Lyft (NASDAQ:LYFT) Price Target Cut to $17.00 by Analysts at Truist Financial

Lyft (NASDAQ:LYFT - Get Free Report) had its target price cut by equities research analysts at Truist Financial from $20.00 to $17.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "hold" rating on the ride-sharing company's stock. Truist Financial's price target would suggest a potential upside of 26.58% from the company's current price.

LYFT has been the subject of several other reports. Evercore ISI decreased their price target on Lyft from $19.00 to $15.00 and set an "in-line" rating for the company in a report on Wednesday. Susquehanna raised their price target on Lyft from $10.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, November 11th. Jefferies Financial Group increased their target price on Lyft from $10.50 to $13.00 and gave the company a "hold" rating in a report on Tuesday, October 22nd. Tigress Financial upped their price objective on Lyft from $24.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, November 21st. Finally, Benchmark raised Lyft from a "hold" rating to a "buy" rating and set a $20.00 price objective on the stock in a research note on Monday, January 6th. Twenty-six analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $17.22.

Lyft Stock Down 0.3 %

LYFT traded down $0.04 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 company has a market capitalization of $5.57 billion, a price-to-earnings ratio of -83.94, a P/E/G ratio of 1.94 and a beta of 2.16. Lyft has a fifty-two week low of $8.93 and a fifty-two week high of $20.82. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The stock has a 50 day moving average of $13.83 and a two-hundred day moving average of $13.54.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.10). Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. As a group, analysts forecast that Lyft will post 0.06 EPS for the current fiscal year.

Lyft declared that its Board of Directors has approved a share repurchase plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Logan Green sold 10,919 shares of the company's stock in a transaction dated Wednesday, November 27th. The shares were 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 approximately $5,424,987. This represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.07% of the stock is owned by company insiders.

Institutional Trading of Lyft

Hedge funds and other institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. grew its position in shares of Lyft by 32.4% in the 4th 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 in the last quarter. Paragon Capital Management Inc. acquired a new position in Lyft in the fourth quarter worth $1,681,000. KBC Group NV increased its stake in Lyft by 354.9% during the fourth quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company's stock valued at $3,434,000 after purchasing an additional 207,672 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Lyft by 59.6% during the fourth quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company's stock worth $5,006,000 after purchasing an additional 142,880 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Lyft by 10,225.6% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 424,384 shares of the ride-sharing company's stock worth $5,475,000 after buying an additional 420,274 shares during the last quarter. 83.07% of the stock is owned by institutional investors.

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.