DA Davidson Cuts Lyft (NASDAQ:LYFT) Price Target to $15.00

Lyft (NASDAQ:LYFT) had its target price lowered by equities research analysts at DA Davidson from $16.00 to $15.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the ride-sharing company’s stock. DA Davidson’s target price points to a potential upside of 11.36% from the stock’s previous close.

LYFT has been the subject of several other reports. Roth Mkm upped their target price on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. TD Cowen upped their target price on Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Morgan Stanley upped their target price on Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Cantor Fitzgerald decreased their price objective on Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Canaccord Genuity Group upped their price objective on Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.22.

Lyft Price Performance

Shares of LYFT stock opened at $13.47 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a 50 day moving average price of $13.92 and a 200 day moving average price of $13.52. The firm has a market capitalization of $5.59 billion, a P/E ratio of -84.19, a P/E/G ratio of 1.94 and a beta of 2.16. Lyft has a 52-week low of $8.93 and a 52-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 the consensus estimate of $0.20 by ($0.10). Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. As a group, sell-side analysts predict that Lyft will post 0.06 earnings per share for the current year.

Lyft announced that its board has initiated a stock repurchase program 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 programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Lyft news, Director Logan Green sold 10,919 shares of the firm’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 completion of the sale, the director now owns 314,492 shares of the company’s stock, valued at $5,424,987. This trade represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Lyft

A number of institutional investors have recently modified their holdings of LYFT. Sanctuary Advisors LLC acquired a new stake in shares of Lyft in the second quarter valued at $388,000. CWM LLC grew its stake in shares of Lyft by 512.2% in the third quarter. CWM LLC now owns 42,656 shares of the ride-sharing company’s stock valued at $544,000 after buying an additional 35,688 shares in the last quarter. Wesbanco Bank Inc. acquired a new stake in shares of Lyft in the third quarter valued at $284,000. Vontobel Holding Ltd. grew its stake 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Lyft by 2,103.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 19,765 shares of the ride-sharing company’s stock valued at $252,000 after buying an additional 18,868 shares in the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

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.