Polar Asset Management Partners Inc. Has $4.24 Million Stock Holdings in Lyft, Inc. $LYFT

Key Points

• Polar Asset Management Partners Inc. boosted its stake in Lyft by 71% in Q3 to 192,416 shares, worth about $4.24 million.
• Lyft's board authorized a stock repurchase program of roughly $1.0 billion, equal to about 15.1% of outstanding shares.
• Analysts hold a consensus Hold rating with an average price target of $19.62, though recent cuts (Cantor Fitzgerald to $14, Mizuho to $15) come as the stock trades near $13.38.

Polar Asset Management Partners Inc. boosted its position in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 71.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 192,416 shares of the ride-sharing company's stock after purchasing an additional 79,916 shares during the period. Polar Asset Management Partners Inc.'s holdings in Lyft were worth $4,235,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Amalgamated Bank increased its position in Lyft by 2.5% during the third quarter. Amalgamated Bank now owns 21,652 shares of the ride-sharing company's stock worth $477,000 after buying an additional 534 shares during the last quarter. Brown Brothers Harriman & Co. lifted its position in shares of Lyft by 23.2% in the third quarter. Brown Brothers Harriman & Co. now owns 3,399 shares of the ride-sharing company's stock valued at $75,000 after buying an additional 639 shares during the last quarter. CI Investments Inc. boosted its stake in shares of Lyft by 39.1% during the 3rd quarter. CI Investments Inc. now owns 2,321 shares of the ride-sharing company's stock worth $51,000 after acquiring an additional 653 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of Lyft by 0.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,399 shares of the ride-sharing company's stock worth $3,684,000 after acquiring an additional 771 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Lyft by 2.4% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 35,372 shares of the ride-sharing company's stock worth $779,000 after acquiring an additional 836 shares during the last quarter. Institutional investors own 83.07% of the company's stock.

Lyft Price Performance

Lyft stock opened at $13.38 on Friday. The firm has a market cap of $5.33 billion, a PE ratio of 1.96, a price-to-earnings-growth ratio of 0.81 and a beta of 1.92. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.65 and a quick ratio of 0.65. The stock's fifty day moving average price is $15.47 and its two-hundred day moving average price is $18.74. Lyft, Inc. has a one year low of $9.66 and a one year high of $25.54.

Lyft announced that its board has authorized a stock repurchase program on Tuesday, February 10th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the ride-sharing company to repurchase up to 15.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at Lyft

In related news, Director Jill Beggs sold 2,093 shares of the company's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $13.89, for a total transaction of $29,071.77. Following the completion of the sale, the director owned 32,185 shares of the company's stock, valued at $447,049.65. This represents a 6.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 23,661 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $13.30, for a total transaction of $314,691.30. Following the sale, the insider owned 696,850 shares in the company, valued at $9,268,105. The trade was a 3.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 31,038 shares of company stock valued at $416,841 over the last quarter. 3.07% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

LYFT has been the topic of a number of research analyst reports. Cantor Fitzgerald dropped their price target on Lyft from $21.00 to $14.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 11th. Mizuho reduced their price objective on shares of Lyft from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Tuesday, March 3rd. Needham & Company LLC reiterated a "hold" rating on shares of Lyft in a report on Wednesday, February 11th. Arete Research set a $20.00 price objective on shares of Lyft and gave the company a "neutral" rating in a research report on Wednesday, December 3rd. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Lyft in a research note on Thursday, January 22nd. Nine research analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $19.62.

About Lyft

Lyft, Inc NASDAQ: LYFT operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft's platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.

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