Toronto Dominion Bank Takes $279,000 Position in Lyft, Inc. (NASDAQ:LYFT)

Toronto Dominion Bank purchased a new stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 21,660 shares of the ride-sharing company's stock, valued at approximately $279,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Spurstone Advisory Services LLC acquired a new position in shares of Lyft during the fourth quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Lyft during the fourth quarter valued at $29,000. Byrne Asset Management LLC acquired a new stake in Lyft in the fourth quarter worth about $35,000. Plato Investment Management Ltd acquired a new stake in Lyft in the fourth quarter worth about $35,000. Finally, Harbour Investments Inc. lifted its holdings in Lyft by 259.7% in the fourth quarter. Harbour Investments Inc. now owns 2,770 shares of the ride-sharing company's stock worth $36,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 83.07% of the company's stock.

Lyft Stock Performance

Lyft stock traded up $0.27 during trading hours on Thursday, reaching $15.53. 19,831,109 shares of the company were exchanged, compared to its average volume of 16,410,915. The firm has a market cap of $6.49 billion, a price-to-earnings ratio of 258.83, a PEG ratio of 1.90 and a beta of 2.14. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The stock has a 50-day moving average of $13.43 and a 200 day moving average of $13.67. Lyft, Inc. has a 12 month low of $8.93 and a 12 month high of $19.07.

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

Lyft declared that its board has initiated a stock repurchase 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 repurchase up to 8.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Activity

In related news, insider Lindsay Catherine Llewellyn sold 22,736 shares of the company's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $12.45, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jill Beggs sold 1,572 shares of the company's stock in a transaction 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 completion of the transaction, the director now owns 20,467 shares of the company's stock, valued at $335,863.47. The trade was a 7.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,732 shares of company stock valued at $347,159. 3.07% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LYFT. Citigroup reaffirmed an "overweight" rating on shares of Lyft in a report on Wednesday, February 12th. Morgan Stanley reduced their price objective 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. Wedbush reduced their price objective on shares of Lyft from $18.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. UBS Group upped their price objective on shares of Lyft from $12.00 to $14.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, BMO Capital Markets reduced their price objective on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a report on Wednesday, February 12th. 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 given a strong buy rating to the company's stock. According to data from MarketBeat, the stock 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.