Truist Financial Cuts Lyft (NASDAQ:LYFT) Price Target to $15.00
by Danessa Lincoln · The Markets DailyLyft (NASDAQ:LYFT – Free Report) had its price target decreased by Truist Financial from $18.00 to $15.00 in a research report report published on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the ride-sharing company’s stock.
LYFT has been the subject of several other reports. Morgan Stanley set a $17.00 target price on shares of Lyft in a report on Wednesday, February 11th. Guggenheim lowered their price target on shares of Lyft from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. KeyCorp reiterated a “sector weight” rating on shares of Lyft in a research report on Wednesday, February 11th. Jefferies Financial Group dropped their price objective on Lyft from $20.00 to $15.50 and set a “hold” rating for the company in a research note on Wednesday, February 11th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Lyft in a report on Wednesday, February 11th. Nine research analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $19.55.
View Our Latest Stock Analysis on LYFT
Lyft Stock Performance
NASDAQ:LYFT opened at $13.34 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a 50-day simple moving average of $14.26 and a two-hundred day simple moving average of $18.39. The firm has a market capitalization of $5.31 billion, a PE ratio of 1.96, a P/E/G ratio of 0.80 and a beta of 1.85. Lyft has a 52-week low of $9.66 and a 52-week high of $25.54.
Lyft declared that its Board of Directors has approved a share buyback program on Tuesday, February 10th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the ride-sharing company to purchase up to 15.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
Insider Activity at Lyft
In other news, CAO Stephen W. Hope sold 5,284 shares of the firm’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $13.83, for a total value of $73,077.72. Following the completion of the sale, the chief accounting officer owned 300,570 shares of the company’s stock, valued at $4,156,883.10. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 23,661 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $13.30, for a total value of $314,691.30. Following the sale, the insider owned 696,850 shares in the company, valued at $9,268,105. The trade was a 3.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 31,038 shares of company stock valued at $416,841 over the last 90 days. Insiders own 3.07% of the company’s stock.
Hedge Funds Weigh In On Lyft
Hedge funds have recently bought and sold shares of the business. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Lyft during the fourth quarter worth about $26,000. Quent Capital LLC acquired a new position in shares of Lyft during the 3rd quarter valued at about $34,000. International Assets Investment Management LLC purchased a new stake in shares of Lyft in the 4th quarter valued at approximately $40,000. Huntington National Bank increased its stake in Lyft by 171.8% during the fourth quarter. Huntington National Bank now owns 2,174 shares of the ride-sharing company’s stock worth $42,000 after acquiring an additional 1,374 shares during the last quarter. Finally, Abich Financial Wealth Management LLC purchased a new stake in Lyft in the 3rd quarter valued at about $50,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.
Lyft Company Profile
Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.
Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.