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

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

Several other equities analysts have also commented on the stock. Barclays increased their target price on shares of Lyft from $19.00 to $20.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. JPMorgan Chase & Co. raised their price target on Lyft from $14.00 to $16.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. BMO Capital Markets reduced their price target on Lyft from $18.00 to $15.00 and set a "market perform" rating on the stock in a research report on Wednesday, February 12th. Truist Financial cut their price target on shares of Lyft from $20.00 to $17.00 and set a "hold" rating on the stock in a report on Wednesday, February 12th. Finally, Wedbush cut their price target on shares of Lyft from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, twenty-six have assigned a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $16.40.

Lyft Price Performance

Shares of Lyft stock traded up $0.10 during trading on Friday, hitting $15.63. 16,809,659 shares of the stock traded hands, compared to its average volume of 16,224,685. 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 stock has a market cap of $6.53 billion, a price-to-earnings ratio of 260.50, a PEG ratio of 1.90 and a beta of 2.22. The firm's fifty day moving average is $13.50 and its 200-day moving average is $13.63. Lyft has a 52 week low of $8.93 and a 52 week 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 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.19). Lyft had a net margin of 0.39% and a return on equity of 8.03%. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter last year, the company posted $0.15 earnings per share. Lyft's revenue for the quarter was up 13.5% compared to the same quarter last year. Research analysts expect that Lyft will post 0.22 EPS for the current fiscal year.

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

Insider Activity at Lyft

In related news, insider Lindsay Catherine Llewellyn sold 22,736 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $12.45, for a total transaction of $283,063.20. Following the sale, the insider now owns 959,697 shares of the company's stock, valued at $11,948,227.65. The trade was a 2.31% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 transaction of $25,796.52. Following the sale, the director now directly owns 20,467 shares in the company, valued at $335,863.47. The trade was a 7.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,732 shares of company stock worth $347,159 over the last ninety days. 3.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lyft

Several hedge funds have recently added to or reduced their stakes in LYFT. Mirae Asset Global Investments Co. Ltd. bought a new stake in Lyft in the fourth quarter worth $29,000. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Lyft in the fourth quarter worth approximately $445,000. Byrne Asset Management LLC bought a new position in shares of Lyft in the fourth quarter worth approximately $35,000. Empowered Funds LLC lifted its stake in shares of Lyft by 6.9% in the fourth quarter. Empowered Funds LLC now owns 21,292 shares of the ride-sharing company's stock worth $275,000 after buying an additional 1,382 shares in the last quarter. Finally, Entropy Technologies LP lifted its stake in shares of Lyft by 86.3% in the fourth quarter. Entropy Technologies LP now owns 149,898 shares of the ride-sharing company's stock worth $1,934,000 after buying an additional 69,436 shares in the last quarter. 83.07% of the stock is owned by institutional investors.

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.