Lyft (NASDAQ:LYFT) Price Target Cut to $15.00 by Analysts at Mizuho

Lyft (NASDAQ:LYFT) had its price target cut by equities researchers at Mizuho from $16.00 to $15.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the ride-sharing company’s stock. Mizuho’s target price points to a potential upside of 9.25% from the stock’s previous close.

A number of other analysts also recently issued reports on LYFT. Barclays dropped their price objective on shares of Lyft from $27.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, February 11th. Evercore set a $21.00 price target on Lyft in a research note on Wednesday, February 11th. Wedbush cut their price objective on Lyft from $16.00 to $13.00 and set an “underperform” rating for the company in a report on Wednesday, February 11th. Truist Financial reduced their price objective on Lyft from $23.00 to $18.00 and set a “hold” rating on the stock in a research report on Wednesday, February 11th. Finally, The Goldman Sachs Group boosted their target price on Lyft from $21.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Ten equities 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 stock. Based on data from MarketBeat, Lyft has an average rating of “Hold” and a consensus target price of $19.63.

Lyft Trading Down 0.8%

Shares of Lyft stock opened at $13.73 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.65 and a quick ratio of 0.65. Lyft has a 1 year low of $9.66 and a 1 year high of $25.54. The firm has a market cap of $5.47 billion, a PE ratio of 2.01, a PEG ratio of 0.83 and a beta of 1.92. The company has a 50 day simple moving average of $17.05 and a two-hundred day simple moving average of $19.04.

Lyft announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, February 10th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the ride-sharing company to purchase up to 15.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Lyft news, insider Lindsay Catherine Llewellyn sold 23,661 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $13.30, for a total value of $314,691.30. Following the completion of the sale, the insider owned 696,850 shares in the company, valued at approximately $9,268,105. The trade was a 3.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Stephen W. Hope sold 4,800 shares of the stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $22.30, for a total value of $107,040.00. Following the sale, the chief accounting officer directly owned 311,909 shares of the company’s stock, valued at approximately $6,955,570.70. This trade represents a 1.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 209,638 shares of company stock worth $4,463,623. 3.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lyft

Several institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC increased its position in shares of Lyft by 13.7% in the first quarter. Empowered Funds LLC now owns 24,213 shares of the ride-sharing company’s stock valued at $287,000 after acquiring an additional 2,921 shares during the period. Focus Partners Wealth boosted its holdings in shares of Lyft by 44.0% during the first quarter. Focus Partners Wealth now owns 51,102 shares of the ride-sharing company’s stock worth $607,000 after purchasing an additional 15,621 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Lyft in the second quarter worth about $470,000. Strs Ohio purchased a new position in Lyft during the 2nd quarter valued at about $978,000. Finally, Machina Capital S.A.S. purchased a new position in Lyft during the 2nd quarter valued at about $202,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

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.