Lyft (NASDAQ:LYFT) Price Target Raised to $21.00 at Bank of America

Lyft (NASDAQ:LYFT) had its price objective upped by Bank of America from $19.00 to $21.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the ride-sharing company’s stock.

Other research analysts have also recently issued research reports about the company. UBS Group decreased their target price on Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. Benchmark upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Monday, January 6th. Truist Financial lifted their target price on Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and issued a $23.00 target price (up previously from $17.00) on shares of Lyft in a research report on Thursday, November 7th. Finally, DA Davidson lifted their target price on Lyft from $11.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Twenty-seven investment 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.22.

Lyft Stock Up 1.7 %

LYFT stock opened at $13.47 on Tuesday. The company has a market cap of $5.59 billion, a PE ratio of -84.19, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16. The business has a 50-day simple moving average of $13.92 and a 200 day simple moving average of $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 posted its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 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%. Sell-side analysts anticipate that Lyft will post 0.06 EPS for the current fiscal year.

Lyft declared that its Board of Directors has initiated a stock buyback plan 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 repurchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Lyft

In other Lyft news, Director Logan Green sold 10,919 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the transaction, the director now directly owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

A number of institutional investors have recently modified their holdings of LYFT. Sanctuary Advisors LLC acquired a new position in shares of Lyft during the second quarter worth approximately $388,000. CWM LLC raised its position in shares of Lyft by 512.2% during the third quarter. CWM LLC now owns 42,656 shares of the ride-sharing company’s stock worth $544,000 after purchasing an additional 35,688 shares during the period. Wesbanco Bank Inc. acquired a new position in shares of Lyft during the third quarter worth approximately $284,000. Vontobel Holding Ltd. raised its position in shares of Lyft by 21.7% during the third quarter. Vontobel Holding Ltd. now owns 47,181 shares of the ride-sharing company’s stock worth $602,000 after purchasing an additional 8,408 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Lyft by 2,103.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 19,765 shares of the ride-sharing company’s stock worth $252,000 after purchasing an additional 18,868 shares during the period. 83.07% of the stock is owned by institutional investors and hedge funds.

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.