Lyft’s (LYFT) “Sector Weight” Rating Reiterated at KeyCorp

KeyCorp restated their sector weight rating on shares of Lyft (NASDAQ:LYFT) in a report issued on Wednesday,Benzinga reports.

Other analysts have also recently issued reports about the stock. Royal Bank of Canada reissued an “outperform” rating and set a $21.00 target price on shares of Lyft in a report on Monday, March 17th. UBS Group dropped their price target on Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Monday, March 24th. Truist Financial dropped their target price on Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research report on Wednesday, February 12th. Finally, Susquehanna lowered their price target on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. Twenty-seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.03.

Lyft Price Performance

Shares of LYFT stock opened at $11.57 on Wednesday. Lyft has a twelve month low of $8.93 and a twelve month high of $19.64. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $4.84 billion, a PE ratio of 192.83, a price-to-earnings-growth ratio of 1.90 and a beta of 2.15. The firm has a fifty day simple moving average of $12.94 and a 200-day simple moving average of $13.80.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.10). Lyft had a net margin of 0.39% and a return on equity of 8.03%. Equities research analysts anticipate that Lyft will post 0.22 earnings per share for the current fiscal 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 Activity

In other news, Director Logan Green sold 11,411 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the transaction, the director now owns 297,640 shares of the company’s stock, valued at $3,970,517.60. This represents a 3.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the sale, the director now directly owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,407 shares of company stock valued at $203,778. Company insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Spurstone Advisory Services LLC acquired a new position in shares of Lyft in the 4th quarter valued at approximately $25,000. True Wealth Design LLC acquired a new stake in shares of Lyft during the third quarter worth $27,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Lyft during the 4th quarter worth about $29,000. ORG Wealth Partners LLC acquired a new stake in shares of Lyft in the 4th quarter valued at about $31,000. Finally, Byrne Asset Management LLC acquired a new position in shares of Lyft during the fourth quarter worth about $35,000. 83.07% of the stock is 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.