DA Davidson Has Lowered Expectations for Lyft (NASDAQ:LYFT) Stock Price

Lyft (NASDAQ:LYFT) had its target price cut by research analysts at DA Davidson from $16.00 to $15.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the ride-sharing company’s stock. DA Davidson’s price target points to a potential upside of 11.05% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. TD Cowen raised their price objective on Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Tigress Financial raised their price objective on Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. UBS Group dropped their price objective on Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday. Morgan Stanley increased their target price on shares of Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group increased their target price on shares of Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Twenty-seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.31.

Lyft Stock Down 6.1 %

NASDAQ:LYFT traded down $0.88 during trading hours on Wednesday, hitting $13.51. The company’s stock had a trading volume of 60,162,963 shares, compared to its average volume of 18,771,184. The stock has a fifty day moving average of $14.00 and a 200-day moving average of $13.52. The stock has a market capitalization of $5.60 billion, a P/E ratio of -84.43, a price-to-earnings-growth 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 issued its quarterly earnings data 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%. On average, equities analysts forecast that Lyft will post 0.06 earnings per share for the current year.

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

Insider Transactions at Lyft

In related news, Director Logan Green sold 10,919 shares of the business’s 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 sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

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