Barclays Issues Pessimistic Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price target dropped by equities researchers at Barclays from $20.00 to $19.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the ride-sharing company’s stock. Barclays‘s price target suggests a potential upside of 32.04% from the company’s current price.

LYFT has been the subject of a number of other research reports. Roth Mkm lifted their price target on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Morgan Stanley lifted their target price 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. DA Davidson lifted their target price on shares of Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. TD Cowen lifted their target price on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Finally, Piper Sandler reissued an “overweight” rating and set a $23.00 target price (up previously from $17.00) on shares of Lyft in a research report on Thursday, November 7th. 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $17.81.

Lyft Stock Performance

Shares of LYFT opened at $14.39 on Wednesday. The company has a market cap of $5.97 billion, a PE ratio of -89.94, a P/E/G ratio of 1.94 and a beta of 2.16. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. Lyft has a one year low of $8.93 and a one year high of $20.82. The stock has a 50-day moving average of $14.05 and a 200-day moving average of $13.51.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (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%. On average, equities research analysts predict that Lyft will post 0.06 EPS for the current fiscal year.

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

Insider Buying and Selling

In other Lyft news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the sale, the director now directly owns 314,492 shares in the company, valued at $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 3.07% of the stock is owned by company insiders.

Institutional Trading of Lyft

Several institutional investors have recently added to or reduced their stakes in LYFT. True Wealth Design LLC bought a new position in shares of Lyft during the third quarter valued at about $27,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Lyft in the fourth quarter worth about $29,000. ORG Wealth Partners LLC purchased a new stake in Lyft in the fourth quarter worth about $31,000. Plato Investment Management Ltd purchased a new stake in Lyft in the fourth quarter worth about $35,000. Finally, Byrne Asset Management LLC purchased a new stake in Lyft in the fourth quarter worth about $35,000. 83.07% of the stock is currently 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.