Lyft, Inc. (NASDAQ:LYFT) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA trimmed its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 2.7% in the fourth quarter, HoldingsChannel reports. The firm owned 6,315,080 shares of the ride-sharing company’s stock after selling 176,510 shares during the period. Primecap Management Co. CA’s holdings in Lyft were worth $81,465,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Lyft by 0.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company’s stock valued at $230,174,000 after purchasing an additional 80,675 shares during the period. Pacer Advisors Inc. boosted its stake 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 valued at $121,369,000 after purchasing an additional 2,302,248 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in Lyft by 27.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock valued at $103,456,000 after purchasing an additional 1,735,208 shares during the period. Maple Rock Capital Partners Inc. boosted its stake in Lyft by 84.8% during the 3rd quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company’s stock valued at $78,872,000 after purchasing an additional 2,838,000 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Lyft by 33.9% during the 4th quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company’s stock worth $50,031,000 after buying an additional 981,186 shares in the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Lyft Stock Performance

Shares of LYFT opened at $11.53 on Wednesday. The company’s 50 day moving average price is $13.13 and its 200 day moving average price is $13.80. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $20.82. The company has a market capitalization of $4.82 billion, a PE ratio of 192.17, a PEG ratio of 1.90 and a beta of 2.15. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data 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%. Research analysts expect that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other Lyft news, Director Logan Green sold 11,411 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The shares were 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. The trade was a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total transaction of $30,348.48. Following the completion of the sale, the director now directly owns 911,922 shares of the company’s stock, valued at $11,417,263.44. This represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,407 shares of company stock valued at $203,778 over the last ninety days. Corporate insiders own 3.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on LYFT. Tigress Financial boosted their price target on shares of Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Citigroup restated an “overweight” rating on shares of Lyft in a research report on Wednesday, February 12th. Barclays dropped their price target on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 12th. Bank of America boosted their price target on shares of Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Finally, Piper Sandler restated an “overweight” rating and set a $18.00 price target (down from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. Twenty-six investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $17.03.

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.