Lyft (NASDAQ:LYFT) Price Target Lowered to $13.00 at Wells Fargo & Company

Lyft (NASDAQ:LYFT) had its price objective lowered by Wells Fargo & Company from $14.00 to $13.00 in a report released on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the ride-sharing company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 11.49% from the company’s previous close.

Several other equities research analysts have also issued reports on the company. Susquehanna dropped their price target on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Royal Bank of Canada reissued an “outperform” rating and set a $21.00 target price on shares of Lyft in a research note on Monday, March 17th. Barclays dropped their target price on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research report on Monday, March 24th. Finally, DA Davidson lowered their price objective on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $16.66.

Lyft Trading Down 10.0 %

LYFT traded down $1.29 during midday trading on Thursday, hitting $11.66. 10,445,358 shares of the company were exchanged, compared to its average volume of 19,297,180. Lyft has a 1-year low of $8.93 and a 1-year high of $19.55. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $4.87 billion, a P/E ratio of 194.33, a P/E/G ratio of 1.90 and a beta of 2.15. The firm’s 50 day moving average price is $12.87 and its 200-day moving average price is $13.84.

Lyft (NASDAQ:LYFT) last announced 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 return on equity of 8.03% and a net margin of 0.39%. As a group, equities analysts forecast that Lyft will post 0.22 EPS for the current fiscal year.

Lyft announced that its Board of Directors has authorized a share buyback plan on Tuesday, February 11th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System boosted its position in Lyft by 0.5% during the fourth quarter. California State Teachers Retirement System now owns 355,864 shares of the ride-sharing company’s stock worth $4,591,000 after purchasing an additional 1,783 shares in the last quarter. 111 Capital purchased a new stake in shares of Lyft in the 4th quarter worth about $268,000. Wealth Enhancement Advisory Services LLC grew its stake in Lyft by 157.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 85,600 shares of the ride-sharing company’s stock valued at $1,104,000 after acquiring an additional 52,333 shares during the last quarter. Wealthedge Investment Advisors LLC acquired a new position in Lyft during the fourth quarter worth about $213,000. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Lyft in the fourth quarter valued at approximately $950,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

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.