Lyft (NASDAQ:LYFT) Price Target Cut to $16.00 by Analysts at JPMorgan Chase & Co.

Lyft (NASDAQ:LYFT) had its price target decreased by JPMorgan Chase & Co. from $19.00 to $16.00 in a research report report published on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the ride-sharing company’s stock.

Several other research firms have also weighed in on LYFT. Wells Fargo & Company cut their target price on Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 16th. Piper Sandler reiterated an “overweight” rating and issued a $18.00 price target (down from $23.00) on shares of Lyft in a research report on Wednesday. Canaccord Genuity Group lifted their price objective on shares of Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Loop Capital upped their target price on shares of Lyft from $16.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, TD Cowen lifted their price target on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Twenty-seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $17.31.

Lyft Stock Down 7.9 %

LYFT opened at $13.25 on Wednesday. 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 fifty-two week low of $8.93 and a fifty-two week high of $20.82. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT) last issued its 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%. Equities research analysts anticipate that Lyft will post 0.06 earnings per share for the current fiscal year.

Lyft declared that its board has authorized a stock buyback program 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 reacquire up to 8.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Lyft

In other news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the transaction, the director now 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 SEC, which is available at this link. Company insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several hedge funds have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd raised its stake in Lyft by 23.1% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 49,688 shares of the ride-sharing company’s stock valued at $641,000 after buying an additional 9,332 shares during the period. World Investment Advisors bought a new position in Lyft during the fourth quarter worth $185,000. Bryce Point Capital LLC acquired a new position in shares of Lyft in the fourth quarter valued at $424,000. Groupama Asset Managment acquired a new stake in shares of Lyft during the 4th quarter worth about $12,900,000. Finally, Trexquant Investment LP boosted its holdings in shares of Lyft by 70.7% during the 4th quarter. Trexquant Investment LP now owns 2,391,574 shares of the ride-sharing company’s stock worth $30,851,000 after buying an additional 990,662 shares during the period. 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.