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

Lyft (NASDAQ:LYFT) had its price target reduced by equities researchers at Susquehanna from $18.00 to $15.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the ride-sharing company’s stock. Susquehanna’s target price would suggest a potential upside of 13.21% from the stock’s current price.

A number of other analysts have also recently issued reports on LYFT. Piper Sandler restated an “overweight” rating and set a $18.00 price objective (down from $23.00) on shares of Lyft in a research report on Wednesday. Truist Financial lowered their price target on shares of Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a report on Wednesday. Evercore ISI decreased their target price on shares of Lyft from $19.00 to $15.00 and set an “in-line” rating on the stock in a research report on Wednesday. Royal Bank of Canada lowered their target price on shares of Lyft from $24.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Jefferies Financial Group raised their price target on shares of Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Lyft presently has an average rating of “Hold” and a consensus price target of $17.22.

Lyft Stock Performance

NASDAQ LYFT opened at $13.25 on Thursday. The company’s fifty day moving average is $13.92 and its two-hundred day moving average is $13.52. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of -82.81, a P/E/G ratio of 1.94 and a beta of 2.16.

Lyft (NASDAQ:LYFT) last released its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.10). Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. Equities research analysts forecast that Lyft will post 0.06 EPS for the current year.

Lyft announced that its Board of Directors has approved a stock repurchase plan on Tuesday, February 11th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the ride-sharing company to reacquire 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 Activity

In related news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the sale, the director now directly owns 314,492 shares of the company’s stock, valued at $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lyft

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. True Wealth Design LLC acquired a new stake in shares of Lyft in the 3rd quarter valued at approximately $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Lyft during the 4th quarter worth $29,000. ORG Wealth Partners LLC bought a new position in Lyft during the fourth quarter worth about $31,000. Plato Investment Management Ltd acquired a new position in Lyft in the fourth quarter valued at about $35,000. Finally, Byrne Asset Management LLC bought a new stake in shares of Lyft in the fourth quarter worth about $35,000. Institutional investors 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.