By otakuyassine3@gmail.com 
California Public Employees Retirement System lowered its stake in shares of Lyft, Inc. (NASDAQ:LYFT – Free Report) by 6.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 621,737 shares of the ride-sharing company’s stock after selling 39,461 shares during the period. California Public Employees Retirement System owned approximately 0.15% of Lyft worth $8,020,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in LYFT. Mirae Asset Global Investments Co. Ltd. acquired a new position in Lyft during the 4th quarter worth approximately $29,000. ORG Wealth Partners LLC bought a new stake in shares of Lyft during the fourth quarter valued at approximately $31,000. Byrne Asset Management LLC bought a new stake in shares of Lyft during the fourth quarter valued at approximately $35,000. Plato Investment Management Ltd acquired a new position in shares of Lyft during the fourth quarter worth approximately $35,000. Finally, Harbour Investments Inc. lifted its holdings in shares of Lyft by 259.7% in the 4th 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 own 83.07% of the company’s stock.
Insiders Place Their Bets
In other news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $152,222.74. Following the transaction, the director now directly owns 297,640 shares of the company’s stock, valued at approximately $3,970,517.60. This represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,407 shares of company stock worth $203,778 in the last quarter. 3.07% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of brokerages have commented on LYFT. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research note on Monday, March 24th. Susquehanna decreased their target price on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. JPMorgan Chase & Co. dropped their price target on shares of Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Loop Capital decreased their price objective on Lyft from $23.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Finally, Wells Fargo & Company lowered their price objective on Lyft from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $16.66.
Lyft Stock Down 3.4 %
LYFT opened at $10.47 on Tuesday. Lyft, Inc. has a 12 month low of $8.93 and a 12 month high of $19.55. The company has a market cap of $4.38 billion, a PE ratio of 174.50, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The company has a 50 day moving average of $12.70 and a 200 day moving average of $13.82.
Lyft (NASDAQ:LYFT – Get Free Report) last posted its quarterly earnings results 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 return on equity of 8.03% and a net margin of 0.39%. On average, sell-side analysts expect that Lyft, Inc. will post 0.22 EPS for the current year.
Lyft announced that its board has authorized a stock repurchase plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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.
Featured Articles
Want to see what other hedge funds are holding LYFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lyft, Inc. (NASDAQ:LYFT – Free Report).
Receive News & Ratings for Lyft Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Lyft and related companies with MarketBeat.com’s FREE daily email newsletter.