JPMorgan Chase & Co. Has Lowered Expectations for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $19.00 to $16.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the ride-sharing company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 20.87% from the company’s previous close.

Several other research analysts have also commented on the company. BMO Capital Markets boosted their price objective on Lyft from $13.00 to $18.00 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Wedbush decreased their price target on shares of Lyft from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Barclays dropped their price objective on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Wednesday. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Wednesday. Finally, Loop Capital upped their price objective on Lyft from $16.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Twenty-seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.50.

Lyft Price Performance

NASDAQ LYFT traded down $1.15 during trading hours on Wednesday, hitting $13.24. The company had a trading volume of 28,757,998 shares, compared to its average volume of 17,279,102. The firm has a 50 day simple moving average of $14.00 and a 200 day simple moving average of $13.52. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The firm has a market capitalization of $5.49 billion, a price-to-earnings ratio of -82.53, a PEG ratio of 1.94 and a beta of 2.16. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data 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%. Equities research analysts expect that Lyft will post 0.06 earnings per share for the current year.

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

Insider Buying and Selling

In related news, Director Logan Green sold 10,919 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lyft

Institutional investors and hedge funds have recently modified their holdings of the stock. True Wealth Design LLC purchased a new position in Lyft during the third quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Lyft in the fourth quarter worth about $29,000. ORG Wealth Partners LLC bought a new position in Lyft during the fourth quarter valued at approximately $31,000. Byrne Asset Management LLC purchased a new position in Lyft during the 4th quarter valued at approximately $35,000. Finally, Plato Investment Management Ltd bought a new stake in Lyft in the 4th quarter worth approximately $35,000. 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.