Royal Bank of Canada Lowers Lyft (NASDAQ:LYFT) Price Target to $21.00

Lyft (NASDAQ:LYFT) had its price objective reduced by investment analysts at Royal Bank of Canada from $24.00 to $21.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the ride-sharing company’s stock. Royal Bank of Canada’s target price points to a potential upside of 55.90% from the company’s current price.

A number of other research firms have also recently commented on LYFT. Bank of America lifted their price target on shares of Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday. Tigress Financial lifted their price target on shares of Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Barclays lowered their target price on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Wednesday. Truist Financial boosted their target price on shares of Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Finally, Benchmark raised shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Monday, January 6th. Twenty-seven 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 company. Based on data from MarketBeat.com, Lyft currently has a consensus rating of “Hold” and an average target price of $17.22.

Lyft Price Performance

Lyft stock opened at $13.47 on Wednesday. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The company’s 50 day moving average price is $13.92 and its two-hundred day moving average price is $13.52. 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 stock has a market cap of $5.59 billion, a P/E ratio of -84.19, a P/E/G ratio of 1.94 and a beta of 2.16.

Lyft (NASDAQ:LYFT) last posted 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 return on equity of 1.58% and a negative net margin of 1.19%. On average, equities analysts predict 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 shares. This buyback authorization authorizes the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Lyft

In related news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction dated Wednesday, November 27th. The stock was 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 in the company, valued at $5,424,987. The trade was a 3.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently bought and sold shares of LYFT. Sanctuary Advisors LLC acquired a new stake in Lyft in the 2nd quarter worth about $388,000. CWM LLC boosted its holdings in Lyft by 512.2% in the 3rd quarter. CWM LLC now owns 42,656 shares of the ride-sharing company’s stock worth $544,000 after buying an additional 35,688 shares during the last quarter. Wesbanco Bank Inc. acquired a new stake in Lyft in the 3rd quarter worth about $284,000. Vontobel Holding Ltd. boosted its holdings in Lyft by 21.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 47,181 shares of the ride-sharing company’s stock worth $602,000 after buying an additional 8,408 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Lyft by 2,103.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 19,765 shares of the ride-sharing company’s stock worth $252,000 after buying an additional 18,868 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.