897,009 Shares in Lyft, Inc. (NASDAQ:LYFT) Purchased by Meridiem Capital Partners LP

Meridiem Capital Partners LP purchased a new stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 897,009 shares of the ride-sharing company's stock, valued at approximately $11,571,000. Meridiem Capital Partners LP owned approximately 0.22% of Lyft as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. bought a new position in Lyft during the fourth quarter worth about $29,000. Plato Investment Management Ltd bought a new position in Lyft in the 4th quarter worth about $35,000. Byrne Asset Management LLC bought a new stake in Lyft during the 4th quarter worth approximately $35,000. Harbour Investments Inc. boosted its holdings in Lyft by 259.7% in the 4th quarter. Harbour Investments Inc. now owns 2,770 shares of the ride-sharing company's stock valued at $36,000 after purchasing an additional 2,000 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Lyft in the fourth quarter worth $41,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on LYFT. Cantor Fitzgerald cut their price objective on Lyft from $15.00 to $14.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. UBS Group upped their price target on Lyft from $12.00 to $14.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Royal Bank of Canada restated an "outperform" rating and issued a $21.00 target price on shares of Lyft in a research note on Monday, March 17th. Oppenheimer reiterated an "outperform" rating and set a $17.00 price objective (up previously from $15.00) on shares of Lyft in a research note on Friday, May 9th. Finally, Needham & Company LLC restated a "hold" rating on shares of Lyft in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, twenty-five have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $16.56.

Lyft Stock Performance

NASDAQ:LYFT traded up $0.54 during midday trading on Friday, hitting $16.77. The company's stock had a trading volume of 22,236,165 shares, compared to its average volume of 16,202,513. The firm has a market cap of $7.01 billion, a P/E ratio of 279.50, a P/E/G ratio of 1.90 and a beta of 2.14. The firm's 50 day moving average is $12.22 and its 200-day moving average is $13.68. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $19.07. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.19). The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.47 billion. Lyft had a net margin of 0.39% and a return on equity of 8.03%. The firm's quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.15 EPS. Equities analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its Board of Directors has initiated a share buyback program 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 stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In other Lyft news, Director Logan Green sold 11,411 shares of the firm's 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 completion of the sale, the director now directly owns 297,640 shares of the company's stock, valued at $3,970,517.60. This trade represents a 3.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of Lyft stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $12.45, for a total transaction of $283,063.20. Following the transaction, the insider now directly owns 959,697 shares in the company, valued at $11,948,227.65. This trade represents a 2.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,143 shares of company stock worth $486,841 in the last quarter. Corporate insiders own 3.07% of the company's stock.

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.