Woodline Partners LP Increases Holdings in Lyft, Inc. (NASDAQ:LYFT)

Woodline Partners LP raised its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 51.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,593,120 shares of the ride-sharing company's stock after acquiring an additional 542,066 shares during the period. Woodline Partners LP owned about 0.38% of Lyft worth $20,551,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Van ECK Associates Corp grew its holdings in shares of Lyft by 14.0% during the fourth quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company's stock worth $5,146,000 after purchasing an additional 49,138 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Lyft by 32.4% in the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock valued at $121,369,000 after buying an additional 2,302,248 shares during the last quarter. Paragon Capital Management Inc. acquired a new stake in Lyft during the 4th quarter worth approximately $1,681,000. Renaissance Technologies LLC grew its holdings in Lyft by 282.0% during the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after acquiring an additional 6,365,727 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in Lyft by 1,957.5% during the 4th quarter. Federated Hermes Inc. now owns 288,827 shares of the ride-sharing company's stock worth $3,726,000 after acquiring an additional 274,789 shares during the last quarter. Institutional investors own 83.07% of the company's stock.

Insider Activity at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total transaction of $30,348.48. Following the sale, the director now owns 911,922 shares of the company's stock, valued at approximately $11,417,263.44. The trade was a 0.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of the company's stock in a transaction that occurred 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 transaction, the insider now owns 959,697 shares in the company, valued at $11,948,227.65. This trade represents a 2.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,571 shares of company stock worth $465,634 in the last 90 days. Company insiders own 3.07% of the company's stock.

Analyst Upgrades and Downgrades

LYFT has been the subject of several analyst reports. KeyCorp reaffirmed a "sector weight" rating on shares of Lyft in a research note on Wednesday, March 26th. Barclays raised their target price on Lyft from $19.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Citigroup reiterated an "overweight" rating on shares of Lyft in a research report on Wednesday, February 12th. UBS Group increased their price target on Lyft from $12.00 to $14.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Finally, Evercore ISI cut their price objective 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. One investment analyst has rated the stock with a sell rating, twenty-five have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $16.63.

Lyft Price Performance

Shares of LYFT stock traded up $0.11 during trading hours on Monday, hitting $16.10. 12,529,679 shares of the company's stock were exchanged, compared to its average volume of 16,267,492. The company has a market capitalization of $6.73 billion, a PE ratio of 268.33, a PEG ratio of 1.90 and a beta of 2.14. The business's 50 day simple moving average is $12.78 and its 200-day simple moving average is $13.76. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $19.07. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74.

Lyft (NASDAQ:LYFT - Get Free Report) last announced 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). The company had revenue of $1.45 billion during 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 business's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.15 EPS. On average, equities research analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current year.

Lyft declared that its Board of Directors has approved a stock repurchase plan on Tuesday, February 11th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its stock is undervalued.

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.