Lyft (NASDAQ:LYFT) Given Hold Rating at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Lyft (NASDAQ:LYFT) in a research report sent to investors on Wednesday morning,Benzinga reports.

Several other analysts also recently issued reports on the company. Wells Fargo & Company decreased their price target on Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, January 16th. Wedbush cut their price objective on Lyft from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Susquehanna upped their price target on Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Bank of America upped their price target on Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Truist Financial upped their price target on Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Twenty-seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.31.

Lyft Stock Performance

Shares of NASDAQ LYFT opened at $13.25 on Wednesday. The business’s 50-day moving average price is $14.00 and its two-hundred day moving average price is $13.52. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. Lyft has a one year low of $8.93 and a one year high of $20.82.

Lyft (NASDAQ:LYFT) last issued its 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 net margin of 1.19% and a negative return on equity of 1.58%. Sell-side analysts anticipate that Lyft will post 0.06 earnings per share for the current year.

Lyft declared that its Board of Directors has approved a share buyback 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 purchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Lyft

In other news, Director Logan Green sold 10,919 shares of the firm’s stock in a transaction 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 directly owns 314,492 shares in the company, valued at $5,424,987. This trade represents a 3.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LYFT. Sanctuary Advisors LLC bought a new position in shares of Lyft in the 2nd quarter worth $388,000. CWM LLC raised its stake in Lyft by 512.2% during the 3rd quarter. CWM LLC now owns 42,656 shares of the ride-sharing company’s stock worth $544,000 after buying an additional 35,688 shares during the period. Wesbanco Bank Inc. acquired a new stake in Lyft during the 3rd quarter worth $284,000. Vontobel Holding Ltd. raised its stake in Lyft by 21.7% during the 3rd quarter. Vontobel Holding Ltd. now owns 47,181 shares of the ride-sharing company’s stock worth $602,000 after buying an additional 8,408 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in Lyft by 2,103.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 19,765 shares of the ride-sharing company’s stock worth $252,000 after buying an additional 18,868 shares during the period. 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.