Barclays Has Lowered Expectations for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price objective trimmed by Barclays from $20.00 to $19.00 in a research note released on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the ride-sharing company’s stock.

Several other brokerages have also recently weighed in on LYFT. Cantor Fitzgerald boosted their price objective on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Needham & Company LLC reissued a “hold” rating on shares of Lyft in a report on Thursday, November 7th. Jefferies Financial Group boosted their price objective on Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. UBS Group lowered their price target on Lyft from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. Finally, Wells Fargo & Company lowered their price target on Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, January 16th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Lyft presently has a consensus rating of “Hold” and a consensus price target of $17.31.

Lyft Stock Performance

Shares of NASDAQ LYFT opened at $13.25 on Wednesday. The firm’s 50-day simple moving average is $14.00 and its 200 day simple moving average is $13.52. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share 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%. Research analysts predict that Lyft will post 0.06 EPS for the current fiscal year.

Lyft announced that its board has approved a stock repurchase plan on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, Director Logan Green sold 10,919 shares of the stock in a transaction that occurred on 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 sale, the director now owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. This represents a 3.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lyft

A number of large investors have recently added to or reduced their stakes in LYFT. True Wealth Design LLC bought a new stake in Lyft in the 3rd quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Lyft in the 4th quarter valued at $29,000. ORG Wealth Partners LLC bought a new stake in Lyft in the 4th quarter valued at $31,000. Byrne Asset Management LLC bought a new stake in Lyft in the 4th quarter valued at $35,000. Finally, Plato Investment Management Ltd bought a new stake in Lyft in the 4th quarter valued at $35,000. Institutional investors own 83.07% of the company’s stock.

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.