Woodline Partners LP Has $20.55 Million Position in Lyft, Inc. (NASDAQ:LYFT)

Woodline Partners LP lifted its position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 51.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,593,120 shares of the ride-sharing company's stock after purchasing an additional 542,066 shares during the period. Woodline Partners LP owned 0.38% of Lyft worth $20,551,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Renaissance Technologies LLC grew its holdings in Lyft by 282.0% during the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after purchasing an additional 6,365,727 shares during the period. Two Sigma Advisers LP raised its stake in Lyft by 828.5% in the fourth quarter. Two Sigma Advisers LP now owns 6,662,535 shares of the ride-sharing company's stock valued at $85,947,000 after buying an additional 5,945,000 shares during the period. Two Sigma Investments LP lifted its position in shares of Lyft by 156.9% in the fourth quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company's stock valued at $103,524,000 after buying an additional 4,901,358 shares during the last quarter. Norges Bank bought a new position in shares of Lyft during the 4th quarter worth approximately $49,599,000. Finally, Pacer Advisors Inc. boosted its stake in shares of Lyft by 32.4% during the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock worth $121,369,000 after acquiring an additional 2,302,248 shares during the period. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Lyft Stock Performance

Lyft stock opened at $16.53 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. The stock has a market cap of $6.91 billion, a PE ratio of 275.50, a P/E/G ratio of 1.90 and a beta of 2.14. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $19.07. The business's 50-day moving average price is $12.53 and its two-hundred day moving average price is $13.75.

Lyft (NASDAQ:LYFT - Get Free Report) last announced 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). The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.47 billion. Lyft had a net margin of 0.39% and a return on equity of 8.03%. The company's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period last year, the firm posted $0.15 earnings per share. As a group, analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its board has approved a stock repurchase program on Tuesday, February 11th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the ride-sharing company to purchase up to 8.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the completion of the transaction, the director now directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. This represents a 0.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of the business'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 sale, the insider now owns 959,697 shares in the company, valued at $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 38,143 shares of company stock worth $486,841 over the last quarter. Corporate insiders own 3.07% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Evercore ISI dropped their price target on Lyft from $19.00 to $15.00 and set an "in-line" rating on the stock in a research note on Wednesday, February 12th. Royal Bank of Canada reiterated an "outperform" rating and issued a $21.00 price objective on shares of Lyft in a report on Monday, March 17th. Piper Sandler restated an "overweight" rating and set a $18.00 target price (down previously from $23.00) on shares of Lyft in a research note on Wednesday, February 12th. JPMorgan Chase & Co. lifted their target price on shares of Lyft from $14.00 to $16.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, DA Davidson reissued a "neutral" rating and issued a $15.00 price target on shares of Lyft in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, twenty-five have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $16.56.

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.

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