Lyft (NASDAQ:LYFT) Given New $15.00 Price Target at UBS Group

Lyft (NASDAQ:LYFT) had its target price trimmed by UBS Group from $16.00 to $15.00 in a report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the ride-sharing company’s stock.

A number of other brokerages have also recently commented on LYFT. Truist Financial cut their price target on shares of Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research report on Wednesday. DA Davidson boosted their price objective on Lyft from $11.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Bank of America raised their target price on Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday. Wedbush dropped their price target on Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. cut their price target on Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday. Twenty-seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.31.

Lyft Stock Down 7.9 %

Shares of LYFT opened at $13.25 on Wednesday. The business has a 50-day moving average of $14.00 and a 200-day moving average of $13.52. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. 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 issued 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 negative return on equity of 1.58% and a negative net margin of 1.19%. Equities research analysts anticipate that Lyft will post 0.06 EPS for the current fiscal year.

Lyft announced that its Board of Directors has initiated a share buyback program on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Activity at Lyft

In related news, Director Logan Green sold 10,919 shares of the firm’s 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 sale, the director now directly owns 314,492 shares of the company’s stock, valued at $5,424,987. This trade represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lyft

A number of institutional investors have recently made changes to their positions in LYFT. True Wealth Design LLC bought a new stake in shares of Lyft during the 3rd quarter worth $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Lyft during the fourth quarter valued at about $29,000. ORG Wealth Partners LLC bought a new stake in Lyft during the fourth quarter worth about $31,000. Plato Investment Management Ltd purchased a new position in shares of Lyft in the 4th quarter worth about $35,000. Finally, Byrne Asset Management LLC bought a new position in shares of Lyft during the 4th quarter valued at about $35,000. Institutional investors own 83.07% of the company’s stock.

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.