Lyft (NASDAQ:LYFT) Price Target Lowered to $17.00 at Truist Financial

Lyft (NASDAQ:LYFT) had its price target decreased by Truist Financial from $20.00 to $17.00 in a research note issued to investors on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the ride-sharing company’s stock.

A number of other equities analysts have also recently weighed in on the stock. Evercore ISI lowered their price objective on shares of Lyft from $19.00 to $15.00 and set an “in-line” rating for the company in a research report on Wednesday. Jefferies Financial Group raised their price target on Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a report on Wednesday. Susquehanna raised their target price on Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Finally, UBS Group dropped their target price on Lyft from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Twenty-seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $17.31.

Lyft Trading Down 7.9 %

Shares of Lyft stock opened at $13.25 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The business’s fifty day simple moving average is $14.00 and its 200-day simple moving average is $13.52.

Lyft (NASDAQ:LYFT) last posted its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 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 predict that Lyft will post 0.06 earnings per share for the current year.

Lyft declared that its Board of Directors has initiated a stock repurchase program on Tuesday, February 11th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Lyft

In other Lyft news, Director Logan Green sold 10,919 shares of Lyft 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 transaction, the director now owns 314,492 shares of the company’s stock, valued at $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several large investors have recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new stake in Lyft in the 2nd quarter valued at $388,000. CWM LLC grew its position in Lyft by 512.2% during the 3rd quarter. CWM LLC now owns 42,656 shares of the ride-sharing company’s stock worth $544,000 after purchasing an additional 35,688 shares during the last quarter. Wesbanco Bank Inc. acquired a new position in Lyft in the third quarter valued at $284,000. Vontobel Holding Ltd. raised its holdings in shares of Lyft by 21.7% in the third quarter. Vontobel Holding Ltd. now owns 47,181 shares of the ride-sharing company’s stock valued at $602,000 after buying an additional 8,408 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Lyft by 2,103.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 19,765 shares of the ride-sharing company’s stock worth $252,000 after buying an additional 18,868 shares during the period. 83.07% of the stock is owned by institutional investors and hedge funds.

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.