Lyft, Inc. (NASDAQ:LYFT - Get Free Report) shares gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $14.39, but opened at $12.28. Lyft shares last traded at $13.24, with a volume of 28,757,998 shares.
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%.
Lyft announced that its Board of Directors has initiated 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 shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.
Analyst Ratings Changes
A number of analysts have issued reports on LYFT shares. Canaccord Genuity Group lifted their price target on Lyft from $18.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Cantor Fitzgerald decreased their price target on Lyft from $15.00 to $14.00 and set a "neutral" rating for the company in a report on Wednesday. TD Cowen lifted their price target on Lyft from $16.00 to $18.00 and gave the stock a "hold" rating in a report on Thursday, November 7th. BMO Capital Markets reduced their target price on Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a report on Wednesday. Finally, Bank of America boosted their target price on Lyft from $19.00 to $21.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Twenty-six research 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 company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $17.22.
Check Out Our Latest Report on Lyft
Insiders Place Their Bets
In related news, Director Logan Green sold 10,919 shares of the company's stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following 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 legal filing with the SEC, which is available at this hyperlink. 3.07% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Lyft
A number of institutional investors and hedge funds have recently modified their holdings of LYFT. CWM LLC lifted its stake in Lyft by 512.2% in the 3rd quarter. CWM LLC now owns 42,656 shares of the ride-sharing company's stock valued at $544,000 after buying an additional 35,688 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in Lyft by 21.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 47,181 shares of the ride-sharing company's stock valued at $602,000 after buying an additional 8,408 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Lyft by 2,103.5% in 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 buying an additional 18,868 shares in the last quarter. Venture Visionary Partners LLC purchased a new stake in Lyft in the 3rd quarter valued at approximately $266,000. Finally, Lecap Asset Management Ltd. lifted its stake in Lyft by 263.5% in the 3rd quarter. Lecap Asset Management Ltd. now owns 219,276 shares of the ride-sharing company's stock valued at $2,796,000 after buying an additional 158,947 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.
Lyft Trading Down 0.3 %
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 business has a 50 day moving average of $13.83 and a 200-day moving average of $13.54. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88.
Lyft Company Profile
(
Get Free Report)
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.
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