Lyft’s (LYFT) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Lyft (NASDAQ:LYFT) in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a $21.00 price objective on the ride-sharing company’s stock.

Several other brokerages have also commented on LYFT. Loop Capital upped their price objective on shares of Lyft from $16.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and issued a $18.00 price objective (down from $23.00) on shares of Lyft in a report on Wednesday, February 12th. Benchmark upgraded shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a report on Monday, January 6th. Wells Fargo & Company decreased their price objective on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a report on Thursday, January 16th. Finally, DA Davidson reduced their target price on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. Twenty-six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Lyft has an average rating of “Hold” and a consensus target price of $17.22.

Lyft Stock Performance

Lyft stock opened at $13.46 on Tuesday. The firm has a 50 day simple moving average of $13.69 and a 200-day simple moving average of $13.59. 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 current ratio of 0.75 and a quick ratio of 0.75. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of 224.33, a price-to-earnings-growth ratio of 1.98 and a beta of 2.16.

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 8.71% and a net margin of 0.39%. On average, analysts expect that Lyft will post 0.22 EPS for the current year.

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

Insider Activity at Lyft

In related news, Director Logan Green sold 10,919 shares of the stock in a transaction 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 directly owns 314,492 shares of the company’s stock, valued at $5,424,987. This trade represents a 3.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Mackenzie Financial Corp purchased a new position in Lyft during the 4th quarter worth $2,395,000. Forum Financial Management LP purchased a new position in Lyft during the 4th quarter worth $132,000. Toronto Dominion Bank purchased a new position in Lyft during the 4th quarter worth $279,000. Neo Ivy Capital Management grew its position in Lyft by 52.4% during the 4th quarter. Neo Ivy Capital Management now owns 167,718 shares of the ride-sharing company’s stock worth $2,163,000 after purchasing an additional 57,694 shares during the last quarter. Finally, PharVision Advisers LLC purchased a new position in Lyft during the 4th quarter worth $198,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.