Lyft (NASDAQ:LYFT) Price Target Lowered to $15.00 at DA Davidson

Lyft (NASDAQ:LYFT) had its price objective lowered by DA Davidson from $16.00 to $15.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the ride-sharing company’s stock.

A number of other equities analysts have also issued reports on LYFT. Bank of America increased their price objective on Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday. BMO Capital Markets lowered their price target on Lyft from $18.00 to $15.00 and set a “market perform” rating on the stock in a report on Wednesday. TD Cowen upped their price objective on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. UBS Group decreased their target price on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Wednesday. Twenty-seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Lyft currently has an average rating of “Hold” and a consensus target price of $17.31.

Lyft Price Performance

Shares of LYFT opened at $13.25 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The stock has a fifty day moving average price of $14.00 and a 200 day moving average price of $13.52.

Lyft (NASDAQ:LYFT) last issued 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 net margin of 1.19% and a negative return on equity of 1.58%. As a group, sell-side analysts anticipate that Lyft will post 0.06 EPS for the current fiscal year.

Lyft declared that its Board of Directors has approved a share 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 buy up to 8.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Activity at Lyft

In related news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were 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 approximately $5,424,987. This represents a 3.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. True Wealth Design LLC acquired a new stake in shares of Lyft in the third quarter valued at about $27,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Lyft during the 4th quarter valued at approximately $29,000. ORG Wealth Partners LLC bought a new stake in Lyft during the 4th quarter valued at approximately $31,000. Plato Investment Management Ltd acquired a new stake in Lyft in the 4th quarter valued at approximately $35,000. Finally, Byrne Asset Management LLC bought a new position in Lyft in the 4th quarter worth approximately $35,000. Institutional investors and hedge funds 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.