Wells Fargo & Company Issues Pessimistic Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT - Get Free Report) had its price objective reduced by investment analysts at Wells Fargo & Company from $14.00 to $13.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the ride-sharing company's stock. Wells Fargo & Company's price objective points to a potential upside of 19.93% from the company's current price.

Several other equities analysts also recently commented on LYFT. Bank of America downgraded Lyft from a "buy" rating to an "underperform" rating and set a $10.50 target price for the company. in a research report on Thursday. Loop Capital cut their price objective on Lyft from $23.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. Cantor Fitzgerald lowered their target price on shares of Lyft from $15.00 to $14.00 and set a "neutral" rating on the stock in a report on Wednesday, February 12th. Susquehanna cut their price target on shares of Lyft from $18.00 to $15.00 and set a "neutral" rating for the company in a report on Thursday, February 13th. Finally, Truist Financial decreased their price objective on shares of Lyft from $20.00 to $17.00 and set a "hold" rating on the stock in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $16.66.

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Lyft Stock Performance

LYFT traded down $0.64 during trading on Thursday, reaching $10.84. 19,189,049 shares of the company's stock were exchanged, compared to its average volume of 15,408,403. The company has a market capitalization of $4.53 billion, a P/E ratio of 180.67, a PEG 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. The business has a 50 day moving average price of $12.76 and a 200 day moving average price of $13.83. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $19.55.

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 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%. As a group, analysts predict that Lyft will post 0.22 earnings per share for the current fiscal year.

Lyft declared that its Board of Directors has initiated a share buyback plan on Tuesday, February 11th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at Lyft

In other Lyft news, Director Logan Green sold 11,411 shares of Lyft stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $13.34, for a total transaction of $152,222.74. Following the transaction, the director now directly owns 297,640 shares in the company, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were 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 directly owns 911,922 shares of the company's stock, valued at approximately $11,417,263.44. The trade was a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,407 shares of company stock valued at $203,778. Corporate insiders own 3.07% of the company's stock.

Hedge Funds Weigh In On Lyft

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings 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 worth $464,434,000 after buying an additional 984,907 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Lyft by 32.4% during the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock worth $121,369,000 after acquiring an additional 2,302,248 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in 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 acquiring an additional 1,224,056 shares in the last quarter. Renaissance Technologies LLC lifted its position 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 valued at $111,240,000 after acquiring an additional 6,365,727 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in Lyft by 156.9% during the 4th quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company's stock worth $103,524,000 after purchasing an additional 4,901,358 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.