Loop Capital Lowers Lyft (NASDAQ:LYFT) Price Target to $20.00

Lyft (NASDAQ:LYFT - Get Free Report) had its target price cut by Loop Capital from $23.00 to $20.00 in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm presently has a "buy" rating on the ride-sharing company's stock. Loop Capital's price target indicates a potential upside of 66.94% from the stock's current price.

Other equities analysts also recently issued research reports about the company. Benchmark upgraded Lyft from a "hold" rating to a "buy" rating and set a $20.00 price objective for the company in a research report on Monday, January 6th. Susquehanna reduced their price objective on Lyft from $18.00 to $15.00 and set a "neutral" rating on the stock in a report on Thursday, February 13th. Roth Capital reiterated a "neutral" rating on shares of Lyft in a research report on Wednesday, February 12th. Truist Financial cut their price objective on shares of Lyft from $20.00 to $17.00 and set a "hold" rating on the stock in a report on Wednesday, February 12th. Finally, Wedbush dropped their price objective on Lyft from $18.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Twenty-six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Lyft currently has a consensus rating of "Hold" and a consensus target price of $17.03.

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Lyft Stock Performance

Shares of LYFT stock traded up $0.23 during trading hours on Tuesday, reaching $11.98. 38,642,519 shares of the company's stock were exchanged, compared to its average volume of 15,036,045. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $20.40. The business has a fifty day moving average price of $13.05 and a 200-day moving average price of $13.79. The stock has a market capitalization of $5.01 billion, a P/E ratio of 199.67, a P/E/G ratio of 1.90 and a beta of 2.15. 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 posted its 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%. Analysts predict that Lyft will post 0.22 EPS for the current fiscal year.

Lyft declared that its board has authorized a stock buyback program on Tuesday, February 11th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total transaction 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 $11,417,263.44. This represents a 0.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Logan Green sold 11,411 shares of Lyft stock in a transaction that occurred on Thursday, February 27th. The stock was 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 in the company, valued at $3,970,517.60. This trade represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,407 shares of company stock valued at $203,778. Corporate insiders own 3.07% of the company's stock.

Institutional Trading of Lyft

Several hedge funds have recently made changes to their positions in LYFT. California State Teachers Retirement System boosted its position in shares of Lyft by 0.5% in the fourth quarter. California State Teachers Retirement System now owns 355,864 shares of the ride-sharing company's stock valued at $4,591,000 after acquiring an additional 1,783 shares during the period. 111 Capital bought a new position in Lyft during the 4th quarter worth approximately $268,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Lyft by 157.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 85,600 shares of the ride-sharing company's stock valued at $1,104,000 after acquiring an additional 52,333 shares during the period. Wealthedge Investment Advisors LLC bought a new stake in Lyft in the fourth quarter valued at $213,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of Lyft in the 4th quarter worth approximately $950,000. 83.07% of the stock is currently owned by institutional investors.

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.