Summit Trail Advisors LLC Buys 1,182 Shares of Lyft, Inc. (NASDAQ:LYFT)

Summit Trail Advisors LLC boosted its stake in Lyft, Inc. (NASDAQ:LYFT) by 4.5% in the 4th quarter, Holdings Channel reports. The firm owned 27,249 shares of the ride-sharing company’s stock after acquiring an additional 1,182 shares during the quarter. Summit Trail Advisors LLC’s holdings in Lyft were worth $352,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in LYFT. Savant Capital LLC purchased a new stake in shares of Lyft in the fourth quarter worth about $1,034,000. Entropy Technologies LP increased its holdings in Lyft by 86.3% during the 4th quarter. Entropy Technologies LP now owns 149,898 shares of the ride-sharing company’s stock worth $1,934,000 after acquiring an additional 69,436 shares during the period. Empowered Funds LLC lifted its stake in Lyft by 6.9% in the 4th quarter. Empowered Funds LLC now owns 21,292 shares of the ride-sharing company’s stock worth $275,000 after purchasing an additional 1,382 shares in the last quarter. Byrne Asset Management LLC purchased a new position in shares of Lyft during the 4th quarter valued at $35,000. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of Lyft during the 4th quarter valued at $445,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Insider Activity

In other news, Director Logan Green sold 10,919 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the transaction, the director now owns 314,492 shares in the company, valued at $5,424,987. This trade represents a 3.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on LYFT shares. Barclays dropped their price objective on Lyft from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Wednesday. Susquehanna lifted their price target on Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Truist Financial decreased their price objective on shares of Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research report on Wednesday. Wells Fargo & Company dropped their target price on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, January 16th. Finally, Roth Mkm boosted their price target on shares of Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Twenty-seven 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 stock. According to MarketBeat.com, Lyft has an average rating of “Hold” and an average target price of $17.31.

Lyft Price Performance

Shares of LYFT stock opened at $13.25 on Thursday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $20.82. The firm has a market cap of $5.50 billion, a P/E ratio of -82.81, a P/E/G ratio of 1.94 and a beta of 2.16. The business’s 50 day moving average price is $14.00 and its 200-day moving average price is $13.52.

Lyft (NASDAQ:LYFT) last released 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 negative net margin of 1.19% and a negative return on equity of 1.58%. On average, equities research analysts anticipate that Lyft, Inc. will post 0.06 earnings per share for the current year.

Lyft declared that its Board of Directors has approved a stock repurchase plan on Tuesday, February 11th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management 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.