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

Lyft (NASDAQ:LYFT) had its price objective decreased by Wells Fargo & Company from $14.00 to $13.00 in a research report released on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the ride-sharing company’s stock.

LYFT has been the topic of several other research reports. Cantor Fitzgerald reduced their target price on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (down from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. Roth Capital reiterated a “neutral” rating on shares of Lyft in a research note on Wednesday, February 12th. BMO Capital Markets cut their price target on Lyft from $18.00 to $15.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 12th. Finally, Truist Financial lowered their price objective on Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $16.66.

Lyft Price Performance

Lyft stock opened at $10.84 on Thursday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft has a 52-week low of $8.93 and a 52-week high of $19.55. The firm 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’s 50 day moving average is $12.76 and its two-hundred day moving average is $13.83.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a net margin of 0.39% and a return on equity of 8.03%. On average, research analysts expect that Lyft will post 0.22 EPS for the current fiscal year.

Lyft declared that its board has authorized a share repurchase 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 repurchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total transaction of $30,348.48. Following the completion of the transaction, the director now directly owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. This represents a 0.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Logan Green sold 11,411 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total value of $152,222.74. Following the completion of the sale, the director now directly owns 297,640 shares of the company’s stock, valued at $3,970,517.60. This represents a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,407 shares of company stock valued at $203,778. 3.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. QRG Capital Management Inc. boosted its position in shares of 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 increased its holdings in shares of Lyft by 3.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock valued at $363,000 after purchasing an additional 969 shares in the last quarter. Guggenheim Capital LLC lifted its stake in shares of Lyft by 6.4% in the fourth 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 period. XTX Topco Ltd boosted its holdings 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 buying an additional 1,043 shares in the last quarter. Finally, US Bancorp DE grew its position in 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. 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.