Barclays Cuts Lyft (NASDAQ:LYFT) Price Target to $19.00

Lyft (NASDAQ:LYFT) had its price target cut by Barclays from $20.00 to $19.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the ride-sharing company’s stock.

A number of other analysts also recently commented on the company. Evercore ISI boosted their target price on Lyft from $17.00 to $19.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Tigress Financial lifted their price objective on Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. TD Cowen lifted their price objective on Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. UBS Group lowered their target price on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. Finally, Loop Capital increased their target price on Lyft from $16.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Twenty-six 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.22.

Lyft Stock Down 0.3 %

Shares of NASDAQ LYFT opened at $13.43 on Wednesday. The stock has a market capitalization of $5.57 billion, a price-to-earnings ratio of -83.94, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The firm has a 50-day moving average price of $13.88 and a 200 day moving average price of $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.

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

Lyft declared that its board has initiated a stock buyback program on Tuesday, February 11th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other Lyft news, Director Logan Green sold 10,919 shares of the firm’s stock in a transaction dated 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 owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. This trade represents a 3.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. grew its holdings in shares of Lyft by 32.4% during the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock valued at $121,369,000 after acquiring an additional 2,302,248 shares in the last quarter. Paragon Capital Management Inc. acquired a new stake in Lyft during the fourth quarter valued at $1,681,000. KBC Group NV grew its stake in Lyft by 354.9% in the fourth quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company’s stock valued at $3,434,000 after purchasing an additional 207,672 shares in the last quarter. Nordea Investment Management AB increased its position in Lyft by 59.6% in the 4th quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company’s stock worth $5,006,000 after purchasing an additional 142,880 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Lyft by 10,225.6% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 424,384 shares of the ride-sharing company’s stock valued at $5,475,000 after buying an additional 420,274 shares during the last quarter. Institutional investors and hedge funds 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.