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

Lyft (NASDAQ:LYFT) had its price target hoisted by Bank of America from $19.00 to $21.00 in a research note published on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the ride-sharing company’s stock.

A number of other research analysts have also recently commented on LYFT. Susquehanna boosted their price target on Lyft from $10.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Cantor Fitzgerald boosted their target price on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Roth Mkm boosted their target price on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. BMO Capital Markets upped their price objective on Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lyft 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.84.

Lyft Trading Down 4.8 %

Shares of NASDAQ:LYFT opened at $14.39 on Tuesday. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of -89.94, a PEG ratio of 1.94 and a beta of 2.16. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The stock’s 50-day simple moving average is $14.05 and its two-hundred day simple moving average is $13.51. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82.

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

Lyft announced that its board has approved a stock repurchase program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership 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 that occurred on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lyft

A number of hedge funds have recently bought and sold shares of LYFT. Vanguard Group Inc. lifted its position in shares of Lyft by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock valued at $464,434,000 after acquiring an additional 984,907 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Lyft by 0.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company’s stock worth $230,174,000 after acquiring an additional 80,675 shares during the last quarter. Pacer Advisors Inc. increased its stake in Lyft by 32.4% during the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after acquiring an additional 2,302,248 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Lyft by 27.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock valued at $103,456,000 after buying an additional 1,735,208 shares in the last quarter. Finally, Primecap Management Co. CA grew its stake in shares of Lyft by 3.8% in the third quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company’s stock valued at $82,768,000 after buying an additional 235,510 shares in the last quarter. 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.