Lyft, Inc. (NASDAQ:LYFT) Position Lifted by Capital World Investors

Capital World Investors lifted its position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 49.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,775,478 shares of the ride-sharing company's stock after purchasing an additional 2,240,478 shares during the period. Capital World Investors owned about 1.63% of Lyft worth $87,404,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in LYFT. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Lyft during the fourth quarter worth about $29,000. ORG Wealth Partners LLC purchased a new position in shares of Lyft during the fourth quarter worth about $31,000. Plato Investment Management Ltd purchased a new position in shares of Lyft during the fourth quarter worth about $35,000. Byrne Asset Management LLC purchased a new position in shares of Lyft during the fourth quarter worth about $35,000. Finally, Harbour Investments Inc. grew its holdings in shares of 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 buying an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.

Insider Activity

In related news, Director John Patrick Zimmer sold 2,424 shares of the firm'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 sale, the director now directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 sale, the director now owns 297,640 shares in the company, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,407 shares of company stock valued at $203,778 in the last three months. Corporate insiders own 3.07% of the company's stock.

Lyft Trading Up 1.2 %

NASDAQ:LYFT traded up $0.15 during mid-day trading on Friday, reaching $12.21. The company's stock had a trading volume of 10,924,292 shares, compared to its average volume of 15,614,594. The company's fifty day simple moving average is $11.82 and its two-hundred day simple moving average is $13.63. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $19.07. The stock has a market cap of $5.10 billion, a P/E ratio of 203.50, a P/E/G ratio of 1.90 and a beta of 2.13.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. On average, equities analysts predict that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft declared that its board has approved a stock buyback plan on Tuesday, February 11th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Needham & Company LLC reissued a "hold" rating on shares of Lyft in a report on Thursday, April 17th. Piper Sandler reissued an "overweight" rating and set a $18.00 price target (down previously from $23.00) on shares of Lyft in a report on Wednesday, February 12th. Susquehanna lowered their price objective on Lyft from $18.00 to $15.00 and set a "neutral" rating on the stock in a report on Thursday, February 13th. BMO Capital Markets cut their target price on Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. Finally, KeyCorp restated a "sector weight" rating on shares of Lyft in a research note on Wednesday, March 26th. 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 stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $16.45.

Lyft Company 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.