Wells Fargo & Company Cuts Lyft (NASDAQ:LYFT) Price Target to $13.00

Lyft (NASDAQ:LYFT) had its target price cut by Wells Fargo & Company from $14.00 to $13.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an equal weight rating on the ride-sharing company’s stock.

A number of other brokerages have also recently commented on LYFT. JPMorgan Chase & Co. lowered their price target on Lyft from $19.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Cantor Fitzgerald decreased their target price on Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, February 12th. Roth Capital reiterated a “neutral” rating on shares of Lyft in a report on Wednesday, February 12th. Royal Bank of Canada restated an “outperform” rating and set a $21.00 price objective on shares of Lyft in a research note on Monday, March 17th. Finally, Wedbush dropped their price objective on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $16.66.

Lyft Trading Down 5.6 %

Lyft stock opened at $10.84 on Thursday. Lyft has a one year low of $8.93 and a one year high of $19.55. The stock has a market cap of $4.53 billion, a PE ratio of 180.67, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76. The stock has a 50-day moving average of $12.76 and a two-hundred day moving average of $13.83.

Lyft (NASDAQ:LYFT) last released 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 return on equity of 8.03% and a net margin of 0.39%. On average, research analysts anticipate that Lyft will post 0.22 EPS for the current fiscal year.

Lyft announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 11th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity at Lyft

In related news, Director Logan Green sold 11,411 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the sale, the director now directly owns 297,640 shares in the company, valued at approximately $3,970,517.60. This trade represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total transaction of $30,348.48. Following the transaction, the director now directly owns 911,922 shares in the company, valued at $11,417,263.44. This trade represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,407 shares of company stock valued at $203,778. Corporate insiders own 3.07% of the company’s stock.

Institutional Trading of Lyft

Hedge funds and other institutional investors have recently made changes to their positions in the company. QRG Capital Management Inc. raised its holdings in Lyft by 3.8% in the 4th quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock valued at $316,000 after buying an additional 903 shares during the period. Sanctuary Advisors LLC boosted its position in shares of 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 during the period. Guggenheim Capital LLC increased its holdings in Lyft by 6.4% in the 4th quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company’s stock valued at $207,000 after purchasing an additional 970 shares during the last quarter. XTX Topco Ltd lifted its stake in Lyft by 2.5% during the third 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 boosted its position in shares of Lyft by 2.6% during the fourth quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock worth $536,000 after buying an additional 1,045 shares during the period. Institutional investors and hedge funds 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.