Lyft, Inc. (NASDAQ:LYFT) Receives $16.63 Consensus Target Price from Brokerages

Shares of Lyft, Inc. (NASDAQ:LYFT - Get Free Report) have been assigned a consensus rating of "Hold" from the thirty-eight ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, twenty-five have given a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $16.63.

A number of research analysts have recently issued reports on the stock. Wedbush dropped their price target on shares of Lyft from $18.00 to $16.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 12th. DA Davidson reissued a "neutral" rating and issued a $15.00 target price on shares of Lyft in a report on Wednesday, April 16th. Susquehanna raised their target price on Lyft from $15.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Morgan Stanley reduced their target price on Lyft from $17.00 to $15.00 and set an "equal weight" rating for the company in a report on Thursday, April 17th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $21.00 target price on shares of Lyft in a report on Monday, March 17th.

Lyft Stock Performance

Shares of Lyft stock traded down $0.20 on Friday, reaching $15.15. 14,053,646 shares of the stock were exchanged, compared to its average volume of 16,367,344. Lyft has a 1-year low of $8.93 and a 1-year high of $19.07. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The business has a fifty day moving average price of $13.16 and a two-hundred day moving average price of $13.74. The firm has a market capitalization of $6.33 billion, a PE ratio of 252.50, a PEG ratio of 1.90 and a beta of 2.14.

Lyft (NASDAQ:LYFT - Get Free Report) last issued 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). Lyft had a return on equity of 8.03% and a net margin of 0.39%. The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same quarter last year, the firm earned $0.15 earnings per share. The company's revenue was up 13.5% compared to the same quarter last year. As a group, research analysts anticipate that Lyft will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its Board of Directors has initiated a share repurchase program on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO John David Risher bought 6,538 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was acquired at an average price of $15.29 per share, for a total transaction of $99,966.02. Following the acquisition, the chief executive officer now owns 11,791,340 shares of the company's stock, valued at $180,289,588.60. This trade represents a 0.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jill Beggs sold 1,572 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $16.41, for a total value of $25,796.52. Following the sale, the director now owns 20,467 shares of the company's stock, valued at $335,863.47. The trade was a 7.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,732 shares of company stock valued at $347,159. Insiders own 3.07% of the company's stock.

Institutional Trading of Lyft

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Lyft by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 38,049,250 shares of the ride-sharing company's stock worth $451,645,000 after purchasing an additional 2,046,639 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Lyft by 26.3% during the 1st quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock worth $294,978,000 after purchasing an additional 5,178,118 shares during the period. Rakuten Group Inc. purchased a new stake in shares of Lyft during the 1st quarter worth about $130,434,000. AQR Capital Management LLC grew its holdings in shares of Lyft by 103.3% during the 1st quarter. AQR Capital Management LLC now owns 9,804,782 shares of the ride-sharing company's stock worth $110,598,000 after purchasing an additional 4,980,876 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Lyft by 15.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company's stock worth $120,463,000 after purchasing an additional 1,224,056 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.