Lyft, Inc. (NASDAQ:LYFT) Shares Acquired by Nuveen Asset Management LLC

Nuveen Asset Management LLC boosted its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 8.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,458,557 shares of the ride-sharing company's stock after buying an additional 109,434 shares during the period. Nuveen Asset Management LLC owned 0.35% of Lyft worth $18,815,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Park Avenue Securities LLC purchased a new position in shares of Lyft during the fourth quarter valued at about $388,000. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Lyft by 10,225.6% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 424,384 shares of the ride-sharing company's stock valued at $5,475,000 after purchasing an additional 420,274 shares in the last quarter. KBC Group NV grew its position in shares of Lyft by 354.9% during the fourth quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company's stock valued at $3,434,000 after purchasing an additional 207,672 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Lyft by 32.4% during 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 purchasing an additional 2,302,248 shares in the last quarter. Finally, Smith Group Asset Management LLC purchased a new position in shares of Lyft during the fourth quarter valued at about $280,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $15.80, for a total value of $38,299.20. Following the transaction, the director now directly owns 879,498 shares of the company's stock, valued at approximately $13,896,068.40. The trade was a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of Lyft stock in a transaction on Thursday, May 1st. The stock was 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 $11,948,227.65. This represents a 2.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.07% of the company's stock.

Lyft Stock Down 3.4%

LYFT stock traded down $0.54 during trading on Thursday, hitting $15.44. 6,355,616 shares of the company's stock traded hands, compared to its average volume of 19,063,465. The firm has a market capitalization of $6.46 billion, a P/E ratio of 257.32, a PEG ratio of 1.90 and a beta of 2.14. The business has a fifty day simple moving average of $13.04 and a two-hundred day simple moving average of $13.79. 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 1 year low of $8.93 and a 1 year high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.19). Lyft had a return on equity of 8.03% and a net margin of 0.39%. The firm had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.47 billion. During the same period in the prior year, the firm posted $0.15 earnings per share. Lyft's revenue for the quarter was up 13.5% compared to the same quarter last year. Sell-side analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft announced that its board has approved a stock buyback program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the ride-sharing company to purchase up to 8.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have recently weighed in on LYFT. Truist Financial cut their price objective on Lyft from $20.00 to $17.00 and set a "hold" rating for the company in a research report on Wednesday, February 12th. Morgan Stanley lowered their price target 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. Wells Fargo & Company lowered their price target on shares of Lyft from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Thursday, April 3rd. Barclays increased their price target on shares of Lyft from $19.00 to $20.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $18.00 price target (down previously from $23.00) on shares of Lyft in a report on Wednesday, February 12th. One 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 MarketBeat.com, Lyft presently has an average rating of "Hold" and an average price target 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.