Blueshift Asset Management LLC Increases Position in Lyft, Inc. (NASDAQ:LYFT)

Blueshift Asset Management LLC grew its stake in Lyft, Inc. (NASDAQ:LYFT) by 132.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,517 shares of the ride-sharing company’s stock after acquiring an additional 25,335 shares during the quarter. Blueshift Asset Management LLC’s holdings in Lyft were worth $574,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in LYFT. Pacer Advisors Inc. purchased a new position in shares of Lyft in the 3rd quarter valued at $90,604,000. Maple Rock Capital Partners Inc. increased its holdings in shares of Lyft by 84.8% in 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 acquiring an additional 2,838,000 shares during the period. Los Angeles Capital Management LLC increased its holdings in shares of Lyft by 7,536.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,854,823 shares of the ride-sharing company’s stock valued at $23,927,000 after acquiring an additional 1,830,533 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Lyft by 27.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock worth $103,456,000 after purchasing an additional 1,735,208 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Lyft in the 3rd quarter worth $13,430,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LYFT has been the subject of a number of recent analyst reports. Citigroup reissued an “overweight” rating on shares of Lyft in a research report on Wednesday, February 12th. Benchmark raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Monday, January 6th. Tigress Financial raised their price objective on Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Truist Financial lowered their price objective on Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday, February 12th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research report on Wednesday, February 12th. Twenty-six research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Lyft has a consensus rating of “Hold” and a consensus target price of $17.03.

Insider Activity at Lyft

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 stock was sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the sale, the director now directly owns 297,640 shares in the company, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 value of $30,348.48. Following the sale, the director now owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their ownership of the stock. 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 90 days. Corporate insiders own 3.07% of the company’s stock.

Lyft Price Performance

Shares of Lyft stock opened at $11.75 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $20.82. The business has a 50-day moving average price of $13.07 and a 200 day moving average price of $13.77. The firm has a market cap of $4.91 billion, a PE ratio of 195.83, a P/E/G ratio of 1.90 and a beta of 2.15.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a net margin of 0.39% and a return on equity of 8.03%. Sell-side analysts predict 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 stock buyback program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the ride-sharing company to purchase up to 8.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors 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.