Bank of America Boosts Lyft (NASDAQ:LYFT) Price Target to $21.00

Lyft (NASDAQ:LYFT) had its target price boosted by Bank of America from $19.00 to $21.00 in a research report released on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the ride-sharing company’s stock.

Several other research analysts also recently weighed in on the stock. BMO Capital Markets boosted their target price on shares of Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Tigress Financial increased their target price on shares of Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Roth Mkm upped their price target on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Truist Financial upped their price target on Lyft from $13.00 to $20.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Finally, Cantor Fitzgerald increased their target price on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Twenty-seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $17.84.

Lyft Price Performance

Shares of NASDAQ LYFT opened at $14.39 on Tuesday. The firm has a market capitalization of $5.97 billion, a P/E ratio of -89.94, a PEG ratio of 1.94 and a beta of 2.16. Lyft has a one year low of $8.93 and a one year high of $20.82. The company’s fifty day moving average is $14.05 and its two-hundred day moving average is $13.51. 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 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%. Analysts forecast that Lyft will post 0.06 EPS for the current fiscal year.

Lyft announced that its Board of Directors has approved a stock repurchase program 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 repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Logan Green sold 10,919 shares of Lyft 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 owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. This trade represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lyft

A number of institutional investors have recently bought and sold shares of the stock. QRG Capital Management Inc. increased its stake in Lyft by 3.8% in the 4th quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock worth $316,000 after purchasing an additional 903 shares in the last quarter. Sanctuary Advisors LLC increased its stake in Lyft by 3.5% in the 3rd 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 in the last quarter. XTX Topco Ltd grew its stake in Lyft by 2.5% during the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after acquiring an additional 1,043 shares in the last quarter. US Bancorp DE grew its stake 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 in the last quarter. Finally, Manchester Capital Management LLC grew its stake in Lyft by 13.8% during the 4th quarter. Manchester Capital Management LLC now owns 8,879 shares of the ride-sharing company’s stock valued at $115,000 after acquiring an additional 1,080 shares in the last quarter. Hedge funds and other institutional investors 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.