Brokerages Set Lyft, Inc. (NASDAQ:LYFT) Price Target at $16.60

Lyft, Inc. (NASDAQ:LYFT - Get Free Report) has been given an average rating of "Hold" by the thirty-eight ratings firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, twenty-seven have given a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $16.60.

A number of research analysts recently weighed in on LYFT shares. Wells Fargo & Company dropped their price objective on Lyft from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Thursday, April 3rd. Evercore ISI decreased their price objective on shares of Lyft from $19.00 to $15.00 and set an "in-line" rating on the stock in a report on Wednesday, February 12th. DA Davidson dropped their target price on shares of Lyft from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Needham & Company LLC restated a "hold" rating on shares of Lyft in a report on Monday, March 24th. Finally, Cantor Fitzgerald decreased their target price on Lyft from $15.00 to $14.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 12th.

Insider Activity at Lyft

In related news, Director Logan Green sold 11,411 shares of the company's stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the sale, the director now directly owns 297,640 shares of the company's stock, valued at approximately $3,970,517.60. This represents a 3.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the business'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 transaction, the director now owns 911,922 shares in the company, valued at approximately $11,417,263.44. This represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,407 shares of company stock worth $203,778. Company insiders own 3.07% of the company's stock.

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Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC lifted its holdings in Lyft by 282.0% in the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after buying an additional 6,365,727 shares in the last quarter. Two Sigma Advisers LP grew its stake 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 purchasing an additional 5,945,000 shares in the last quarter. Two Sigma Investments LP raised its position in shares of 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 purchasing an additional 4,901,358 shares in the last quarter. Norges Bank purchased a new position in shares of Lyft during the 4th quarter valued at approximately $49,599,000. Finally, Pacer Advisors Inc. increased its stake in shares of Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock worth $121,369,000 after buying an additional 2,302,248 shares during the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Lyft Stock Performance

NASDAQ:LYFT traded up $0.01 during midday trading on Thursday, reaching $10.89. The stock had a trading volume of 9,792,405 shares, compared to its average volume of 15,567,952. The stock has a market cap of $4.55 billion, a P/E ratio of 181.50, a P/E/G ratio of 1.90 and a beta of 2.13. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft has a 12-month low of $8.93 and a 12-month high of $19.07. The firm has a fifty day simple moving average of $12.23 and a two-hundred day simple moving average of $13.69.

Lyft (NASDAQ:LYFT - Get Free Report) last issued 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 return on equity of 8.03% and a net margin of 0.39%. On average, equities analysts expect that Lyft will post 0.22 EPS for the current year.

Lyft announced that its board has initiated a share buyback program on Tuesday, February 11th that allows the company to buyback $500.00 million in 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 often an indication that the company's board believes its shares are undervalued.

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.