in shares of Lyft in the 3rd quarter valued at approximately $27,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Lyft in the fourth quarter worth approximately $29,000. ORG Wealth Partners LLC acquired a new position in shares of Lyft during the 4th quarter worth $31,000. Plato Investment Management Ltd bought a new position in shares of Lyft during the 4th quarter valued at $35,000. Finally, Byrne Asset Management LLC acquired a new stake in shares of Lyft in the 4th quarter valued at $35,000. 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.