Lyft (NASDAQ:LYFT) Given New $15.00 Price Target at Truist Financial

Lyft (NASDAQ:LYFT) had its target price dropped by research analysts at Truist Financial from $18.00 to $15.00 in a research note issued on Wednesday,Benzinga reports. The brokerage 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 stock’s previous close.

Several other research firms also recently issued reports on LYFT. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Lyft in a research note on Thursday, January 22nd. Arete Research set a $20.00 price objective on shares of Lyft and gave the company a “neutral” rating in a research note on Wednesday, December 3rd. Susquehanna restated a “neutral” rating and set a $15.00 target price on shares of Lyft in a report on Thursday, February 12th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Lyft from $25.00 to $16.00 and set a “hold” rating for the company in a research report on Wednesday, February 11th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a report on Wednesday, February 11th. Nine analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $19.52.

Lyft Price Performance

LYFT traded up $0.03 during trading on Wednesday, reaching $13.33. 2,264,145 shares of the stock were exchanged, compared to its average volume of 17,278,869. The business’s 50 day moving average price is $14.55 and its two-hundred day moving average price is $18.51. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.65 and a quick ratio of 0.65. The company has a market capitalization of $5.31 billion, a price-to-earnings ratio of 1.95, a P/E/G 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.

Lyft announced that its board has approved a share repurchase plan on Tuesday, February 10th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the ride-sharing company to buy up to 15.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Lyft

In other Lyft news, insider Lindsay Catherine Llewellyn sold 23,661 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $13.30, for a total transaction of $314,691.30. Following the sale, the insider directly owned 696,850 shares of the company’s stock, valued at $9,268,105. This trade represents a 3.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jill Beggs sold 2,093 shares of Lyft stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $13.89, for a total transaction of $29,071.77. Following the sale, the director owned 32,185 shares of the company’s stock, valued at approximately $447,049.65. This trade represents a 6.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 31,038 shares of company stock valued at $416,841. 3.07% of the stock is owned by insiders.

Institutional Trading of Lyft

Hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC raised its holdings in Lyft by 144.9% in the 2nd quarter. AQR Capital Management LLC now owns 24,009,925 shares of the ride-sharing company’s stock valued at $378,396,000 after acquiring an additional 14,205,143 shares during the last quarter. Norges Bank acquired a new stake in shares of Lyft during the fourth quarter worth $109,987,000. Swedbank AB acquired a new stake in shares of Lyft during the fourth quarter worth $108,472,000. Contour Asset Management LLC purchased a new stake in shares of Lyft in the fourth quarter valued at $75,870,000. Finally, Victory Capital Management Inc. increased its stake in Lyft by 479.1% in the third quarter. Victory Capital Management Inc. now owns 3,580,564 shares of the ride-sharing company’s stock valued at $78,808,000 after purchasing an additional 2,962,266 shares during the last quarter. Institutional investors and hedge funds 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.