Truist Financial Has Lowered Expectations for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price target reduced by equities researchers at Truist Financial from $20.00 to $17.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the ride-sharing company’s stock. Truist Financial’s price target would suggest a potential upside of 22.97% from the stock’s current price.

LYFT has been the subject of several other research reports. Royal Bank of Canada cut their target price on Lyft from $24.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday. Jefferies Financial Group upped their price target on Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. UBS Group dropped their price objective on Lyft from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a report on Wednesday. Finally, TD Cowen upped their price objective on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Twenty-seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $17.34.

Lyft Stock Down 3.9 %

Shares of LYFT traded down $0.57 during midday trading on Wednesday, reaching $13.83. 57,143,673 shares of the stock were exchanged, compared to its average volume of 18,613,449. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82. The firm has a 50 day simple moving average of $14.00 and a 200-day simple moving average of $13.52. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The company has a market cap of $5.73 billion, a price-to-earnings ratio of -85.97, a P/E/G ratio of 1.94 and a beta of 2.16.

Lyft (NASDAQ:LYFT) last released its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.10). Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. Research analysts forecast that Lyft will post 0.06 EPS for the current year.

Lyft declared that its board has approved a stock repurchase plan on Tuesday, February 11th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Lyft

In related news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the transaction, the director now owns 314,492 shares in the company, valued at approximately $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently made changes to their positions in LYFT. Schroder Investment Management Group raised its position in shares of Lyft by 208.8% in the fourth quarter. Schroder Investment Management Group now owns 300,936 shares of the ride-sharing company’s stock worth $3,927,000 after buying an additional 203,475 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Lyft in the fourth quarter worth $6,356,000. Brown Brothers Harriman & Co. raised its position in shares of Lyft by 42.7% in the fourth quarter. Brown Brothers Harriman & Co. now owns 3,538 shares of the ride-sharing company’s stock worth $46,000 after buying an additional 1,058 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in Lyft by 26.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 58,238 shares of the ride-sharing company’s stock valued at $751,000 after acquiring an additional 12,102 shares during the last quarter. Finally, Norges Bank bought a new position in Lyft in the fourth quarter valued at $49,599,000. 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.