Beacon Pointe Advisors LLC Raises Stock Position in Lyft, Inc. (NASDAQ:LYFT)

Beacon Pointe Advisors LLC grew its position in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 285.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 98,952 shares of the ride-sharing company's stock after buying an additional 73,299 shares during the quarter. Beacon Pointe Advisors LLC's holdings in Lyft were worth $1,276,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in LYFT. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Lyft during the 4th quarter valued at approximately $29,000. ORG Wealth Partners LLC purchased a new position in Lyft during the fourth quarter worth approximately $31,000. Byrne Asset Management LLC purchased a new stake in shares of Lyft in the fourth quarter valued at approximately $35,000. Plato Investment Management Ltd acquired a new stake in Lyft in the 4th quarter valued at $35,000. Finally, Harbour Investments Inc. raised its position in Lyft by 259.7% during the fourth quarter. Harbour Investments Inc. now owns 2,770 shares of the ride-sharing company's stock worth $36,000 after acquiring an additional 2,000 shares during the period. Hedge funds and other institutional investors own 83.07% of the company's stock.

Lyft Trading Up 1.5 %

Shares of NASDAQ:LYFT traded up $0.19 on Friday, reaching $12.65. 9,123,240 shares of the company traded hands, compared to its average volume of 15,523,186. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $19.07. The business's 50-day simple moving average is $11.76 and its 200 day simple moving average is $13.60. The stock has a market capitalization of $5.29 billion, a P/E ratio of 210.83, a price-to-earnings-growth ratio of 1.90 and a beta of 2.14.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings data 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, equities analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft declared that its board has authorized a stock buyback plan 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 reacquire up to 8.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

LYFT has been the subject of several research reports. Truist Financial dropped their price target on Lyft from $20.00 to $17.00 and set a "hold" rating for the company in a research report on Wednesday, February 12th. Oppenheimer began coverage on shares of Lyft in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $15.00 target price on the stock. Benchmark raised Lyft from a "hold" rating to a "buy" rating and set a $20.00 price target for the company in a report on Monday, January 6th. Wells Fargo & Company dropped their target price on Lyft from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Thursday, April 3rd. Finally, Morgan Stanley dropped their price objective on shares of Lyft from $17.00 to $15.00 and set an "equal weight" rating for the company in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Lyft currently has a consensus rating of "Hold" and a consensus price target of $16.45.

Insider Buying and Selling

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the business's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total transaction of $30,348.48. Following the completion of the sale, the director now directly owns 911,922 shares in the company, valued at $11,417,263.44. The trade was a 0.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Logan Green sold 11,411 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the sale, the director now directly owns 297,640 shares of the company's stock, valued at $3,970,517.60. This represents a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,143 shares of company stock worth $486,841 in the last 90 days. 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.