Mackenzie Financial Corp Makes New Investment in Lyft, Inc. (NASDAQ:LYFT)

Mackenzie Financial Corp purchased a new position in Lyft, Inc. (NASDAQ:LYFT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 185,684 shares of the ride-sharing company's stock, valued at approximately $2,395,000.

Other large investors have also recently added to or reduced their stakes in the company. Forum Financial Management LP acquired a new stake in shares of Lyft in the 4th quarter valued at about $132,000. Toronto Dominion Bank bought a new stake in Lyft in the fourth quarter valued at about $279,000. Neo Ivy Capital Management lifted its holdings in Lyft by 52.4% during the 4th quarter. Neo Ivy Capital Management now owns 167,718 shares of the ride-sharing company's stock worth $2,163,000 after buying an additional 57,694 shares during the last quarter. PharVision Advisers LLC acquired a new position in shares of Lyft in the 4th quarter worth approximately $198,000. Finally, Voloridge Investment Management LLC increased its holdings in shares of Lyft by 722.6% in the 4th quarter. Voloridge Investment Management LLC now owns 211,161 shares of the ride-sharing company's stock valued at $2,724,000 after acquiring an additional 185,490 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Jill Beggs sold 1,572 shares of Lyft stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $16.41, for a total value of $25,796.52. Following the transaction, the director now owns 20,467 shares of the company's stock, valued at $335,863.47. This trade represents a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of Lyft stock in a transaction that occurred on 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 transaction, the insider now directly 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. Insiders have sold 26,732 shares of company stock valued at $347,159 over the last three months. 3.07% of the stock is currently owned by insiders.

Analysts Set New Price Targets

LYFT has been the topic of several research analyst reports. Wedbush reduced their price objective on Lyft from $18.00 to $16.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 12th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $21.00 price objective on shares of Lyft in a research report on Monday, March 17th. Loop Capital dropped their price objective on shares of Lyft from $23.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, March 18th. Cantor Fitzgerald cut their target price on shares of Lyft from $15.00 to $14.00 and set a "neutral" rating on the stock in a report on Wednesday, February 12th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Lyft in a report on Friday, May 9th. One investment 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $16.63.

Lyft Stock Down 1.3%

Shares of LYFT stock traded down $0.20 during trading on Friday, hitting $15.15. 14,053,646 shares of the company were exchanged, compared to its average volume of 16,399,320. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76. The firm has a market capitalization of $6.33 billion, a price-to-earnings ratio of 252.50, a P/E/G ratio of 1.90 and a beta of 2.14. The business's 50-day simple moving average is $13.16 and its 200 day simple moving average is $13.74. 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 earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.19). The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.47 billion. Lyft had a return on equity of 8.03% and a net margin of 0.39%. The business's revenue was up 13.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 earnings per share. As a group, analysts forecast that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft declared that its Board of Directors has initiated a share buyback 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 a sign that the company's management believes its stock is undervalued.

About Lyft

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.