Toronto Dominion Bank Makes New $279,000 Investment in Lyft, Inc. (NASDAQ:LYFT)

Toronto Dominion Bank bought a new stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 21,660 shares of the ride-sharing company's stock, valued at approximately $279,000.

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

Lyft Price Performance

LYFT stock traded down $0.04 on Friday, reaching $15.31. 3,328,484 shares of the company's stock were exchanged, compared to its average volume of 16,287,171. The stock has a fifty day moving average of $13.11 and a 200-day moving average of $13.76. The firm has a market cap of $6.40 billion, a PE ratio of 255.25, a P/E/G ratio of 1.90 and a beta of 2.14. 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, Inc. has a twelve month low of $8.93 and a twelve month high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.20 by ($0.19). The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.47 billion. Lyft had a return on equity of 8.03% and a net margin of 0.39%. The business's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period last year, the company earned $0.15 earnings per share. As a group, equities analysts predict that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft announced that its board has approved a stock repurchase plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to purchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO John David Risher purchased 6,538 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was acquired at an average price of $15.29 per share, with a total value of $99,966.02. Following the purchase, the chief executive officer now directly owns 11,791,340 shares of the company's stock, valued at $180,289,588.60. This represents a 0.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $12.45, for a total transaction of $283,063.20. Following the completion of the sale, the insider now directly owns 959,697 shares in the company, valued at approximately $11,948,227.65. The trade was a 2.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.07% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

LYFT has been the topic of a number of recent analyst reports. Cantor Fitzgerald dropped their price objective on Lyft from $15.00 to $14.00 and set a "neutral" rating on the stock in a report on Wednesday, February 12th. Bank of America lowered shares of Lyft from a "buy" rating to an "underperform" rating and set a $10.50 price target on the stock. in a research note on Thursday, April 3rd. Evercore ISI cut their price objective on shares of Lyft from $19.00 to $15.00 and set an "in-line" rating on the stock in a report on Wednesday, February 12th. UBS Group upped their target price on shares of Lyft from $12.00 to $14.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Finally, Tigress Financial reaffirmed a "buy" rating and issued a $28.00 target price (up from $26.00) on shares of Lyft in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Lyft has an average rating of "Hold" and a consensus target price of $16.63.

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.