Truist Financial Cuts Lyft (NASDAQ:LYFT) Price Target to $17.00

Lyft (NASDAQ:LYFT) had its price target lowered by Truist Financial from $20.00 to $17.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the ride-sharing company’s stock.

Other equities research analysts have also recently issued research reports about the company. Benchmark raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Monday, January 6th. Susquehanna increased their target price on Lyft from $10.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Loop Capital boosted their price target on shares of Lyft from $16.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Tigress Financial raised their price objective on shares of Lyft from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Finally, Jefferies Financial Group lifted their price objective on shares of Lyft from $10.50 to $13.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Twenty-six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Lyft has a consensus rating of “Hold” and an average target price of $17.22.

Lyft Stock Performance

Shares of Lyft stock opened at $13.43 on Wednesday. The company has a market cap of $5.57 billion, a P/E ratio of -83.94, a PEG ratio of 1.94 and a beta of 2.16. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The business has a 50-day moving average price of $13.88 and a two-hundred day moving average price of $13.52. Lyft has a 1-year low of $8.93 and a 1-year high of $20.82.

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

Lyft declared that its board has authorized a stock repurchase program on Tuesday, February 11th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Lyft news, Director Logan Green sold 10,919 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the transaction, the director now owns 314,492 shares in the company, valued at $5,424,987. This trade represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.07% of the stock is currently owned by insiders.

Institutional Trading of Lyft

Institutional investors have recently modified their holdings of the business. True Wealth Design LLC bought a new stake in Lyft during the 3rd quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Lyft in the fourth quarter valued at $29,000. ORG Wealth Partners LLC purchased a new position in shares of Lyft in the fourth quarter valued at $31,000. Byrne Asset Management LLC bought a new stake in shares of Lyft during the 4th quarter valued at $35,000. Finally, Plato Investment Management Ltd purchased a new stake in Lyft during the 4th quarter worth about $35,000. 83.07% of the stock is currently owned by hedge funds and other 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.