Lyft (NASDAQ:LYFT) Price Target Lowered to $15.00 at Truist Financial

Lyft (NASDAQ:LYFT) had its price objective decreased by equities research analysts at Truist Financial from $18.00 to $15.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the ride-sharing company’s stock. Truist Financial’s price target suggests a potential upside of 12.53% from the company’s previous close.

A number of other research firms also recently weighed in on LYFT. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Lyft in a research note on Thursday, January 22nd. Canaccord Genuity Group lowered their price objective on shares of Lyft from $19.00 to $16.00 and set a “hold” rating for the company in a research note on Wednesday, February 11th. Needham & Company LLC restated a “hold” rating on shares of Lyft in a report on Wednesday, February 11th. Cantor Fitzgerald cut their target price on Lyft from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 11th. Finally, Barclays reduced their target price on Lyft from $27.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 11th. Nine research analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Lyft currently has a consensus rating of “Hold” and a consensus target price of $19.52.

Lyft Trading Up 0.2%

Shares of LYFT stock traded up $0.03 during trading hours on Wednesday, hitting $13.33. 2,264,145 shares of the company were exchanged, compared to its average volume of 17,278,869. The firm has a market cap of $5.31 billion, a PE ratio of 1.95, a PEG ratio of 0.76 and a beta of 1.92. Lyft has a 1 year low of $9.66 and a 1 year high of $25.54. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.31. The firm has a fifty day moving average of $14.55 and a 200 day moving average of $18.51.

Lyft declared that its Board of Directors has approved a share buyback plan on Tuesday, February 10th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the ride-sharing company to reacquire up to 15.1% 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 Buying and Selling

In other Lyft news, Director Jill Beggs sold 2,093 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $13.89, for a total value of $29,071.77. Following the transaction, the director directly owned 32,185 shares of the company’s stock, valued at $447,049.65. This trade represents a 6.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 transaction, the insider owned 696,850 shares in the company, valued at approximately $9,268,105. This represents a 3.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 31,038 shares of company stock valued at $416,841. 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 the stock. Empowered Funds LLC boosted its holdings in Lyft by 13.7% in the 1st quarter. Empowered Funds LLC now owns 24,213 shares of the ride-sharing company’s stock worth $287,000 after acquiring an additional 2,921 shares during the period. Focus Partners Wealth grew its position in Lyft by 44.0% in the first quarter. Focus Partners Wealth now owns 51,102 shares of the ride-sharing company’s stock valued at $607,000 after acquiring an additional 15,621 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Lyft during the second quarter valued at approximately $470,000. Creative Planning raised its stake in shares of Lyft by 66.2% during the second quarter. Creative Planning now owns 44,140 shares of the ride-sharing company’s stock valued at $696,000 after purchasing an additional 17,574 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of Lyft by 140.7% during the second quarter. American Century Companies Inc. now owns 1,002,652 shares of the ride-sharing company’s stock worth $15,802,000 after purchasing an additional 586,080 shares in the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

About Lyft

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.