Evercore ISI Cuts Lyft (NASDAQ:LYFT) Price Target to $15.00

Lyft (NASDAQ:LYFT) had its price target trimmed by Evercore ISI from $19.00 to $15.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an in-line rating on the ride-sharing company’s stock.

A number of other research firms also recently weighed in on LYFT. Wedbush cut their price target on Lyft from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Monday, January 6th. UBS Group cut their price objective on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. DA Davidson increased their price target on shares of Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Bank of America lifted their price objective on shares of Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Barclays lowered their target price 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. Twenty-six analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.22.

Lyft Stock Performance

Shares of LYFT opened at $13.43 on Wednesday. The company has a market capitalization of $5.57 billion, a PE ratio of -83.94, a PEG ratio of 1.94 and a beta of 2.16. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The company’s 50 day moving average price is $13.88 and its 200 day moving average price is $13.52. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82.

Lyft (NASDAQ:LYFT) last issued its 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 net margin of 1.19% and a negative return on equity of 1.58%. Research analysts expect that Lyft will post 0.06 EPS for the current fiscal year.

Lyft declared that its Board of Directors has initiated 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Lyft

In related news, Director Logan Green sold 10,919 shares of the firm’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 transaction of $188,352.75. Following the completion of the transaction, the director now owns 314,492 shares in the company, valued at $5,424,987. This trade represents a 3.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. True Wealth Design LLC acquired a new stake in shares of Lyft in the 3rd quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Lyft in the fourth quarter valued at about $29,000. ORG Wealth Partners LLC bought a new stake in Lyft during the fourth quarter worth about $31,000. Byrne Asset Management LLC acquired a new stake in shares of Lyft during the fourth quarter worth approximately $35,000. Finally, Plato Investment Management Ltd bought a new position in shares of Lyft in the fourth quarter valued at approximately $35,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.