Lyft (NASDAQ:LYFT) Stock Price Expected to Rise, Bank of America Analyst Says

Lyft (NASDAQ:LYFT) had its price target upped by equities research analysts at Bank of America from $19.00 to $21.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the ride-sharing company’s stock. Bank of America‘s target price would suggest a potential upside of 58.49% from the stock’s previous close.

Several other research analysts have also recently issued reports on LYFT. Wedbush cut their price target on shares of Lyft from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Loop Capital raised their target price on Lyft from $16.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research note on Thursday, November 7th. Morgan Stanley increased their price target on shares of Lyft from $16.50 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $23.00 target price (up from $17.00) on shares of Lyft in a report on Thursday, November 7th. Twenty-seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Lyft has a consensus rating of “Hold” and an average price target of $17.31.

Lyft Price Performance

Shares of NASDAQ:LYFT opened at $13.25 on Tuesday. Lyft has a one year low of $8.93 and a one year high of $20.82. The stock has a market capitalization of $5.50 billion, a price-to-earnings ratio of -82.81, a PEG ratio of 1.94 and a beta of 2.16. The company has a 50-day simple moving average of $14.00 and a 200-day simple moving average of $13.52. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75.

Lyft (NASDAQ:LYFT) last posted 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 net margin of 1.19% and a negative return on equity of 1.58%. On average, analysts predict that Lyft will post 0.06 EPS for the current year.

Lyft declared that its Board of Directors has approved a share buyback plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at Lyft

In other Lyft news, Director Logan Green sold 10,919 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the transaction, the director now directly owns 314,492 shares of the company’s stock, valued at $5,424,987. This trade represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

Several hedge funds have recently modified their holdings of LYFT. World Investment Advisors purchased a new position in Lyft in the 4th quarter worth approximately $185,000. Bryce Point Capital LLC purchased a new position in shares of Lyft in the fourth quarter valued at $424,000. Groupama Asset Managment acquired a new stake in Lyft during the 4th quarter valued at $12,900,000. Trexquant Investment LP increased its stake in Lyft by 70.7% during the 4th quarter. Trexquant Investment LP now owns 2,391,574 shares of the ride-sharing company’s stock worth $30,851,000 after buying an additional 990,662 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Lyft in the 4th quarter worth $419,000. 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.