First Trust Advisors LP Reduces Position in Lyft, Inc. (NASDAQ:LYFT)

First Trust Advisors LP lowered its position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 70.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 123,366 shares of the ride-sharing company's stock after selling 300,836 shares during the quarter. First Trust Advisors LP's holdings in Lyft were worth $1,591,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Everence Capital Management Inc. acquired a new position in Lyft during the fourth quarter worth about $171,000. Nordea Investment Management AB raised its stake in Lyft by 59.6% during the fourth quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company's stock worth $5,006,000 after acquiring an additional 142,880 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in Lyft during the 4th quarter worth $31,000. Miracle Mile Advisors LLC grew its position in Lyft by 11.0% during the 4th quarter. Miracle Mile Advisors LLC now owns 12,864 shares of the ride-sharing company's stock worth $166,000 after acquiring an additional 1,277 shares during the last quarter. Finally, Pallas Capital Advisors LLC grew its position in Lyft by 42.8% during the 4th quarter. Pallas Capital Advisors LLC now owns 31,181 shares of the ride-sharing company's stock worth $402,000 after acquiring an additional 9,342 shares during the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.

Wall Street Analysts Forecast Growth

LYFT has been the topic of several research reports. Evercore ISI reduced their price target on Lyft from $19.00 to $15.00 and set an "in-line" rating on the stock in a report on Wednesday, February 12th. Truist Financial reduced their price target on Lyft from $20.00 to $17.00 and set a "hold" rating on the stock in a report on Wednesday, February 12th. Piper Sandler restated an "overweight" rating and set a $18.00 price target (down from $23.00) on shares of Lyft in a report on Wednesday, February 12th. Morgan Stanley reduced their price target on Lyft from $17.00 to $15.00 and set an "equal weight" rating on the stock in a report on Thursday, April 17th. Finally, Cantor Fitzgerald reduced their price target on Lyft from $15.00 to $14.00 and set a "neutral" rating on the stock in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $16.47.

Insiders Place Their Bets

In other news, Director John Patrick Zimmer sold 2,424 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total transaction of $30,348.48. Following the transaction, the director now directly owns 911,922 shares of the company's stock, valued at approximately $11,417,263.44. This trade represents a 0.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Logan Green sold 11,411 shares of the firm's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $13.34, for a total value of $152,222.74. Following the transaction, the director now directly owns 297,640 shares in the company, valued at $3,970,517.60. This trade represents a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,143 shares of company stock valued at $486,841 over the last quarter. 3.07% of the stock is owned by corporate insiders.

Lyft Price Performance

Shares of LYFT stock traded down $0.10 during trading on Monday, hitting $16.56. The company had a trading volume of 10,266,807 shares, compared to its average volume of 18,888,580. 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's 50-day moving average is $11.84 and its two-hundred day moving average is $13.59. The stock has a market capitalization of $6.92 billion, a price-to-earnings ratio of 275.92, a price-to-earnings-growth ratio of 1.90 and a beta of 2.14. Lyft, Inc. has a 52 week low of $8.93 and a 52 week 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). The company 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%. The firm's revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter last year, the company posted $0.15 earnings per share. As a group, analysts predict that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft announced that its board has authorized a share repurchase plan on Tuesday, February 11th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.

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.