Lyft (NASDAQ:LYFT) Price Target Cut to $13.00 by Analysts at Wells Fargo & Company

Lyft (NASDAQ:LYFT - Get Free Report) had its target price reduced by research analysts at Wells Fargo & Company from $14.00 to $13.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the ride-sharing company's stock. Wells Fargo & Company's price objective suggests a potential upside of 25.65% from the stock's previous close.

A number of other research firms have also recently commented on LYFT. Needham & Company LLC reaffirmed a "hold" rating on shares of Lyft in a research report on Monday, March 24th. Susquehanna reduced their target price 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. BMO Capital Markets lowered their price target on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating on the stock in a report on Wednesday, February 12th. Barclays reduced their price objective on Lyft from $20.00 to $19.00 and set an "equal weight" rating for the company in a report on Wednesday, February 12th. Finally, Cantor Fitzgerald lowered their target price on Lyft from $15.00 to $14.00 and set a "neutral" 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 assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $16.60.

Lyft Stock Performance

Shares of LYFT stock traded down $0.12 on Thursday, reaching $10.35. The stock had a trading volume of 6,383,546 shares, compared to its average volume of 15,405,774. Lyft has a 12 month low of $8.93 and a 12 month high of $19.55. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of 173.48, a P/E/G ratio of 1.90 and a beta of 2.13. The firm's 50-day moving average is $12.70 and its two-hundred day moving average is $13.82. 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 (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (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, research analysts expect that Lyft will post 0.22 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction on 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 sale, the director now directly owns 911,922 shares in the company, valued at $11,417,263.44. This represents a 0.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $152,222.74. Following the transaction, the director now directly owns 297,640 shares in the company, valued at $3,970,517.60. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,407 shares of company stock worth $203,778 in the last ninety days. Company insiders own 3.07% of the company's stock.

Hedge Funds Weigh In On Lyft

A number of hedge funds have recently made changes to their positions in the stock. QRG Capital Management Inc. increased its position in Lyft by 3.8% during the 4th quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company's stock valued at $316,000 after purchasing an additional 903 shares during the period. Sanctuary Advisors LLC boosted its stake in shares of Lyft by 3.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company's stock valued at $363,000 after purchasing an additional 969 shares during the last quarter. Guggenheim Capital LLC increased its position in shares of Lyft by 6.4% during the fourth quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company's stock worth $207,000 after buying an additional 970 shares during the period. XTX Topco Ltd raised its stake in Lyft by 2.5% during the third quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company's stock worth $538,000 after buying an additional 1,043 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in Lyft by 2.6% in the fourth quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company's stock valued at $536,000 after buying an additional 1,045 shares during the period. 83.07% of the stock is currently owned by institutional investors.

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.