Lyft, Inc. (NASDAQ:LYFT) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lowered its stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 43.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,029,100 shares of the ride-sharing company's stock after selling 804,500 shares during the period. Canada Pension Plan Investment Board owned approximately 0.25% of Lyft worth $13,275,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Sanctuary Advisors LLC raised its stake in shares of Lyft by 3.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company's stock worth $363,000 after buying an additional 969 shares in the last quarter. Tidal Investments LLC lifted its holdings in Lyft by 8.2% in the third quarter. Tidal Investments LLC now owns 221,906 shares of the ride-sharing company's stock valued at $2,829,000 after acquiring an additional 16,911 shares during the period. B. Riley Wealth Advisors Inc. boosted its position in shares of Lyft by 37.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 45,976 shares of the ride-sharing company's stock worth $585,000 after purchasing an additional 12,462 shares in the last quarter. Everence Capital Management Inc. acquired a new position in shares of Lyft during the 4th quarter worth $171,000. Finally, Nordea Investment Management AB increased its holdings in shares of Lyft by 59.6% in the 4th quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company's stock valued at $5,006,000 after purchasing an additional 142,880 shares in the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Lyft Stock Up 1.2 %

NASDAQ:LYFT traded up $0.15 during trading hours on Friday, hitting $12.21. The stock had a trading volume of 10,924,292 shares, compared to its average volume of 15,585,578. The business has a 50 day simple moving average of $11.82 and a two-hundred day simple moving average of $13.62. Lyft, Inc. has a 1-year low of $8.93 and a 1-year 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. The company has a market cap of $5.10 billion, a PE ratio of 203.50, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.10). Lyft had a net margin of 0.39% and a return on equity of 8.03%. Analysts predict that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft declared that its Board of Directors has initiated 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 buy 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.

Insider Activity

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 value of $30,348.48. Following the completion of the transaction, the director now directly 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction 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 represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,407 shares of company stock worth $203,778. 3.07% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wells Fargo & Company lowered their target price on shares of Lyft from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 3rd. Barclays lowered their price target on Lyft from $20.00 to $19.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 12th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lyft in a report on Thursday, April 17th. Oppenheimer began coverage on Lyft in a report on Wednesday, April 16th. They issued an "outperform" rating and a $15.00 target price on the stock. Finally, Cantor Fitzgerald cut their price target on Lyft from $15.00 to $14.00 and set a "neutral" rating for the company in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $16.45.

Lyft 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.