Wedbush Cuts Lyft (NASDAQ:LYFT) Price Target to $16.00

Lyft (NASDAQ:LYFT) had its target price reduced by Wedbush from $18.00 to $16.00 in a research report sent to investors on Wednesday, Marketbeat reports. They currently have a neutral rating on the ride-sharing company’s stock.

Several other equities research analysts have also recently commented on LYFT. Morgan Stanley boosted 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 raised their target price on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Barclays cut their price objective on Lyft from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Wednesday. UBS Group cut 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. Finally, Susquehanna boosted their price objective on Lyft from $10.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Twenty-six research 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.22.

Lyft Price Performance

Shares of NASDAQ LYFT opened at $13.43 on Wednesday. The firm’s 50-day simple moving average is $13.88 and its 200 day simple moving average is $13.52. The stock has a market cap of $5.57 billion, a P/E ratio of -83.94, a P/E/G ratio of 1.94 and a beta of 2.16. 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 has a fifty-two week low of $8.93 and a fifty-two week high of $20.82.

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 the consensus estimate of $0.20 by ($0.10). Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. Equities analysts expect that Lyft will post 0.06 EPS for the current year.

Lyft declared that its board has initiated a share repurchase plan on Tuesday, February 11th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Logan Green sold 10,919 shares of the company’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 transaction of $188,352.75. Following the completion of the transaction, the director now directly owns 314,492 shares in the company, valued at $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 the SEC website. Insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Several large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC acquired a new position in shares of Lyft during the second quarter valued at about $388,000. CWM LLC increased 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 valued at $544,000 after purchasing an additional 35,688 shares during the period. Wesbanco Bank Inc. bought a new stake in Lyft in the 3rd quarter valued at $284,000. Vontobel Holding Ltd. raised its position in Lyft by 21.7% in 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in 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 valued at $252,000 after purchasing an additional 18,868 shares in the last quarter. 83.07% of the stock is currently 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.