Connor Clark & Lunn Investment Management Ltd. Purchases 468,735 Shares of Lyft, Inc. (NASDAQ:LYFT)

Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 25.7% during the 4th quarter, Holdings Channel reports. The fund owned 2,290,461 shares of the ride-sharing company’s stock after buying an additional 468,735 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Lyft were worth $29,547,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. True Wealth Design LLC bought a new position in Lyft during the 3rd quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Lyft in the fourth quarter valued at approximately $29,000. ORG Wealth Partners LLC bought a new position in Lyft in the fourth quarter valued at approximately $31,000. Plato Investment Management Ltd bought a new position in Lyft in the fourth quarter valued at approximately $35,000. Finally, Byrne Asset Management LLC bought a new position in Lyft in the fourth quarter valued at approximately $35,000. Institutional investors own 83.07% of the company’s stock.

Analyst Ratings Changes

LYFT has been the topic of a number of research reports. Wedbush cut their price target on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Susquehanna cut their price target on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, February 13th. Bank of America lifted their price target on shares of Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. UBS Group cut their price target on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Finally, BMO Capital Markets lowered their price objective on shares of Lyft from $18.00 to $15.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. Twenty-six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Lyft has an average rating of “Hold” and an average target price of $17.13.

Insider Activity

In other news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction dated 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 sale, the director now owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. The trade was a 0.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Logan Green sold 11,411 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were 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 of the company’s stock, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,407 shares of company stock valued at $203,778. 3.07% of the stock is owned by company insiders.

Lyft Price Performance

NASDAQ:LYFT opened at $11.61 on Thursday. Lyft, Inc. has a one year low of $8.93 and a one year high of $20.82. The company has a market cap of $4.85 billion, a P/E ratio of 193.50, a P/E/G ratio of 1.90 and a beta of 2.15. The firm’s fifty day moving average price is $13.33 and its two-hundred day moving average price is $13.78. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data 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 net margin of 0.39% and a return on equity of 8.03%. Equities analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current year.

Lyft announced that its Board of Directors has initiated a share buyback plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in 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 usually an indication that the company’s board believes its stock is undervalued.

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.