KeyCorp Reiterates "Sector Weight" Rating for Lyft (NASDAQ:LYFT)

Lyft (NASDAQ:LYFT - Get Free Report)'s stock had its "sector weight" rating reissued by stock analysts at KeyCorp in a research note issued on Wednesday,Benzinga reports.

Several other research analysts have also weighed in on the company. Royal Bank of Canada reissued an "outperform" rating and issued a $21.00 price objective on shares of Lyft in a research report on Monday, March 17th. 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. Roth Capital reissued a "neutral" rating on shares of Lyft in a research note on Wednesday, February 12th. Barclays cut their price objective on shares of Lyft from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 12th. Finally, BMO Capital Markets decreased their target price on Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a research report 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 given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $17.03.

Lyft Trading Down 4.7 %

NASDAQ:LYFT traded down $0.57 during mid-day trading on Wednesday, hitting $11.57. 14,172,272 shares of the company's stock were exchanged, compared to its average volume of 15,316,063. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $19.64. The company has a 50 day simple moving average of $12.94 and a 200-day simple moving average of $13.82. The firm has a market capitalization of $4.84 billion, a P/E ratio of 192.83, a PEG ratio of 1.90 and a beta of 2.15.

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Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings data 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%. As a group, research analysts expect that Lyft will post 0.22 earnings per share for the current year.

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

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction 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 completion of the transaction, the director now owns 911,922 shares of the company's stock, valued at approximately $11,417,263.44. The trade was a 0.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Logan Green sold 11,411 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the transaction, the director now owns 297,640 shares in the company, valued at $3,970,517.60. This represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,407 shares of company stock valued at $203,778 in the last ninety days. Company insiders own 3.07% of the company's stock.

Institutional Investors Weigh In On Lyft

A number of institutional investors have recently added to or reduced their stakes in LYFT. Spurstone Advisory Services LLC acquired a new stake in shares of Lyft in the fourth quarter valued at about $25,000. True Wealth Design LLC acquired a new stake in Lyft in the 3rd quarter worth about $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Lyft during the 4th quarter worth approximately $29,000. ORG Wealth Partners LLC acquired a new position in shares of Lyft during the fourth quarter valued at approximately $31,000. Finally, Byrne Asset Management LLC purchased a new position in shares of Lyft in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 83.07% of the company's stock.

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.