Lyft (NASDAQ:LYFT) Given New $15.00 Price Target at DA Davidson

Lyft (NASDAQ:LYFT - Get Free Report) had its price target decreased by equities researchers at DA Davidson from $16.00 to $15.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the ride-sharing company's stock. DA Davidson's price objective suggests a potential upside of 11.69% from the stock's current price.

A number of other research firms also recently commented on LYFT. Truist Financial reduced their target price on Lyft from $20.00 to $17.00 and set a "hold" rating for the company in a report on Wednesday. Morgan Stanley upped their target price on shares of Lyft from $16.50 to $18.00 and gave the stock an "equal weight" rating in a research report on Thursday, November 7th. BMO Capital Markets reduced their price target on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a research report on Wednesday. Wedbush lowered their price target on Lyft from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday. Finally, Barclays reduced their price objective on Lyft from $20.00 to $19.00 and set an "equal weight" rating for the company in a report on Wednesday. Twenty-six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Lyft presently has an average rating of "Hold" and a consensus price target of $17.22.

Lyft Stock Performance

Shares of Lyft stock traded down $0.04 on Wednesday, reaching $13.43. 22,272,233 shares of the stock were exchanged, compared to its average volume of 13,646,594. 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 firm has a market capitalization of $5.57 billion, a PE ratio of -83.94, a PEG ratio of 1.94 and a beta of 2.16. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82. The business has a fifty day moving average price of $13.83 and a two-hundred day moving average price of $13.54.

Lyft (NASDAQ:LYFT - Get Free Report) last released its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (EPS) 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%. As a group, research analysts anticipate that Lyft will post 0.06 earnings per share for the current fiscal year.

Lyft declared that its Board of Directors has approved a share buyback plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Insider Activity at Lyft

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 transaction of $188,352.75. Following the transaction, the director now directly owns 314,492 shares of the company's stock, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 3.07% of the company's stock.

Institutional Trading of Lyft

A number of hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. grew its holdings in Lyft by 32.4% during the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock valued at $121,369,000 after purchasing an additional 2,302,248 shares in the last quarter. Paragon Capital Management Inc. acquired a new stake in shares of Lyft during the fourth quarter valued at about $1,681,000. KBC Group NV increased its position in shares of Lyft by 354.9% during the fourth quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company's stock worth $3,434,000 after acquiring an additional 207,672 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Lyft by 59.6% in the fourth quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company's stock worth $5,006,000 after acquiring an additional 142,880 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Lyft by 10,225.6% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 424,384 shares of the ride-sharing company's stock valued at $5,475,000 after purchasing an additional 420,274 shares during the last quarter. Hedge funds and other 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.