Lyft, Inc. (NASDAQ:LYFT) Given Consensus Rating of "Hold" by Brokerages

Shares of Lyft, Inc. (NASDAQ:LYFT - Get Free Report) have been assigned an average rating of "Hold" from the thirty-seven analysts that are currently covering the firm, Marketbeat.com reports. Twenty-six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $17.03.

Several research analysts recently weighed in on the stock. BMO Capital Markets decreased their price objective on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating on the stock in a research report on Wednesday, February 12th. UBS Group 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. Royal Bank of Canada restated an "outperform" rating and set a $21.00 target price on shares of Lyft in a research report on Monday. Needham & Company LLC reiterated a "hold" rating on shares of Lyft in a report on Wednesday, February 12th. Finally, Benchmark raised Lyft from a "hold" rating to a "buy" rating and set a $20.00 target price for the company in a report on Monday, January 6th.

Lyft Price Performance

Shares of Lyft stock traded up $0.32 during midday trading on Friday, reaching $11.85. The company had a trading volume of 7,092,906 shares, compared to its average volume of 14,968,779. The stock has a fifty day simple moving average of $13.13 and a 200 day simple moving average of $13.80. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82. The company has a market capitalization of $4.95 billion, a price-to-earnings ratio of 196.77, a price-to-earnings-growth ratio of 1.90 and a beta of 2.15. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74.

Remove Ads

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

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

Insiders Place Their Bets

In other Lyft news, Director Logan Green sold 11,411 shares of the company's 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 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total transaction of $30,348.48. Following the sale, the director now owns 911,922 shares of the company's stock, valued at approximately $11,417,263.44. This represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,407 shares of company stock valued at $203,778 over the last ninety days. Company insiders own 3.07% of the company's stock.

Hedge Funds Weigh In On Lyft

Hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. acquired a new position in Lyft during the third quarter worth $90,604,000. Renaissance Technologies LLC lifted its stake in Lyft by 282.0% during the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after acquiring an additional 6,365,727 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in Lyft by 828.5% during the 4th quarter. Two Sigma Advisers LP now owns 6,662,535 shares of the ride-sharing company's stock valued at $85,947,000 after acquiring an additional 5,945,000 shares during the period. Two Sigma Investments LP grew its position in Lyft by 156.9% in the 4th quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company's stock valued at $103,524,000 after acquiring an additional 4,901,358 shares in the last quarter. Finally, Norges Bank purchased a new stake in Lyft during the fourth quarter worth about $49,599,000. 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.