Bank of America Issues Positive Forecast for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its price objective lifted by equities research analysts at Bank of America from $19.00 to $21.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the ride-sharing company’s stock. Bank of America‘s price target indicates a potential upside of 58.49% from the stock’s current price.

Several other research analysts have also recently issued reports on LYFT. Evercore ISI upped their price target on Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Benchmark upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a report on Monday, January 6th. Susquehanna lifted their target price on shares of Lyft from $10.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Piper Sandler restated an “overweight” rating and issued a $23.00 price target (up previously from $17.00) on shares of Lyft in a research report on Thursday, November 7th. Finally, Truist Financial boosted their target price on shares of Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Twenty-seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.31.

Lyft Stock Performance

Shares of LYFT stock opened at $13.25 on Tuesday. The company has a market cap of $5.50 billion, a P/E ratio of -82.81, a PEG ratio of 1.94 and a beta of 2.16. The business has a 50 day moving average of $14.00 and a two-hundred day 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. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share 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%. As a group, analysts anticipate that Lyft will post 0.06 EPS for the current year.

Lyft announced that its board has authorized a stock repurchase plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to repurchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other Lyft 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 completion of the transaction, the director now owns 314,492 shares of the company’s stock, valued at $5,424,987. This represents a 3.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.07% of the stock is owned by company insiders.

Institutional Trading of Lyft

A number of institutional investors and hedge funds have recently modified their holdings of LYFT. Pacer Advisors Inc. acquired a new stake in Lyft in the 3rd quarter valued at $90,604,000. Norges Bank acquired a new stake in shares of Lyft during the 4th quarter worth about $49,599,000. Maple Rock Capital Partners Inc. lifted its holdings in Lyft by 84.8% during the 3rd quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company’s stock valued at $78,872,000 after purchasing an additional 2,838,000 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in Lyft by 7,536.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 1,854,823 shares of the ride-sharing company’s stock valued at $23,927,000 after buying an additional 1,830,533 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in Lyft by 27.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock worth $103,456,000 after buying an additional 1,735,208 shares during 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.