Stock Repurchase Program Announced by Lyft (NASDAQ:LYFT)

Lyft (NASDAQ:LYFT) declared that its Board of Directors has approved a share buyback plan on Tuesday, February 11th, RTT News reports. The company plans to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have issued reports on LYFT. Loop Capital boosted their price objective on shares of Lyft from $16.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. UBS Group cut their price objective on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday. TD Cowen boosted their price objective on shares of Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Bank of America boosted their price objective on shares of Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday. Finally, BMO Capital Markets cut their price target on shares of Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a report on Wednesday. Twenty-seven 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 company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.22.

Lyft Stock Performance

Shares of Lyft stock opened at $13.47 on Friday. Lyft has a one year low of $8.93 and a one year high of $20.82. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The company has a market capitalization of $5.59 billion, a PE ratio of -84.19, a P/E/G ratio of 1.94 and a beta of 2.16. The company has a 50-day simple moving average of $13.92 and a two-hundred day simple moving average of $13.52.

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%. Research analysts expect that Lyft will post 0.06 EPS for the current fiscal year.

Insider Transactions at Lyft

In other Lyft news, Director Logan Green sold 10,919 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.07% 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.