JPMorgan Chase & Co. Issues Pessimistic Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price target dropped by analysts at JPMorgan Chase & Co. from $19.00 to $16.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the ride-sharing company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 18.78% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company reduced their price objective on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, January 16th. Benchmark raised shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Monday, January 6th. UBS Group reduced their price objective on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Truist Financial upped their price objective on shares of Lyft from $13.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Finally, Evercore ISI reduced their price objective on shares of Lyft from $19.00 to $15.00 and set an “in-line” rating for the company in a research report on Wednesday. Twenty-seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $17.22.

Lyft Price Performance

Shares of NASDAQ LYFT opened at $13.47 on Wednesday. The firm’s 50-day moving average price is $13.92 and its 200-day moving average price is $13.52. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82. 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 company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88.

Lyft (NASDAQ:LYFT) last posted its 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%. Equities research analysts anticipate that Lyft will post 0.06 earnings per share for the current fiscal year.

Lyft declared that its board has approved a share 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 buy up to 8.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Lyft

In other news, Director Logan Green sold 10,919 shares of Lyft 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 transaction, the director now owns 314,492 shares of the company’s stock, valued at $5,424,987. The trade was a 3.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LYFT. True Wealth Design LLC acquired a new stake in Lyft in the 3rd quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Lyft in the 4th quarter worth approximately $29,000. ORG Wealth Partners LLC acquired a new stake in Lyft in the 4th quarter worth approximately $31,000. Plato Investment Management Ltd acquired a new stake in Lyft in the 4th quarter worth approximately $35,000. Finally, Byrne Asset Management LLC acquired a new stake in Lyft in the 4th quarter worth approximately $35,000. Hedge funds and other 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.