Teachers Retirement System of The State of Kentucky Decreases Stock Position in Lyft, Inc. (NASDAQ:LYFT)

Teachers Retirement System of The State of Kentucky decreased its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 23.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 512,142 shares of the ride-sharing company’s stock after selling 153,576 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Lyft were worth $6,607,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Lyft in the fourth quarter worth $29,000. ORG Wealth Partners LLC bought a new stake in shares of Lyft in the 4th quarter worth about $31,000. Plato Investment Management Ltd acquired a new stake in shares of Lyft in the 4th quarter valued at about $35,000. Byrne Asset Management LLC bought a new position in shares of Lyft during the fourth quarter worth about $35,000. Finally, Harbour Investments Inc. grew its stake in Lyft by 259.7% in the fourth quarter. Harbour Investments Inc. now owns 2,770 shares of the ride-sharing company’s stock worth $36,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.

Lyft Stock Up 0.5 %

LYFT opened at $11.00 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76. The company has a market capitalization of $4.60 billion, a PE ratio of 183.33, a P/E/G ratio of 1.90 and a beta of 2.13. The stock’s fifty day moving average is $11.92 and its 200-day moving average is $13.64. Lyft, Inc. has a one year low of $8.93 and a one year high of $19.07.

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

Lyft announced that its board has approved a stock 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 repurchase up to 8.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

LYFT has been the topic of several research reports. Wells Fargo & Company cut their price objective on Lyft from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 3rd. Benchmark upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Monday, January 6th. Loop Capital lowered their target price on shares of Lyft from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Truist Financial reduced their price target on shares of Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research report on Wednesday, February 12th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $21.00 price objective on shares of Lyft in a research report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Lyft presently has a consensus rating of “Hold” and a consensus price target of $16.45.

Insider Transactions at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction on Tuesday, February 25th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Logan Green sold 11,411 shares of Lyft stock in a transaction 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 transaction, the director now 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. Insiders have sold 15,407 shares of company stock valued at $203,778 over the last three months. Company insiders own 3.07% of the company’s stock.

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.