Lyft (NASDAQ:LYFT) Receives “Hold” Rating from Needham & Company LLC

Lyft (NASDAQ:LYFT)‘s stock had its “hold” rating reissued by stock analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports.

A number of other brokerages have also recently commented on LYFT. Cantor Fitzgerald raised their price objective on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. TD Cowen raised their price objective on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. DA Davidson raised their price objective on Lyft from $11.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and issued a $23.00 price objective (up previously from $17.00) on shares of Lyft in a research note on Thursday, November 7th. Finally, Tigress Financial raised their price objective on Lyft from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Twenty-seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $17.22.

Lyft Trading Up 1.7 %

Shares of LYFT stock opened at $13.47 on Wednesday. The company has a market cap of $5.59 billion, a P/E ratio of -84.19, a PEG ratio of 1.94 and a beta of 2.16. The stock has a 50 day simple moving average of $13.92 and a two-hundred day simple moving average of $13.52. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. Lyft has a fifty-two week low of $8.93 and a fifty-two 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 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%. Research analysts forecast that Lyft will post 0.06 earnings per share for the current year.

Lyft announced that its Board of Directors has initiated a stock buyback plan on Tuesday, February 11th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the ride-sharing company to purchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Lyft

In related news, Director Logan Green sold 10,919 shares of the business’s stock in a transaction 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 sale, the director now directly owns 314,492 shares in the company, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

A number of institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. lifted its holdings in Lyft by 3.8% during the 4th quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock worth $316,000 after purchasing an additional 903 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in Lyft by 3.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock worth $363,000 after purchasing an additional 969 shares in the last quarter. Guggenheim Capital LLC lifted its holdings in Lyft by 6.4% during the 4th quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company’s stock worth $207,000 after purchasing an additional 970 shares in the last quarter. XTX Topco Ltd lifted its holdings in Lyft by 2.5% during the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock worth $538,000 after purchasing an additional 1,043 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in Lyft by 2.6% during the 4th quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock worth $536,000 after purchasing an additional 1,045 shares in the last quarter. Hedge funds and other institutional investors 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.