Lyft (NASDAQ:LYFT) Given New $16.00 Price Target at Wedbush

Lyft (NASDAQ:LYFT) had its price objective lowered by Wedbush from $18.00 to $16.00 in a research report report published on Wednesday, MarketBeat.com reports. The brokerage currently has a neutral rating on the ride-sharing company’s stock.

A number of other brokerages have also weighed in on LYFT. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research report on Wednesday. Susquehanna upped their price objective on shares of Lyft from $10.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. UBS Group dropped their price objective on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Canaccord Genuity Group boosted their target price on shares of Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Wells Fargo & Company dropped their price target on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 16th. Twenty-seven 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.com, the stock currently has a consensus rating of “Hold” and an average target price of $17.31.

Lyft Stock Performance

Shares of NASDAQ LYFT opened at $13.25 on Wednesday. The firm’s 50-day moving average price is $14.00 and its 200-day moving average price is $13.52. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82.

Lyft (NASDAQ:LYFT) last issued its 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%. On average, equities research analysts expect that Lyft will post 0.06 EPS for the current year.

Lyft announced that its board has approved a stock buyback plan on Tuesday, February 11th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the ride-sharing company to repurchase up to 8.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the sale, the director now directly owns 314,492 shares in the company, valued at approximately $5,424,987. This represents a 3.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of LYFT. Pacer Advisors Inc. purchased a new stake in shares of Lyft during the third quarter worth $90,604,000. Norges Bank bought a new stake in shares of Lyft during the 4th quarter valued at $49,599,000. Maple Rock Capital Partners Inc. raised its stake in shares of Lyft by 84.8% during the 3rd quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company’s stock valued at $78,872,000 after purchasing an additional 2,838,000 shares during the period. Los Angeles Capital Management LLC lifted its holdings in Lyft by 7,536.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,854,823 shares of the ride-sharing company’s stock worth $23,927,000 after purchasing an additional 1,830,533 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in Lyft by 27.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock worth $103,456,000 after purchasing an additional 1,735,208 shares during the period. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

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.