Lyft, Inc. (NASDAQ:LYFT) Receives $19.62 Consensus Target Price from Brokerages

Shares of Lyft, Inc. (NASDAQ:LYFT) have earned an average rating of “Hold” from the thirty-three brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and nine have assigned a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $19.6167.

LYFT has been the subject of several research reports. Cantor Fitzgerald lowered their target price on Lyft from $21.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, February 11th. KeyCorp restated a “sector weight” rating on shares of Lyft in a report on Wednesday, February 11th. TD Cowen reaffirmed a “buy” rating on shares of Lyft in a research note on Wednesday, February 11th. Mizuho lowered their price objective on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Finally, Jefferies Financial Group dropped their target price on shares of Lyft from $20.00 to $15.50 and set a “hold” rating on the stock in a report on Wednesday, February 11th.

Insider Activity

In related news, CAO Stephen W. Hope sold 5,284 shares of Lyft stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $13.83, for a total transaction of $73,077.72. Following the transaction, the chief accounting officer directly owned 300,570 shares of the company’s stock, valued at $4,156,883.10. This trade represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jill Beggs sold 2,093 shares of Lyft stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $13.89, for a total transaction of $29,071.77. Following the transaction, the director directly owned 32,185 shares in the company, valued at approximately $447,049.65. The trade was a 6.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 31,038 shares of company stock worth $416,841. Corporate insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Lyft during the 4th quarter worth $26,000. Quent Capital LLC purchased a new position in Lyft in the third quarter valued at about $34,000. International Assets Investment Management LLC bought a new position in Lyft in the fourth quarter worth about $40,000. Huntington National Bank raised its holdings in Lyft by 171.8% in the fourth quarter. Huntington National Bank now owns 2,174 shares of the ride-sharing company’s stock worth $42,000 after purchasing an additional 1,374 shares in the last quarter. Finally, Abich Financial Wealth Management LLC purchased a new stake in shares of Lyft during the third quarter valued at about $50,000. 83.07% of the stock is owned by institutional investors.

Lyft Trading Down 1.6%

LYFT opened at $12.65 on Thursday. The stock’s fifty day moving average is $14.65 and its two-hundred day moving average is $18.55. The company has a market capitalization of $5.04 billion, a P/E ratio of 1.85, a PEG ratio of 0.77 and a beta of 1.92. Lyft has a 52 week low of $9.66 and a 52 week high of $25.54. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.31.

Lyft announced that its Board of Directors has authorized a stock repurchase program on Tuesday, February 10th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the ride-sharing company to buy up to 15.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Lyft Company Profile

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.