Lyft (NASDAQ:LYFT) Cut to “Underperform” at Bank of America

Bank of America lowered shares of Lyft (NASDAQ:LYFT) from a buy rating to an underperform rating in a report published on Thursday morning, Marketbeat Ratings reports. Bank of America currently has $10.50 target price on the ride-sharing company’s stock.

A number of other brokerages have also recently weighed in on LYFT. Loop Capital decreased their price objective on Lyft from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Royal Bank of Canada reissued an “outperform” rating and set a $21.00 price target on shares of Lyft in a research report on Monday, March 17th. KeyCorp restated a “sector weight” rating on shares of Lyft in a report on Wednesday, March 26th. Roth Capital reiterated a “neutral” rating on shares of Lyft in a research note on Wednesday, February 12th. Finally, Wells Fargo & Company lowered their target price on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $16.66.

Lyft Stock Down 5.6 %

Shares of Lyft stock opened at $10.84 on Thursday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. The stock has a market cap of $4.53 billion, a price-to-earnings ratio of 180.67, a PEG ratio of 1.90 and a beta of 2.13. The firm’s 50-day moving average is $12.76 and its two-hundred day moving average is $13.83. Lyft has a 1 year low of $8.93 and a 1 year high of $19.55.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data 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 net margin of 0.39% and a return on equity of 8.03%. As a group, research analysts expect that Lyft will post 0.22 earnings per share 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 shares. This repurchase authorization permits the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Lyft

In related news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total value of $30,348.48. Following the sale, the director now owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Logan Green sold 11,411 shares of the business’s stock in a transaction on Thursday, February 27th. The stock was 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 of the company’s stock, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their position. The disclosure for this sale can be found here. Over 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

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Lyft by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock valued at $464,434,000 after buying an additional 984,907 shares in the last quarter. Pacer Advisors Inc. increased its stake in Lyft by 32.4% during the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after buying an additional 2,302,248 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Lyft by 15.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company’s stock valued at $120,463,000 after acquiring an additional 1,224,056 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Lyft by 282.0% in the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company’s stock valued at $111,240,000 after acquiring an additional 6,365,727 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in shares of Lyft by 156.9% in the fourth quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company’s stock worth $103,524,000 after acquiring an additional 4,901,358 shares during the last quarter. 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.