Lyft (NASDAQ:LYFT) Price Target Cut to $14.00 by Analysts at JPMorgan Chase & Co.

Lyft (NASDAQ:LYFT) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $16.00 to $14.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the ride-sharing company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 23.46% from the company’s current price.

Several other equities research analysts have also commented on LYFT. Citigroup restated an “overweight” rating on shares of Lyft in a research note on Wednesday, February 12th. Barclays dropped their price target on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 12th. Roth Capital restated a “neutral” rating on shares of Lyft in a research note on Wednesday, February 12th. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (down previously from $23.00) on shares of Lyft in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $21.00 price target on shares of Lyft in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Lyft currently has a consensus rating of “Hold” and an average price target of $16.60.

Lyft Stock Up 13.7 %

Shares of NASDAQ LYFT opened at $11.34 on Tuesday. The stock has a market cap of $4.74 billion, a PE ratio of 189.00, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft has a 52-week low of $8.93 and a 52-week high of $19.55. The business has a 50-day moving average price of $12.46 and a 200 day moving average price of $13.75.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing the consensus estimate 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 forecast that Lyft will post 0.22 earnings per share for the current year.

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

Insider Transactions at Lyft

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

Institutional Trading of Lyft

Several hedge funds have recently modified their holdings of the stock. Rhumbline Advisers raised its holdings in shares of Lyft by 7.3% during the first quarter. Rhumbline Advisers now owns 417,709 shares of the ride-sharing company’s stock worth $4,958,000 after acquiring an additional 28,357 shares during the period. GAMMA Investing LLC boosted its holdings in Lyft by 2,053.7% in the 1st quarter. GAMMA Investing LLC now owns 32,714 shares of the ride-sharing company’s stock valued at $388,000 after purchasing an additional 31,195 shares during the period. California State Teachers Retirement System raised its position in shares of Lyft by 0.5% in the 4th quarter. California State Teachers Retirement System now owns 355,864 shares of the ride-sharing company’s stock valued at $4,591,000 after buying an additional 1,783 shares in the last quarter. 111 Capital acquired a new position in Lyft during the 4th quarter worth approximately $268,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in Lyft by 157.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 85,600 shares of the ride-sharing company’s stock worth $1,104,000 after purchasing an additional 52,333 shares in the last quarter. 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.