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

Lyft (NASDAQ:LYFT) had its price target dropped by research analysts at Truist Financial from $20.00 to $17.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the ride-sharing company’s stock. Truist Financial’s price objective points to a potential upside of 26.21% from the company’s current price.

A number of other equities research analysts have also recently commented on LYFT. Piper Sandler reiterated an “overweight” rating and set a $18.00 target price (down from $23.00) on shares of Lyft in a research note on Wednesday. Evercore ISI lowered their target price on Lyft from $19.00 to $15.00 and set an “in-line” rating on the stock in a research note on Wednesday. Benchmark upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Monday, January 6th. TD Cowen lifted their target price on Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group lifted 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. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.22.

Lyft Price Performance

Shares of NASDAQ:LYFT opened at $13.47 on Wednesday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The stock’s fifty day simple moving average is $13.92 and its two-hundred day simple moving average is $13.52. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82. The stock has a market cap of $5.59 billion, a PE ratio of -84.19, a price-to-earnings-growth 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 EPS 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%. As a group, analysts forecast that Lyft will post 0.06 EPS for the current fiscal year.

Lyft announced that its board has authorized a share buyback program on Tuesday, February 11th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Logan Green sold 10,919 shares of the business’s 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 in the company, valued at $5,424,987. The trade was a 3.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Lyft

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. QRG Capital Management Inc. lifted its position in Lyft by 3.8% in the fourth quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock valued at $316,000 after purchasing an additional 903 shares during the last quarter. Sanctuary Advisors LLC lifted its position in Lyft by 3.5% in the third quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock valued at $363,000 after purchasing an additional 969 shares during the last quarter. Guggenheim Capital LLC lifted its position in Lyft by 6.4% in the fourth quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company’s stock valued at $207,000 after purchasing an additional 970 shares during the last quarter. XTX Topco Ltd lifted its position in Lyft by 2.5% in the third quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after purchasing an additional 1,043 shares during the last quarter. Finally, US Bancorp DE lifted its position in Lyft by 2.6% in the fourth quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock valued at $536,000 after purchasing an additional 1,045 shares during the last quarter. 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.