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

Needham & Company LLC reiterated their hold rating on shares of Lyft (NASDAQ:LYFT) in a report released on Wednesday,Benzinga reports.

A number of other research analysts also recently weighed in on the stock. Truist Financial increased their price objective on shares of Lyft from $13.00 to $20.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Wedbush dropped their price target on Lyft from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Monday, January 6th. Evercore ISI lifted their price objective on Lyft from $17.00 to $19.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. BMO Capital Markets increased their target price on Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. Finally, Jefferies Financial Group raised their target price on Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Twenty-six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Lyft currently has a consensus rating of “Hold” and an average target price of $17.22.

Lyft Stock Down 0.3 %

Lyft stock opened at $13.43 on Wednesday. Lyft has a 12 month low of $8.93 and a 12 month high of $20.82. The stock has a fifty day simple moving average of $13.88 and a two-hundred day simple moving average of $13.52. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The firm has a market cap of $5.57 billion, a price-to-earnings ratio of -83.94, a PEG ratio of 1.94 and a beta of 2.16.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 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%. Equities analysts predict that Lyft will post 0.06 EPS for the current fiscal year.

Lyft announced that its board has approved a share repurchase program 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 repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity at Lyft

In related news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.07% of the stock is owned by corporate insiders.

Institutional Trading of Lyft

Hedge funds have recently made changes to their positions in the business. QRG Capital Management Inc. boosted its stake in Lyft by 3.8% during the fourth quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock worth $316,000 after buying an additional 903 shares during the period. Sanctuary Advisors LLC lifted its stake in Lyft by 3.5% in the third quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock worth $363,000 after purchasing an additional 969 shares during the last quarter. Guggenheim Capital LLC boosted its position in shares of Lyft by 6.4% during the fourth quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company’s stock valued at $207,000 after buying an additional 970 shares during the period. XTX Topco Ltd lifted its stake in shares of Lyft by 2.5% during the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock worth $538,000 after acquiring an additional 1,043 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in Lyft by 2.6% during the 4th quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock valued at $536,000 after acquiring an additional 1,045 shares during the period. 83.07% of the stock is currently owned by hedge funds and other 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.