Lyft (NASDAQ:LYFT) Given New $16.00 Price Target at JPMorgan Chase & Co.

Lyft (NASDAQ:LYFT) had its price objective decreased by JPMorgan Chase & Co. from $19.00 to $16.00 in a report issued on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the ride-sharing company’s stock.

LYFT has been the topic of several other reports. Jefferies Financial Group increased their target price on Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Wedbush reduced their price objective on shares of Lyft from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Monday, January 6th. TD Cowen raised their target price on shares of Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a report on Thursday, November 7th. DA Davidson upped their price target on shares of Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Cantor Fitzgerald decreased their price objective on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday. Twenty-seven 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, the company presently has a consensus rating of “Hold” and an average price target of $17.31.

Lyft Trading Down 7.9 %

NASDAQ LYFT opened at $13.25 on Wednesday. The firm has a 50-day moving average price of $14.00 and a two-hundred day moving average price of $13.52. Lyft has a 12-month low of $8.93 and a 12-month high of $20.82. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT) last issued its quarterly 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 net margin of 1.19% and a negative return on equity of 1.58%. On average, equities analysts predict that Lyft will post 0.06 earnings per share for the current year.

Lyft declared that its Board of Directors has initiated a share buyback program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the ride-sharing company to purchase up to 8.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Lyft news, Director Logan Green sold 10,919 shares of the firm’s stock in a transaction that occurred on 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 approximately $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 can be accessed through this link. 3.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Lyft

Several large investors have recently modified their holdings of the company. Pacer Advisors Inc. acquired a new position in Lyft in the third quarter valued at $90,604,000. Norges Bank bought a new position in shares of Lyft in the 4th quarter worth about $49,599,000. Maple Rock Capital Partners Inc. lifted its stake in shares of Lyft by 84.8% in the 3rd quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company’s stock valued at $78,872,000 after purchasing an additional 2,838,000 shares during the period. Los Angeles Capital Management LLC boosted its position in shares of Lyft by 7,536.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,854,823 shares of the ride-sharing company’s stock valued at $23,927,000 after purchasing an additional 1,830,533 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in Lyft by 27.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock worth $103,456,000 after purchasing an additional 1,735,208 shares during the period. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.