Lyft (NASDAQ:LYFT) Receives Hold Rating from Needham & Company LLC

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

A number of other research firms have also recently commented on LYFT. Cantor Fitzgerald lifted 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. Wedbush reduced their price target on Lyft from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Tigress Financial lifted their price target on Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Jefferies Financial Group lifted their price target on Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Finally, Piper Sandler reiterated an “overweight” rating and set a $23.00 price target (up previously from $17.00) on shares of Lyft in a report on Thursday, November 7th. Twenty-seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given 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 $17.31.

Lyft Stock Performance

LYFT opened at $13.25 on Wednesday. The business’s 50-day moving average price is $14.00 and its two-hundred day moving average price is $13.52. Lyft has a 1 year low of $8.93 and a 1 year high of $20.82. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (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, equities research analysts anticipate that Lyft will post 0.06 earnings per share for the current year.

Lyft declared that its Board of Directors has approved 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 purchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, Director Logan Green sold 10,919 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the sale, the director now directly owns 314,492 shares in the company, 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 SEC, which is available at this hyperlink. 3.07% of the stock is owned by corporate insiders.

Institutional Trading of Lyft

Institutional investors and hedge funds have recently bought and sold shares of the stock. True Wealth Design LLC acquired a new stake in Lyft in the third quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Lyft in the fourth quarter valued at $29,000. ORG Wealth Partners LLC acquired a new stake in Lyft in the fourth quarter valued at $31,000. Byrne Asset Management LLC acquired a new stake in Lyft in the fourth quarter valued at $35,000. Finally, Plato Investment Management Ltd acquired a new stake in Lyft in the fourth quarter valued at $35,000. 83.07% of the stock is currently 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.