Concentric Capital Strategies LP Sells 63,670 Shares of Lyft, Inc. (NASDAQ:LYFT)

Concentric Capital Strategies LP lessened its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 36.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 113,249 shares of the ride-sharing company's stock after selling 63,670 shares during the quarter. Concentric Capital Strategies LP's holdings in Lyft were worth $1,461,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Lyft

In other news, Director Logan Green sold 11,411 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction that occurred on 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. This trade represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,143 shares of company stock worth $486,841. Corporate insiders own 3.07% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on LYFT shares. Roth Capital reiterated a "neutral" rating on shares of Lyft in a research report on Wednesday, February 12th. Susquehanna reduced their target price on shares of Lyft from $18.00 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, February 13th. JPMorgan Chase & Co. lowered their price target on shares of Lyft from $16.00 to $14.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company decreased their price objective on Lyft from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 3rd. Finally, Truist Financial dropped their target price on Lyft from $20.00 to $17.00 and set a "hold" rating for the company in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $16.45.

Lyft Stock Performance

Shares of LYFT opened at $12.59 on Thursday. The stock has a 50-day moving average of $11.75 and a 200-day moving average of $13.58. Lyft, Inc. has a one year low of $8.93 and a one year high of $19.07. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. The company has a market cap of $5.26 billion, a PE ratio of 209.83, a P/E/G ratio of 1.90 and a beta of 2.14.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share 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%. On average, equities research analysts predict that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

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

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.

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