Lyft (NASDAQ:LYFT) Receives Hold Rating from Needham & Company LLC

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

Several other brokerages have also commented on LYFT. BMO Capital Markets cut their price objective on Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. UBS Group cut their price target on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, February 12th. Wells Fargo & Company decreased their price target on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a report on Thursday, January 16th. Benchmark raised shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Monday, January 6th. Finally, DA Davidson reduced their target price on Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Twenty-six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.03.

Lyft Stock Performance

NASDAQ LYFT opened at $11.98 on Monday. The company’s 50 day simple moving average is $13.05 and its two-hundred day simple moving average is $13.80. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. Lyft has a 1 year low of $8.93 and a 1 year high of $20.40. The stock has a market capitalization of $5.01 billion, a PE ratio of 199.67, a P/E/G ratio of 1.90 and a beta of 2.15.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data 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 return on equity of 8.03% and a net margin of 0.39%. Analysts predict that Lyft will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its Board of Directors has authorized a share repurchase plan 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 plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at Lyft

In related news, Director Logan Green sold 11,411 shares of Lyft stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total transaction of $152,222.74. Following the sale, the director now directly owns 297,640 shares in the company, valued at $3,970,517.60. The trade was a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the completion of the transaction, the director now owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,407 shares of company stock worth $203,778 over the last 90 days. 3.07% of the stock is owned by company insiders.

Institutional Trading of Lyft

A number of hedge funds and other institutional investors have recently modified their holdings of LYFT. Spurstone Advisory Services LLC bought a new stake in Lyft during the fourth quarter worth about $25,000. True Wealth Design LLC bought a new stake in shares of Lyft in the 3rd quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Lyft in the 4th quarter worth approximately $29,000. ORG Wealth Partners LLC purchased a new stake in shares of Lyft in the 4th quarter worth approximately $31,000. Finally, Byrne Asset Management LLC bought a new position in Lyft during the 4th quarter valued at approximately $35,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.