Wealthedge Investment Advisors LLC Buys Shares of 16,522 Lyft, Inc. (NASDAQ:LYFT)

Wealthedge Investment Advisors LLC bought a new position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 16,522 shares of the ride-sharing company's stock, valued at approximately $213,000.

A number of other hedge funds also recently made changes to their positions in LYFT. KBC Group NV raised its stake in shares of Lyft by 354.9% during the 4th quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company's stock worth $3,434,000 after purchasing an additional 207,672 shares during the period. Smith Group Asset Management LLC purchased a new stake in Lyft in the 4th quarter worth about $280,000. Washington Capital Management Inc. purchased a new stake in Lyft in the 4th quarter worth about $408,000. Gries Financial LLC purchased a new stake in Lyft in the 4th quarter worth about $200,000. Finally, Chicago Partners Investment Group LLC purchased a new stake in Lyft in the 4th quarter worth about $202,000. 83.07% of the stock is currently owned by institutional investors.

Lyft Stock Down 1.3%

LYFT traded down $0.20 during trading on Friday, reaching $15.15. The stock had a trading volume of 14,053,646 shares, compared to its average volume of 16,367,341. The stock's 50 day moving average is $13.16 and its two-hundred day moving average is $13.74. 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 company 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. Lyft, Inc. has a one year low of $8.93 and a one year 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 (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.19). The firm 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%. Lyft's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.15 EPS. As a group, analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current year.

Lyft declared that its board has initiated a stock buyback plan 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 reacquire up to 8.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on LYFT shares. UBS Group lifted their price objective on Lyft from $12.00 to $14.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. The Goldman Sachs Group raised shares of Lyft from a "neutral" rating to a "buy" rating and set a $20.00 price target on the stock in a report on Friday, May 9th. Piper Sandler reaffirmed an "overweight" rating and set a $18.00 price objective (down previously from $23.00) on shares of Lyft in a research note on Wednesday, February 12th. Bank of America cut shares of Lyft from a "buy" rating to an "underperform" rating and set a $10.50 price objective for the company. in a research note on Thursday, April 3rd. Finally, Needham & Company LLC reissued a "hold" rating on shares of Lyft in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, twenty-five have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $16.63.

Insiders Place Their Bets

In other news, CEO John David Risher purchased 6,538 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were bought at an average price of $15.29 per share, for a total transaction of $99,966.02. Following the purchase, the chief executive officer now directly owns 11,791,340 shares in the company, valued at approximately $180,289,588.60. This trade represents a 0.06% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of the company's stock in a transaction dated 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 owns 959,697 shares in the company, valued at approximately $11,948,227.65. The trade was a 2.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,732 shares of company stock worth $347,159. 3.07% of the stock is owned by corporate insiders.

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.