Wedbush Lowers Lyft (NASDAQ:LYFT) Price Target to $16.00

Lyft (NASDAQ:LYFT - Get Free Report) had its price objective lowered by stock analysts at Wedbush from $18.00 to $16.00 in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage presently has a "neutral" rating on the ride-sharing company's stock. Wedbush's target price points to a potential upside of 19.14% from the stock's previous close.

A number of other brokerages have also recently commented on LYFT. Barclays decreased their price target on Lyft from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Susquehanna boosted their target price on Lyft from $10.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, November 11th. Truist Financial boosted their target price on Lyft from $13.00 to $20.00 and gave the company a "hold" rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. dropped their price target on Lyft from $19.00 to $16.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, TD Cowen lifted their price target on Lyft from $16.00 to $18.00 and gave the company a "hold" rating in a research report on Thursday, November 7th. Twenty-six research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $17.22.

Lyft Stock Performance

LYFT traded down $0.04 during trading hours on Wednesday, hitting $13.43. The stock had a trading volume of 22,272,233 shares, compared to its average volume of 13,646,594. The company's fifty day simple moving average is $13.83 and its 200 day simple moving average is $13.54. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. The stock has a market cap of $5.57 billion, a PE ratio of -83.94, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its 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 negative return on equity of 1.58% and a negative net margin of 1.19%. Equities analysts anticipate that Lyft will post 0.06 earnings per share for the current year.

Lyft announced that its Board of Directors has authorized 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 purchase up to 8.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insider Activity at Lyft

In other Lyft news, Director Logan Green sold 10,919 shares of the stock in a transaction that occurred 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 owns 314,492 shares in the company, valued at $5,424,987. This represents a 3.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new stake in Lyft in the 2nd quarter worth $388,000. CWM LLC boosted its position in shares of Lyft by 512.2% during the 3rd quarter. CWM LLC now owns 42,656 shares of the ride-sharing company's stock valued at $544,000 after acquiring an additional 35,688 shares in the last quarter. Wesbanco Bank Inc. acquired a new stake in shares of Lyft during the 3rd quarter valued at about $284,000. Vontobel Holding Ltd. boosted its position in shares of Lyft by 21.7% during the 3rd quarter. Vontobel Holding Ltd. now owns 47,181 shares of the ride-sharing company's stock valued at $602,000 after acquiring an additional 8,408 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Lyft by 2,103.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 19,765 shares of the ride-sharing company's stock valued at $252,000 after acquiring an additional 18,868 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.