Lyft (NASDAQ:LYFT) Price Target Cut to $16.00 by Analysts at Wedbush

Lyft (NASDAQ:LYFT) had its price objective reduced by equities research analysts at Wedbush from $18.00 to $16.00 in a research report issued on Wednesday, MarketBeat reports. The brokerage currently has a “neutral” rating on the ride-sharing company’s stock. Wedbush’s target price indicates a potential upside of 17.96% from the stock’s current price.

A number of other brokerages also recently issued reports on LYFT. Canaccord Genuity Group increased their price target on shares of Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Wells Fargo & Company dropped their target price on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, January 16th. Jefferies Financial Group boosted their price target on Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research note on Wednesday. Finally, Tigress Financial lifted their price objective on Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Twenty-seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.34.

Lyft Stock Performance

NASDAQ LYFT traded down $0.83 during trading hours on Wednesday, hitting $13.56. 43,241,464 shares of the stock were exchanged, compared to its average volume of 18,092,801. 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 has a market cap of $5.63 billion, a price-to-earnings ratio of -84.78, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82. The stock has a 50-day moving average of $14.00 and a 200 day moving average of $13.52.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results 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 negative net margin of 1.19% and a negative return on equity of 1.58%. As a group, equities research analysts forecast that Lyft will post 0.06 earnings per share for the current year.

Lyft declared that its Board of Directors has authorized a stock repurchase program on Tuesday, February 11th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at Lyft

In other Lyft news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction that occurred 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 transaction, the director now directly owns 314,492 shares of the company’s stock, valued at $5,424,987. The trade was 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 hyperlink. 3.07% of the stock is owned by insiders.

Institutional Trading of Lyft

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

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.