Lyft (NASDAQ:LYFT) Price Target Cut to $20.00 by Analysts at Loop Capital

Lyft (NASDAQ:LYFT) had its target price cut by investment analysts at Loop Capital from $23.00 to $20.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the ride-sharing company’s stock. Loop Capital’s target price indicates a potential upside of 72.76% from the stock’s previous close.

Other analysts have also issued research reports about the company. DA Davidson cut their price target on Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, February 12th. Needham & Company LLC reissued a “hold” rating on shares of Lyft in a report on Wednesday, February 12th. Bank of America boosted their price target on Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Cantor Fitzgerald cut their price target on Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, February 12th. Finally, Wedbush cut their price target on Lyft from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, February 12th. Twenty-six equities 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 company’s stock. According to data from MarketBeat, Lyft presently has an average rating of “Hold” and a consensus price target of $17.03.

Lyft Stock Performance

Shares of LYFT traded down $0.45 during trading hours on Tuesday, hitting $11.58. The stock had a trading volume of 1,676,552 shares, compared to its average volume of 14,962,790. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The firm has a market capitalization of $4.84 billion, a PE ratio of 192.95, a PEG ratio of 1.90 and a beta of 2.15. The stock has a fifty day moving average price of $13.19 and a 200 day moving average price of $13.80.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. Analysts anticipate that Lyft will post 0.22 EPS for the current year.

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

Insiders Place Their Bets

In other Lyft news, Director Logan Green sold 11,411 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total transaction of $152,222.74. Following the sale, the director now directly owns 297,640 shares of the company’s stock, valued at $3,970,517.60. The trade was a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the sale, the director now directly owns 911,922 shares in the company, valued at $11,417,263.44. The trade was a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,407 shares of company stock valued at $203,778 over the last ninety days. 3.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. QRG Capital Management Inc. grew its stake in shares of Lyft by 3.8% during the fourth quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock valued at $316,000 after buying an additional 903 shares during the last quarter. Sanctuary Advisors LLC grew its stake in shares of Lyft by 3.5% during the third quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock valued at $363,000 after buying an additional 969 shares during the last quarter. Guggenheim Capital LLC grew its stake in shares of Lyft by 6.4% during the fourth quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company’s stock valued at $207,000 after buying an additional 970 shares during the last quarter. XTX Topco Ltd grew its stake in shares of Lyft by 2.5% during the third quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after buying an additional 1,043 shares during the last quarter. Finally, US Bancorp DE grew its stake in shares of Lyft by 2.6% during the fourth quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock valued at $536,000 after buying an additional 1,045 shares during the last quarter. 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.