Lyft (NASDAQ:LYFT) Trading Up 6.4% - What's Next?

Lyft, Inc. (NASDAQ:LYFT - Get Free Report) was up 6.4% during mid-day trading on Tuesday . The stock traded as high as $13.20 and last traded at $13.00. Approximately 8,999,978 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 15,033,141 shares. The stock had previously closed at $12.22.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. BMO Capital Markets cut 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. Wells Fargo & Company reduced their target price on Lyft from $17.00 to $14.00 and set an "equal weight" rating for the company in a report on Thursday, January 16th. Benchmark upgraded Lyft from a "hold" rating to a "buy" rating and set a $20.00 price target on the stock in a report on Monday, January 6th. Barclays reduced their price objective on Lyft from $20.00 to $19.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 12th. Finally, Piper Sandler reiterated an "overweight" rating and set a $18.00 target price (down from $23.00) on shares of Lyft in a research note on Wednesday, February 12th. Twenty-seven 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $17.03.

Remove Ads

Lyft Trading Down 4.7 %

The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $4.84 billion, a PE ratio of 192.83, a P/E/G ratio of 1.90 and a beta of 2.15. The stock has a 50 day moving average price of $12.94 and a 200-day moving average price of $13.82.

Lyft (NASDAQ:LYFT - Get Free Report) last announced 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%. Sell-side analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current year.

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

Insider Transactions at Lyft

In other Lyft news, 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 value of $152,222.74. Following the completion of the transaction, the director now directly owns 297,640 shares in the company, valued at $3,970,517.60. This represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $30,348.48. Following the completion of the sale, the director now directly owns 911,922 shares of the company's stock, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,407 shares of company stock worth $203,778 in the last 90 days. 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 bought and sold shares of LYFT. Vanguard Group Inc. boosted its stake in Lyft by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company's stock worth $464,434,000 after purchasing an additional 984,907 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Lyft by 0.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company's stock worth $230,174,000 after acquiring an additional 80,675 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Lyft by 32.4% during the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock worth $121,369,000 after acquiring an additional 2,302,248 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Lyft by 15.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company's stock valued at $120,463,000 after acquiring an additional 1,224,056 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Lyft by 282.0% in the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock valued at $111,240,000 after acquiring an additional 6,365,727 shares during the last quarter. 83.07% of the stock is 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.