Key Points
- Lyft CAO Stephen Hope sold 5,284 shares on Feb. 27 at an average price of $13.83 for about $73,078, trimming his stake by 1.73% to 300,570 shares.
- The Board authorized a $1.0 billion share buyback on Feb. 10, permitting repurchases of up to 15.1% of outstanding shares—a move that typically signals management views the stock as undervalued.
- Analyst sentiment is mixed (10 Buys, 22 Holds, 2 Sells) with an average target of $19.63, while the stock recently traded near $13.21 and was down about 3.8%, reflecting investor caution despite the buyback plan.
Lyft, Inc. (NASDAQ:LYFT - Get Free Report) Director Jill Beggs sold 2,093 shares of the business's stock in a transaction on Friday, February 27th. The shares were sold at an average price of $13.89, for a total value of $29,071.77. Following the sale, the director owned 32,185 shares in the company, valued at approximately $447,049.65. The trade was a 6.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Lyft Price Performance
NASDAQ:LYFT opened at $13.21 on Wednesday. Lyft, Inc. has a 52-week low of $9.66 and a 52-week high of $25.54. The stock has a fifty day moving average of $16.92 and a 200 day moving average of $19.02. 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 firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 1.94, a P/E/G ratio of 0.83 and a beta of 1.92.
Lyft announced that its Board of Directors has initiated a share buyback plan on Tuesday, February 10th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the ride-sharing company to reacquire up to 15.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.
Institutional Investors Weigh In On Lyft
Several institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC increased its position in shares of Lyft by 144.9% during the second quarter. AQR Capital Management LLC now owns 24,009,925 shares of the ride-sharing company's stock valued at $378,396,000 after buying an additional 14,205,143 shares during the period. Norges Bank purchased a new stake in Lyft in the fourth quarter worth about $109,987,000. Swedbank AB bought a new stake in Lyft during the 4th quarter valued at approximately $108,472,000. Contour Asset Management LLC purchased a new position in shares of Lyft during the 4th quarter worth approximately $75,870,000. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Lyft by 415.2% during the 2nd quarter. Los Angeles Capital Management LLC now owns 3,714,935 shares of the ride-sharing company's stock worth $58,547,000 after acquiring an additional 2,993,807 shares during the period. 83.07% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on LYFT shares. Deutsche Bank Aktiengesellschaft dropped their target price on Lyft from $25.00 to $16.00 and set a "hold" rating for the company in a report on Wednesday, February 11th. Barclays decreased their target price on shares of Lyft from $27.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 11th. Wells Fargo & Company dropped their price target on shares of Lyft from $26.00 to $18.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 11th. Truist Financial decreased their price objective on shares of Lyft from $23.00 to $18.00 and set a "hold" rating on the stock in a research report on Wednesday, February 11th. Finally, Zephirin Group increased their target price on shares of Lyft from $15.00 to $18.00 and gave the stock a "hold" rating in a report on Thursday, November 6th. Ten analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Lyft currently has an average rating of "Hold" and a consensus price target of $19.63.
Get Our Latest Stock Report on Lyft
About Lyft
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
