JPMorgan Chase & Co. Cuts Lyft (NASDAQ:LYFT) Price Target to $14.00

Lyft (NASDAQ:LYFT - Free Report) had its price objective trimmed by JPMorgan Chase & Co. from $16.00 to $14.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has a neutral rating on the ride-sharing company's stock.

A number of other equities analysts have also recently commented on LYFT. Cantor Fitzgerald reduced their price target on Lyft from $15.00 to $14.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Wedbush reduced their target price on Lyft from $18.00 to $16.00 and set a "neutral" rating for the company in a research note on Wednesday, February 12th. DA Davidson cut their price target on Lyft from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Piper Sandler reaffirmed an "overweight" rating and set a $18.00 price objective (down from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. Finally, Bank of America lowered shares of Lyft from a "buy" rating to an "underperform" rating and set a $10.50 price objective on the stock. in a research report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $16.60.

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Lyft Stock Up 0.9 %

Shares of NASDAQ:LYFT traded up $0.10 during trading on Tuesday, hitting $11.03. 9,889,385 shares of the company were exchanged, compared to its average volume of 15,558,108. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $19.47. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of 183.83, a P/E/G ratio of 1.90 and a beta of 2.13. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The firm has a fifty day moving average price of $12.34 and a two-hundred day moving average price of $13.72.

Lyft (NASDAQ:LYFT - Get Free Report) last issued 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 return on equity of 8.03% and a net margin of 0.39%. As a group, research analysts anticipate that Lyft will post 0.22 earnings per share for the current fiscal year.

Lyft declared that its board has initiated a share buyback program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the completion of the transaction, the director now owns 911,922 shares of the company's stock, valued at $11,417,263.44. This represents a 0.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Logan Green sold 11,411 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $13.34, for a total value of $152,222.74. Following the completion of the transaction, the director now owns 297,640 shares of the company's stock, valued at $3,970,517.60. This represents a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,407 shares of company stock valued at $203,778 in the last quarter. Insiders own 3.07% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Spurstone Advisory Services LLC bought a new stake in Lyft during the 4th quarter worth approximately $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Lyft during the fourth quarter worth $29,000. ORG Wealth Partners LLC bought a new stake in shares of Lyft in the fourth quarter worth $31,000. Byrne Asset Management LLC acquired a new stake in Lyft in the fourth quarter valued at $35,000. Finally, Plato Investment Management Ltd bought a new position in Lyft during the 4th quarter worth $35,000. 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.