Lyft’s (LYFT) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Lyft (NASDAQ:LYFT) in a research note issued to investors on Thursday morning,Benzinga reports.

A number of other equities research analysts have also recently commented on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $15.00 target price on shares of Lyft in a report on Wednesday. Evercore ISI dropped their target price on Lyft from $19.00 to $15.00 and set an “in-line” rating on the stock in a report on Wednesday, February 12th. Piper Sandler reiterated an “overweight” rating and issued a $18.00 price objective (down from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. Susquehanna cut their price objective 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. Finally, Cantor Fitzgerald lowered their target price on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Lyft presently has a consensus rating of “Hold” and a consensus price target of $16.45.

Lyft Stock Up 3.0 %

Shares of NASDAQ LYFT opened at $11.16 on Thursday. The business has a 50-day moving average price of $12.08 and a 200 day moving average price of $13.66. The stock has a market cap of $4.66 billion, a PE ratio of 186.00, 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 $19.07.

Lyft (NASDAQ:LYFT) last posted 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 announced that its board has approved a stock repurchase plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Lyft news, Director Logan Green sold 11,411 shares of Lyft 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 transaction, the director now owns 297,640 shares in the company, valued at $3,970,517.60. This trade represents a 3.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the company’s 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,407 shares of company stock valued at $203,778 in the last 90 days. 3.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lyft

Several hedge funds and other institutional investors have recently modified their holdings of the company. Spurstone Advisory Services LLC acquired a new stake in Lyft in the 4th quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Lyft in the fourth quarter valued at about $29,000. ORG Wealth Partners LLC acquired a new stake in shares of Lyft in the fourth quarter valued at about $31,000. Plato Investment Management Ltd purchased a new stake in shares of Lyft during the 4th quarter valued at about $35,000. Finally, Byrne Asset Management LLC acquired a new position in Lyft during the 4th quarter worth approximately $35,000. 83.07% of the stock is 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.