Lyft (NASDAQ:LYFT) to Repurchase $500.00 million in Stock

Lyft (NASDAQ:LYFT) declared that its Board of Directors has approved a stock repurchase program on Tuesday, February 11th, RTT News reports. The company plans to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the ride-sharing company to repurchase up to 8.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have commented on LYFT shares. Morgan Stanley raised their price objective on shares of Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Canaccord Genuity Group boosted their target price on Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Bank of America upped their price objective on Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a report on Thursday, November 7th. Finally, Cantor Fitzgerald raised their price target on Lyft from $13.00 to $16.00 and gave the stock a “neutral” 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $17.84.

Lyft Trading Down 4.8 %

Shares of NASDAQ LYFT traded down $0.73 during trading hours on Tuesday, reaching $14.39. The stock had a trading volume of 56,645,549 shares, compared to its average volume of 17,137,660. The business’s fifty day moving average price is $14.05 and its two-hundred day moving average price is $13.51. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of -89.94, a P/E/G ratio of 1.94 and a beta of 2.16. Lyft has a 52-week low of $8.93 and a 52-week high of $20.82. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data 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%. Analysts expect that Lyft will post 0.06 EPS for the current fiscal year.

Insider Activity at Lyft

In related news, Director Logan Green sold 10,919 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.07% of the stock is currently owned by corporate insiders.

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.