Point72 Italy S.r.l. Acquires Shares of 189,900 Lyft, Inc. (NASDAQ:LYFT)

Point72 Italy S.r.l. acquired a new stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 189,900 shares of the ride-sharing company's stock, valued at approximately $2,450,000. Lyft accounts for approximately 1.4% of Point72 Italy S.r.l.'s investment portfolio, making the stock its 20th biggest position.

Other institutional investors have also recently bought and sold shares of the company. Van ECK Associates Corp increased its stake in Lyft by 14.0% during the 4th quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company's stock worth $5,146,000 after purchasing an additional 49,138 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock valued at $121,369,000 after buying an additional 2,302,248 shares during the period. Paragon Capital Management Inc. acquired a new position in shares of Lyft in the fourth quarter valued at approximately $1,681,000. Renaissance Technologies LLC boosted its holdings in shares of Lyft by 282.0% in the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock valued at $111,240,000 after buying an additional 6,365,727 shares during the period. Finally, Federated Hermes Inc. boosted its holdings in shares of Lyft by 1,957.5% in the fourth quarter. Federated Hermes Inc. now owns 288,827 shares of the ride-sharing company's stock valued at $3,726,000 after buying an additional 274,789 shares during the period. Institutional investors and hedge funds own 83.07% of the company's stock.

Lyft Stock Up 3.3%

Shares of Lyft stock traded up $0.54 during trading on Friday, reaching $16.77. 22,236,165 shares of the company traded hands, compared to its average volume of 16,219,635. 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, Inc. has a 1-year low of $8.93 and a 1-year high of $19.07. The company has a 50 day moving average price of $12.32 and a 200-day moving average price of $13.70. The firm has a market capitalization of $7.01 billion, a PE ratio of 279.50, a P/E/G ratio of 1.90 and a beta of 2.14.

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

Lyft declared that its Board of Directors has authorized a share buyback program on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

LYFT has been the subject of several research analyst reports. Royal Bank of Canada reiterated an "outperform" rating and issued a $21.00 price target on shares of Lyft in a report on Monday, March 17th. Needham & Company LLC reiterated a "hold" rating on shares of Lyft in a report on Friday, May 9th. Citigroup reiterated an "overweight" rating on shares of Lyft in a report on Wednesday, February 12th. Bank of America cut shares of Lyft from a "buy" rating to an "underperform" rating and set a $10.50 price target for the company. in a report on Thursday, April 3rd. Finally, Loop Capital reduced their price target on shares of Lyft from $23.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, twenty-five have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Lyft currently has a consensus rating of "Hold" and an average price target of $16.56.

Insider Buying and Selling at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the company's stock in a transaction on 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 sale, the director now owns 911,922 shares in the company, valued at $11,417,263.44. This represents a 0.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Logan Green sold 11,411 shares of the business'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 trade represents a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,143 shares of company stock worth $486,841. 3.07% of the stock is owned by corporate insiders.

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.