Lyft, Inc. (NASDAQ:LYFT) Shares Acquired by Brevan Howard Capital Management LP

Brevan Howard Capital Management LP grew its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 381.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 522,315 shares of the ride-sharing company's stock after buying an additional 413,803 shares during the period. Brevan Howard Capital Management LP owned 0.13% of Lyft worth $6,738,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in LYFT. Van ECK Associates Corp raised its position in shares of Lyft by 14.0% in the fourth quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company's stock valued at $5,146,000 after buying an additional 49,138 shares in the last quarter. Pacer Advisors Inc. boosted its position in 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 buying an additional 2,302,248 shares during the period. Paragon Capital Management Inc. bought a new stake in shares of Lyft in the 4th quarter valued at about $1,681,000. Renaissance Technologies LLC raised its stake 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 buying an additional 6,365,727 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of 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 buying an additional 274,789 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on LYFT. Bank of America downgraded Lyft from a "buy" rating to an "underperform" rating and set a $10.50 price target for the company. in a research note on Thursday, April 3rd. Roth Capital reaffirmed a "neutral" rating on shares of Lyft in a report on Wednesday, February 12th. Wedbush cut their target price on shares of Lyft from $18.00 to $16.00 and set a "neutral" rating for the company in a research report on Wednesday, February 12th. Wells Fargo & Company dropped their price objective on Lyft from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Thursday, April 3rd. Finally, Loop Capital decreased their price target on shares of Lyft from $23.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $16.45.

Lyft Stock Down 2.3 %

Shares of NASDAQ LYFT traded down $0.30 during midday trading on Wednesday, reaching $12.59. 15,060,033 shares of the company's stock traded hands, compared to its average volume of 15,497,286. The stock's 50 day simple moving average is $11.75 and its 200-day simple moving average is $13.58. 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 company has a market cap of $5.26 billion, a price-to-earnings ratio of 209.83, 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 issued its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. On average, analysts predict that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft declared that its Board of Directors has initiated a share 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 reacquire up to 8.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Insider Activity

In other news, Director Logan Green sold 11,411 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $30,348.48. Following the transaction, the director now owns 911,922 shares of the company's stock, valued at $11,417,263.44. The trade was a 0.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,143 shares of company stock worth $486,841. Insiders own 3.07% of the company's stock.

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.