JPMorgan Chase & Co. Issues Pessimistic Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its target price lowered by investment analysts at JPMorgan Chase & Co. from $16.00 to $14.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the ride-sharing company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 23.46% from the stock’s current price.

Other equities analysts have also issued research reports about the company. KeyCorp reiterated a “sector weight” rating on shares of Lyft in a research report on Wednesday, March 26th. Truist Financial cut their price objective on Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research note on Wednesday, February 12th. Barclays lowered their target price on Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research note on Monday, March 24th. Finally, Evercore ISI cut their price objective on Lyft from $19.00 to $15.00 and set an “in-line” rating for the company in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Lyft has a consensus rating of “Hold” and an average price target of $16.60.

Lyft Trading Up 13.7 %

NASDAQ:LYFT opened at $11.34 on Tuesday. The company has a market capitalization of $4.74 billion, a PE ratio of 189.00, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13. The stock has a fifty day simple moving average of $12.46 and a 200-day simple moving average of $13.75. Lyft has a 52-week low of $8.93 and a 52-week high of $19.55. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74.

Lyft (NASDAQ:LYFT) last posted 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 return on equity of 8.03% and a net margin of 0.39%. On average, equities research analysts expect that Lyft will post 0.22 earnings per share for the current fiscal year.

Lyft declared that its Board of Directors has initiated a stock buyback 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 typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

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

Hedge Funds Weigh In On Lyft

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Spurstone Advisory Services LLC bought a new position in shares of Lyft during the fourth quarter valued at approximately $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Lyft during the 4th quarter worth about $29,000. ORG Wealth Partners LLC acquired a new stake in shares of Lyft during the 4th quarter valued at about $31,000. Byrne Asset Management LLC purchased a new position in Lyft in the 4th quarter valued at about $35,000. Finally, Plato Investment Management Ltd purchased a new position in Lyft in the 4th quarter worth approximately $35,000. 83.07% of the stock is currently 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.