Manchester Capital Management LLC Grows Position in Lyft, Inc. (NASDAQ:LYFT)

Manchester Capital Management LLC boosted its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 13.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,879 shares of the ride-sharing company’s stock after purchasing an additional 1,080 shares during the period. Manchester Capital Management LLC’s holdings in Lyft were worth $115,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Van ECK Associates Corp raised its holdings in Lyft by 14.0% during 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 acquiring an additional 49,138 shares during the period. Summit Trail Advisors LLC raised its holdings in Lyft by 4.5% during the fourth quarter. Summit Trail Advisors LLC now owns 27,249 shares of the ride-sharing company’s stock valued at $352,000 after acquiring an additional 1,182 shares during the period. Savant Capital LLC bought a new stake in Lyft during the fourth quarter valued at about $1,034,000. Entropy Technologies LP raised its holdings in Lyft by 86.3% during the fourth quarter. Entropy Technologies LP now owns 149,898 shares of the ride-sharing company’s stock valued at $1,934,000 after acquiring an additional 69,436 shares during the period. Finally, Empowered Funds LLC raised its holdings in Lyft by 6.9% during the fourth quarter. Empowered Funds LLC now owns 21,292 shares of the ride-sharing company’s stock valued at $275,000 after acquiring an additional 1,382 shares during the period. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Lyft Stock Down 0.3 %

Shares of NASDAQ LYFT opened at $13.43 on Friday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $5.57 billion, a price-to-earnings ratio of -83.94, a PEG ratio of 1.94 and a beta of 2.16. The stock has a 50 day moving average price of $13.83 and a 200 day moving average price of $13.53. Lyft, Inc. has a 52-week low of $8.93 and a 52-week high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.10). Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. Sell-side analysts expect that Lyft, Inc. will post 0.06 earnings per share for the current year.

Lyft announced that its board has authorized a share repurchase program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

LYFT has been the topic of a number of recent analyst reports. Tigress Financial raised their price target on Lyft from $24.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Bank of America raised their price target on Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Benchmark raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Monday, January 6th. Loop Capital lifted their target price on Lyft from $16.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. reduced their target price on Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday. Twenty-six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Lyft presently has an average rating of “Hold” and a consensus price target of $17.22.

Insiders Place Their Bets

In other Lyft news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the sale, the director now owns 314,492 shares in the company, valued at $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.07% of the stock is owned by company insiders.

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.