Federated Hermes Inc. Grows Stake in Lyft, Inc. (NASDAQ:LYFT)

Federated Hermes Inc. lifted its holdings in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 1,957.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 288,827 shares of the ride-sharing company's stock after buying an additional 274,789 shares during the period. Federated Hermes Inc. owned approximately 0.07% of Lyft worth $3,726,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Lyft by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company's stock valued at $464,434,000 after purchasing an additional 984,907 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Lyft by 32.4% in the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock worth $121,369,000 after buying an additional 2,302,248 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Lyft by 7.6% in the fourth quarter. Geode Capital Management LLC now owns 6,309,681 shares of the ride-sharing company's stock valued at $81,419,000 after acquiring an additional 443,109 shares during the period. Bank of New York Mellon Corp boosted its position in Lyft by 33.9% in the fourth quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company's stock worth $50,031,000 after purchasing an additional 981,186 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Lyft during the 4th quarter valued at about $49,599,000. 83.07% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on LYFT shares. Truist Financial cut their target price on shares of Lyft from $20.00 to $17.00 and set a "hold" rating for the company in a research report on Wednesday, February 12th. Barclays lowered their target price on Lyft from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 12th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $21.00 price objective on shares of Lyft in a research report on Monday, March 17th. Roth Capital restated a "neutral" rating on shares of Lyft in a research note on Wednesday, February 12th. Finally, KeyCorp reissued a "sector weight" rating on shares of Lyft in a research note on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Lyft has an average rating of "Hold" and a consensus price target of $16.45.

Insider Activity

In other news, Director Logan Green sold 11,411 shares of Lyft stock in a transaction on Thursday, February 27th. The stock was 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 approximately $3,970,517.60. This trade represents a 3.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the company's 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 sale, the director now owns 911,922 shares of the company's stock, valued at $11,417,263.44. This trade represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,407 shares of company stock worth $203,778. Company insiders own 3.07% of the company's stock.

Lyft Trading Up 3.0 %

Shares of NASDAQ LYFT traded up $0.32 during mid-day trading on Friday, reaching $11.16. The company had a trading volume of 12,563,996 shares, compared to its average volume of 15,597,831. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $19.07. The business's 50-day moving average is $12.08 and its 200-day moving average is $13.66. The stock has a market cap of $4.66 billion, a price-to-earnings ratio of 186.00, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13. 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 posted its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a net margin of 0.39% and a return on equity of 8.03%. Equities analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current year.

Lyft announced that its board has approved a stock buyback 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 purchase up to 8.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board 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.