Lyft, Inc. (NASDAQ:LYFT) Receives Average Recommendation of "Hold" from Brokerages

Lyft, Inc. (NASDAQ:LYFT - Get Free Report) has received an average recommendation of "Hold" from the thirty-seven ratings firms that are currently covering the firm, Marketbeat reports. Twenty-six research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $17.22.

Several research analysts have recently commented on the stock. Wedbush decreased their price target on shares of Lyft from $18.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. JPMorgan Chase & Co. reduced their target price on shares of Lyft from $19.00 to $16.00 and set a "neutral" rating for the company in a research note on Wednesday, February 12th. Tigress Financial boosted their target price on shares of Lyft from $24.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, November 21st. Piper Sandler reissued an "overweight" rating and set a $18.00 target price (down from $23.00) on shares of Lyft in a research note on Wednesday, February 12th. Finally, Loop Capital boosted their target price on shares of Lyft from $16.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th.

Insider Transactions at Lyft

In other news, Director Logan Green sold 10,919 shares of the business's stock in a transaction on Wednesday, November 27th. The shares were 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 directly owns 314,492 shares in the company, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lyft

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Lyft by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company's stock valued at $464,434,000 after purchasing an additional 984,907 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Lyft by 0.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company's stock valued at $230,174,000 after purchasing an additional 80,675 shares during the last quarter. Pacer Advisors Inc. raised its stake 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 during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Lyft by 15.1% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company's stock valued at $120,463,000 after buying an additional 1,224,056 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Lyft by 282.0% in the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock valued at $111,240,000 after buying an additional 6,365,727 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Lyft Stock Performance

Shares of NASDAQ LYFT traded down $0.42 during midday trading on Wednesday, hitting $13.05. The company's stock had a trading volume of 16,800,203 shares, compared to its average volume of 20,388,947. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82. The firm's fifty day moving average price is $13.66 and its 200-day moving average price is $13.59. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76. The firm has a market cap of $5.41 billion, a P/E ratio of 217.42, a P/E/G ratio of 1.89 and a beta of 2.16.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a net margin of 0.39% and a return on equity of 8.03%. On average, sell-side analysts forecast that Lyft will post 0.22 EPS for the current fiscal year.

Lyft announced that its Board of Directors 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 repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

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.