Lyft (NASDAQ:LYFT) Downgraded by Wall Street Zen to Hold

Wall Street Zen downgraded shares of Lyft (NASDAQ:LYFT - Free Report) from a buy rating to a hold rating in a report released on Friday morning.

Several other brokerages have also recently issued reports on LYFT. Bank of America cut shares of Lyft from a "buy" rating to an "underperform" rating and set a $10.50 price objective on the stock. in a research note on Thursday, April 3rd. Loop Capital lowered their price objective on shares of Lyft from $23.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, March 18th. Citigroup reaffirmed an "overweight" rating on shares of Lyft in a research note on Wednesday, February 12th. UBS Group lifted their price objective on shares of Lyft from $12.00 to $14.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Finally, Oppenheimer reissued an "outperform" rating and issued a $17.00 target price (up from $15.00) on shares of Lyft in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, twenty-six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $16.63.

Lyft Price Performance

Shares of Lyft stock remained flat at $15.53 on Friday. 10,594,500 shares of the stock traded hands, compared to its average volume of 16,291,370. The business has a 50 day simple moving average of $13.50 and a 200-day simple moving average of $13.67. 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 stock has a market cap of $6.49 billion, a P/E ratio of 258.83, a PEG ratio of 1.90 and a beta of 2.14. Lyft has a twelve month low of $8.93 and a twelve month high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share (EPS) 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 analyst estimates of $1.47 billion. Lyft had a return on equity of 8.03% and a net margin of 0.39%. The business's revenue for the quarter was up 13.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 EPS. On average, equities research analysts predict that Lyft will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its board has approved a stock buyback program on Tuesday, February 11th that allows the company to repurchase $500.00 million in 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 typically a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Lindsay Catherine Llewellyn sold 22,736 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $12.45, for a total value of $283,063.20. Following the completion of the sale, the insider now directly owns 959,697 shares in the company, valued at approximately $11,948,227.65. The trade was a 2.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jill Beggs sold 1,572 shares of the business's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $16.41, for a total transaction of $25,796.52. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,732 shares of company stock valued at $347,159 over the last ninety days. Corporate insiders own 3.07% of the company's stock.

Hedge Funds Weigh In On Lyft

Large investors have recently bought and sold shares of the stock. Spurstone Advisory Services LLC acquired a new position in Lyft during the 4th quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Lyft during the 4th quarter valued at $29,000. Plato Investment Management Ltd acquired a new position in Lyft during the 4th quarter valued at $35,000. Byrne Asset Management LLC acquired a new position in Lyft during the 4th quarter valued at $35,000. Finally, GAMMA Investing LLC raised its stake in Lyft by 81.4% during the 1st quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company's stock valued at $33,000 after purchasing an additional 1,237 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.