Tigress Financial Reaffirms Buy Rating for Lyft (NASDAQ:LYFT)

Lyft (NASDAQ:LYFT - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Tigress Financial in a report issued on Wednesday, MarketBeat.com reports. They presently have a $28.00 target price on the ride-sharing company's stock, up from their prior target price of $26.00. Tigress Financial's target price would indicate a potential upside of 75.11% from the company's current price.

LYFT has been the subject of several other research reports. Royal Bank of Canada reaffirmed an "outperform" rating and set a $21.00 price objective on shares of Lyft in a research note on Monday, March 17th. Cantor Fitzgerald reduced their price objective on shares of Lyft from $15.00 to $14.00 and set a "neutral" rating for the company in a research note on Wednesday, February 12th. Piper Sandler reaffirmed an "overweight" rating and set a $18.00 price objective (down previously from $23.00) on shares of Lyft in a research note on Wednesday, February 12th. Bank of America cut shares of Lyft from a "buy" rating to an "underperform" rating and set a $10.50 price objective for the company. in a research note on Thursday, April 3rd. Finally, BMO Capital Markets reduced their price objective on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, twenty-five have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $16.63.

Lyft Price Performance

LYFT opened at $15.99 on Wednesday. The company has a market capitalization of $6.68 billion, a price-to-earnings ratio of 266.50, a PEG ratio of 1.90 and a beta of 2.14. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. The firm has a 50-day moving average price of $12.69 and a 200-day moving average price of $13.78. Lyft has a twelve month low of $8.93 and a twelve month high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.19). The business had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.47 billion. Lyft had a return on equity of 8.03% and a net margin of 0.39%. Lyft's revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.15 EPS. Equities analysts expect that Lyft will post 0.22 EPS for the current year.

Lyft announced that its board has approved a share buyback plan on Tuesday, February 11th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Lyft

In related news, Director John Patrick Zimmer sold 2,424 shares of the company's stock in a transaction on Tuesday, February 25th. The shares were 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 $11,417,263.44. This represents a 0.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Logan Green sold 11,411 shares of the company's stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction of $152,222.74. Following the sale, the director now 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. Insiders sold 36,571 shares of company stock worth $465,634 in the last three months. 3.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Lyft

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its holdings in Lyft by 14.0% during the 4th quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company's stock valued at $5,146,000 after buying an additional 49,138 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Lyft by 32.4% in the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock worth $121,369,000 after purchasing an additional 2,302,248 shares in the last quarter. Paragon Capital Management Inc. bought a new position in Lyft in the 4th quarter worth $1,681,000. Renaissance Technologies LLC raised its holdings in Lyft by 282.0% in the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after purchasing an additional 6,365,727 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in Lyft by 1,957.5% in the 4th quarter. Federated Hermes Inc. now owns 288,827 shares of the ride-sharing company's stock worth $3,726,000 after purchasing an additional 274,789 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

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.