Alyeska Investment Group L.P. Invests $22.19 Million in Lyft, Inc. (NASDAQ:LYFT)

Alyeska Investment Group L.P. acquired a new position in Lyft, Inc. (NASDAQ:LYFT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,719,814 shares of the ride-sharing company's stock, valued at approximately $22,186,000. Alyeska Investment Group L.P. owned 0.41% of Lyft as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its stake in Lyft by 282.0% in the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock valued at $111,240,000 after buying an additional 6,365,727 shares during the period. Norges Bank bought a new stake in shares of Lyft in the 4th quarter valued at about $49,599,000. Pacer Advisors Inc. raised its position in shares of Lyft by 32.4% in the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock valued at $121,369,000 after acquiring an additional 2,302,248 shares during the period. Capital World Investors boosted its stake in Lyft by 49.4% during the 4th quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company's stock worth $87,404,000 after acquiring an additional 2,240,478 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in Lyft by 274.6% during the fourth quarter. Marshall Wace LLP now owns 2,959,267 shares of the ride-sharing company's stock valued at $38,175,000 after purchasing an additional 2,169,255 shares during the period. 83.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. KeyCorp reissued a "sector weight" rating on shares of Lyft in a research report on Wednesday, March 26th. Barclays decreased their target price on Lyft from $20.00 to $19.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 12th. Citigroup reaffirmed an "overweight" rating on shares of Lyft in a research report on Wednesday, February 12th. Evercore ISI lowered their target price on Lyft from $19.00 to $15.00 and set an "in-line" rating for the company in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $21.00 price target on shares of Lyft in a research note on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $16.45.

Lyft Stock Performance

Shares of LYFT stock traded down $0.30 during trading on Wednesday, reaching $12.59. 15,060,033 shares of the company's stock were exchanged, compared to its average volume of 15,497,286. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $19.07. The stock has a market capitalization of $5.26 billion, a PE ratio of 209.83, a PEG ratio of 1.90 and a beta of 2.14. The firm's fifty day moving average price is $11.75 and its 200-day moving average price is $13.58. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. As a group, sell-side analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft announced that its board has authorized a share repurchase program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Insider Transactions at Lyft

In other Lyft news, Director Logan Green sold 11,411 shares of the firm's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $13.34, for a total value of $152,222.74. Following the transaction, the director now directly owns 297,640 shares of the company's stock, valued at $3,970,517.60. This trade represents a 3.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of Lyft stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $12.45, for a total value of $283,063.20. Following the completion of the transaction, the insider now owns 959,697 shares in the company, valued at approximately $11,948,227.65. This represents a 2.31 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,143 shares of company stock worth $486,841. Company insiders own 3.07% of the company's stock.

Lyft Profile

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. The company's platform provides a ridesharing marketplace, which connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.