Lyft (NASDAQ:LYFT) Price Target Raised to $20.00 at Barclays

Lyft (NASDAQ:LYFT - Free Report) had its price target increased by Barclays from $19.00 to $20.00 in a report published on Friday,Benzinga reports. Barclays currently has an equal weight rating on the ride-sharing company's stock.

Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their target price on shares of Lyft from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. BMO Capital Markets decreased their price objective on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a report on Wednesday, February 12th. Bank of America cut Lyft from a "buy" rating to an "underperform" rating and set a $10.50 target price on the stock. in a report on Thursday, April 3rd. Royal Bank of Canada reaffirmed an "outperform" rating and set a $21.00 price target on shares of Lyft in a research note on Monday, March 17th. Finally, Wedbush dropped their price objective on Lyft from $18.00 to $16.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Lyft has an average rating of "Hold" and an average target price of $16.47.

Lyft Stock Performance

LYFT stock traded up $3.64 on Friday, reaching $16.64. The company's stock had a trading volume of 107,237,708 shares, compared to its average volume of 15,835,941. Lyft has a 52 week low of $8.93 and a 52 week high of $19.07. 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 company has a market capitalization of $6.96 billion, a P/E ratio of 277.33, a price-to-earnings-growth ratio of 1.90 and a beta of 2.14. The firm has a fifty day moving average of $11.84 and a two-hundred day moving average of $13.59.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.19). The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.47 billion. Lyft had a return on equity of 8.03% and a net margin of 0.39%. The company's revenue was up 13.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.15 EPS. As a group, analysts predict that Lyft will post 0.22 EPS for the current fiscal year.

Lyft announced that its board has approved a stock repurchase program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its stock is undervalued.

Insider Activity at Lyft

In related news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction 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 sale, the director now directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. This trade represents a 0.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Logan Green sold 11,411 shares of the business's stock in a transaction dated 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 transaction, the director now owns 297,640 shares in the company, valued at $3,970,517.60. This trade represents a 3.69% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,143 shares of company stock valued at $486,841. Corporate insiders own 3.07% of the company's stock.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC increased its holdings in Lyft by 282.0% in the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after buying an additional 6,365,727 shares during the last quarter. Two Sigma Advisers LP grew its position in Lyft by 828.5% in the fourth quarter. Two Sigma Advisers LP now owns 6,662,535 shares of the ride-sharing company's stock worth $85,947,000 after acquiring an additional 5,945,000 shares in the last quarter. Two Sigma Investments LP increased its stake in shares of Lyft by 156.9% during the 4th quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company's stock worth $103,524,000 after purchasing an additional 4,901,358 shares during the last quarter. Norges Bank bought a new position in shares of Lyft during the 4th quarter valued at $49,599,000. Finally, Jupiter Asset Management Ltd. raised its holdings in shares of Lyft by 2,553.0% during the 1st quarter. Jupiter Asset Management Ltd. now owns 2,607,399 shares of the ride-sharing company's stock valued at $30,950,000 after purchasing an additional 2,509,118 shares in the last quarter. 83.07% of the stock is currently 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.