Lyft (NASDAQ:LYFT) Receives “Outperform” Rating from Royal Bank of Canada

Lyft (NASDAQ:LYFT)‘s stock had its “outperform” rating restated by analysts at Royal Bank of Canada in a research report issued on Monday,Benzinga reports. They currently have a $21.00 price objective on the ride-sharing company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 75.01% from the stock’s current price.

LYFT has been the subject of a number of other reports. Truist Financial cut their price objective on shares of Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a report on Wednesday, February 12th. Wedbush reduced their price target on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. Roth Capital reissued a “neutral” rating on shares of Lyft in a report on Wednesday, February 12th. Piper Sandler restated an “overweight” rating and set a $18.00 price objective (down previously from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. Finally, Tigress Financial boosted their target price on Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Twenty-six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.13.

Lyft Stock Performance

Lyft stock traded up $0.08 during midday trading on Monday, hitting $12.00. The stock had a trading volume of 2,134,925 shares, compared to its average volume of 14,975,805. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82. The company has a market capitalization of $5.02 billion, a PE ratio of 199.70, a P/E/G ratio of 1.90 and a beta of 2.15. The firm’s fifty day moving average is $13.24 and its two-hundred day moving average is $13.79. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74.

Lyft (NASDAQ:LYFT) last announced 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 net margin of 0.39% and a return on equity of 8.03%. On average, research analysts forecast that Lyft will post 0.22 EPS for the current year.

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

Insider Activity at Lyft

In other news, Director Logan Green sold 11,411 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the completion of the sale, the director now directly owns 297,640 shares in the company, valued at $3,970,517.60. The trade was a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total value of $30,348.48. Following the transaction, the director now owns 911,922 shares in the company, valued at $11,417,263.44. This trade represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,407 shares of company stock worth $203,778 in the last three months. Company insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Institutional investors and hedge funds have recently modified their holdings of the stock. QRG Capital Management Inc. boosted its holdings in Lyft by 3.8% in the 4th quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock worth $316,000 after buying an additional 903 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in shares of Lyft by 3.5% in the third quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock worth $363,000 after acquiring an additional 969 shares during the last quarter. Guggenheim Capital LLC increased its position in shares of Lyft by 6.4% during the fourth quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company’s stock worth $207,000 after purchasing an additional 970 shares in the last quarter. XTX Topco Ltd raised its stake in Lyft by 2.5% in the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after purchasing an additional 1,043 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in Lyft by 2.6% in the 4th quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock valued at $536,000 after purchasing an additional 1,045 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

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.