Lyft (NASDAQ:LYFT) Downgraded by Bank of America to Underperform

Lyft (NASDAQ:LYFT - Get Free Report) was downgraded by Bank of America from a "buy" rating to an "underperform" rating in a report released on Thursday, MarketBeat.com reports. They currently have a $10.50 target price on the ride-sharing company's stock. Bank of America's target price suggests a potential downside of 3.14% from the company's previous close.

Several other brokerages also recently weighed in on LYFT. Loop Capital dropped their price objective on Lyft from $23.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, March 18th. Truist Financial reduced their price target 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. Needham & Company LLC reiterated a "hold" rating on shares of Lyft in a research report on Monday, March 24th. BMO Capital Markets dropped their price objective on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Lyft from $19.00 to $16.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 12th. One investment 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 given a strong buy rating to the stock. Based on data from MarketBeat, Lyft currently has a consensus rating of "Hold" and a consensus price target of $16.66.

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Lyft Price Performance

NASDAQ:LYFT traded down $0.64 during trading hours on Thursday, reaching $10.84. 19,189,049 shares of the company were exchanged, compared to its average volume of 15,408,403. The business has a 50 day moving average of $12.76 and a 200 day moving average of $13.83. Lyft has a 1-year low of $8.93 and a 1-year high of $19.55. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. The company has a market capitalization of $4.53 billion, a P/E ratio of 180.67, a P/E/G ratio of 1.90 and a beta of 2.13.

Lyft (NASDAQ:LYFT - Get Free Report) last released its earnings results 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 return on equity of 8.03% and a net margin of 0.39%. Research analysts forecast that Lyft will post 0.22 EPS for the current year.

Lyft announced that its board has approved a share repurchase program on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Insider Activity at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total value of $30,348.48. Following the sale, the director now owns 911,922 shares of the company's stock, valued at $11,417,263.44. The trade was 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 the SEC website. Also, Director Logan Green sold 11,411 shares of the company's stock in a transaction that occurred 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 sale, the director now 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. Over the last quarter, insiders have sold 15,407 shares of company stock worth $203,778. Insiders own 3.07% of the company's stock.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently made changes to their positions in the stock. Spurstone Advisory Services LLC bought a new stake in shares of Lyft during the 4th quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Lyft during the 4th quarter valued at about $29,000. ORG Wealth Partners LLC bought a new stake in shares of Lyft during the fourth quarter valued at about $31,000. Byrne Asset Management LLC purchased a new stake in shares of Lyft in the fourth quarter worth about $35,000. Finally, Plato Investment Management Ltd bought a new position in shares of Lyft in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

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.