Cantor Fitzgerald Has Lowered Expectations for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its target price reduced by stock analysts at Cantor Fitzgerald from $15.00 to $14.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the ride-sharing company’s stock. Cantor Fitzgerald’s target price points to a potential upside of 3.93% from the company’s current price.

Several other brokerages have also issued reports on LYFT. Canaccord Genuity Group lifted their target price on shares of Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Roth Mkm lifted their price target on shares of Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Barclays reduced their target price on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Wednesday. Piper Sandler reissued an “overweight” rating and issued a $23.00 price target (up from $17.00) on shares of Lyft in a research note on Thursday, November 7th. Finally, TD Cowen upped their price target on shares of Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Lyft presently has a consensus rating of “Hold” and a consensus target price of $17.22.

Lyft Stock Performance

NASDAQ LYFT opened at $13.47 on Wednesday. The firm has a market cap of $5.59 billion, a P/E ratio of -84.19, a price-to-earnings-growth 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. The company’s 50 day moving average is $13.92 and its 200-day moving average is $13.52. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82.

Lyft (NASDAQ:LYFT) last issued its 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%. Sell-side analysts predict that Lyft will post 0.06 earnings per share for the current year.

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

Insider Activity

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 shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the transaction, the director now owns 314,492 shares in the company, valued at approximately $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. True Wealth Design LLC bought a new stake in shares of Lyft in the 3rd quarter worth $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Lyft during the fourth quarter valued at $29,000. ORG Wealth Partners LLC bought a new stake in Lyft in the 4th quarter worth about $31,000. Byrne Asset Management LLC bought a new position in Lyft during the 4th quarter valued at about $35,000. Finally, Plato Investment Management Ltd bought a new position in Lyft during the 4th quarter valued at about $35,000. 83.07% of the stock is owned by 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.