Royal Bank of Canada Lowers Lyft (NASDAQ:LYFT) Price Target to $21.00

Lyft (NASDAQ:LYFT - Get Free Report) had its price target lowered by research analysts at Royal Bank of Canada from $24.00 to $21.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the ride-sharing company's stock. Royal Bank of Canada's price target indicates a potential upside of 56.37% from the company's previous close.

Several other analysts also recently weighed in on the company. BMO Capital Markets dropped their price objective on Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a research report on Wednesday. Loop Capital increased their price target on Lyft from $16.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Evercore ISI reduced their price target on Lyft from $19.00 to $15.00 and set an "in-line" rating on the stock in a report on Wednesday. UBS Group decreased their price objective on Lyft from $18.00 to $16.00 and set a "neutral" rating for the company in a report on Monday, February 3rd. Finally, Piper Sandler reissued an "overweight" rating and issued a $18.00 price target (down previously from $23.00) on shares of Lyft in a research note on Wednesday. Twenty-six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $17.22.

Lyft Stock Performance

NASDAQ LYFT traded down $0.04 during trading on Wednesday, reaching $13.43. The company's stock had a trading volume of 22,272,233 shares, compared to its average volume of 13,646,594. The firm has a 50 day moving average price of $13.83 and a 200 day moving average price of $13.54. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The firm has a market capitalization of $5.57 billion, a price-to-earnings ratio of -83.94, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16. 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 (NASDAQ:LYFT - Get Free Report) last released 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 negative net margin of 1.19% and a negative return on equity of 1.58%. As a group, equities analysts anticipate that Lyft will post 0.06 EPS for the current fiscal year.

Lyft declared that its Board of Directors has authorized a stock repurchase plan 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 repurchase up to 8.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Logan Green sold 10,919 shares of the firm's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the transaction, the director now directly owns 314,492 shares of the company's stock, valued at $5,424,987. This trade represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 3.07% of the company's stock.

Institutional Investors Weigh In On Lyft

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. True Wealth Design LLC purchased a new position in shares of Lyft in the 3rd quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Lyft during the fourth quarter worth $29,000. ORG Wealth Partners LLC purchased a new position in Lyft in the fourth quarter worth $31,000. Plato Investment Management Ltd bought a new position in Lyft in the 4th quarter valued at $35,000. Finally, Byrne Asset Management LLC purchased a new stake in shares of Lyft during the 4th quarter valued at $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.