Lyft (NASDAQ:LYFT) Price Target Cut to $15.00 by Analysts at Evercore ISI

Lyft (NASDAQ:LYFT - Get Free Report) had its price objective decreased by Evercore ISI from $19.00 to $15.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an "in-line" rating on the ride-sharing company's stock. Evercore ISI's price target points to a potential upside of 11.69% from the company's previous close.

A number of other research firms have also issued reports on LYFT. 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 report on Tuesday, October 22nd. Barclays reduced their price target on shares of Lyft from $20.00 to $19.00 and set an "equal weight" rating for the company in a research report on Wednesday. Bank of America lifted their target price on shares of Lyft from $19.00 to $21.00 and gave the company a "buy" rating in a report on Tuesday. TD Cowen lifted their target price on shares of Lyft from $16.00 to $18.00 and gave the company a "hold" rating in a report on Thursday, November 7th. Finally, Canaccord Genuity Group lifted their target price on shares of Lyft from $18.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Twenty-six equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Lyft presently has an average rating of "Hold" and an average price target of $17.22.

Lyft Trading Down 0.3 %

LYFT stock traded down $0.04 during trading on Wednesday, hitting $13.43. The company had a trading volume of 22,272,233 shares, compared to its average volume of 13,646,594. The firm has a market capitalization of $5.57 billion, a P/E ratio of -83.94, a PEG ratio of 1.94 and a beta of 2.16. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82. The company has a 50 day simple moving average of $13.83 and a 200-day simple moving average of $13.53. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88.

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

Lyft announced that its Board of Directors has initiated a stock buyback program on Tuesday, February 11th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insider Transactions at Lyft

In other news, Director Logan Green sold 10,919 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.07% of the company's stock.

Institutional Trading of Lyft

Several hedge funds have recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV raised its holdings in Lyft by 90.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,544 shares of the ride-sharing company's stock valued at $368,000 after acquiring an additional 13,528 shares in the last quarter. Westerly Capital Management LLC raised its holdings in Lyft by 50.0% in the fourth quarter. Westerly Capital Management LLC now owns 375,000 shares of the ride-sharing company's stock valued at $4,838,000 after acquiring an additional 125,000 shares in the last quarter. PDT Partners LLC acquired a new stake in Lyft in the fourth quarter valued at approximately $4,309,000. Schonfeld Strategic Advisors LLC raised its holdings in Lyft by 194.3% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 502,563 shares of the ride-sharing company's stock valued at $6,483,000 after acquiring an additional 331,792 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Lyft by 60.9% in the fourth quarter. AQR Capital Management LLC now owns 4,823,906 shares of the ride-sharing company's stock valued at $62,228,000 after acquiring an additional 1,825,761 shares in the last quarter. Institutional investors and hedge funds 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.