Lyft (NASDAQ:LYFT) Given Hold Rating at Needham & Company LLC

Lyft (NASDAQ:LYFT)‘s stock had its “hold” rating restated by stock analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports.

Other equities research analysts also recently issued reports about the stock. BMO Capital Markets raised their price target on shares of Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Canaccord Genuity Group raised their price target on shares of Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Evercore ISI lifted their target price on shares of Lyft from $17.00 to $19.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and set a $23.00 target price (up from $17.00) on shares of Lyft in a research report on Thursday, November 7th. Finally, DA Davidson lifted their target price on shares of Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Twenty-seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Lyft presently has an average rating of “Hold” and a consensus target price of $17.81.

Lyft Trading Down 4.8 %

LYFT opened at $14.39 on Wednesday. The company’s 50 day moving average is $14.05 and its 200-day moving average is $13.51. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The company has a market cap of $5.97 billion, a P/E ratio of -89.94, a PEG ratio of 1.94 and a beta of 2.16.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share 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 predict that Lyft will post 0.06 earnings per share for the current fiscal year.

Lyft announced that its board has authorized a stock repurchase plan on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Lyft news, Director Logan Green sold 10,919 shares of the business’s stock in a transaction 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 completion of the sale, the director now owns 314,492 shares in the company, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.07% of the stock is currently owned by company insiders.

Institutional Trading of Lyft

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Prudential Financial Inc. bought a new stake in Lyft during the 4th quarter valued at $1,221,000. Vanguard Group Inc. increased its stake in Lyft by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock valued at $464,434,000 after purchasing an additional 984,907 shares in the last quarter. Stevens Capital Management LP bought a new stake in Lyft during the 4th quarter valued at $232,000. Fox Run Management L.L.C. boosted its holdings in Lyft by 38.3% during the 4th quarter. Fox Run Management L.L.C. now owns 61,578 shares of the ride-sharing company’s stock worth $794,000 after acquiring an additional 17,039 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Lyft during the 4th quarter worth $998,000. Institutional investors own 83.07% 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.