Lyft, Inc. (NASDAQ:LYFT) Shares Purchased by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. increased its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 15.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,338,222 shares of the ride-sharing company’s stock after buying an additional 1,224,056 shares during the period. Jacobs Levy Equity Management Inc. owned about 2.25% of Lyft worth $120,463,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of LYFT. Vanguard Group Inc. grew its stake in Lyft by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock worth $464,434,000 after buying an additional 984,907 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Lyft by 32.4% during the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after buying an additional 2,302,248 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Lyft by 282.0% in the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company’s stock valued at $111,240,000 after acquiring an additional 6,365,727 shares during the period. Capital World Investors boosted its holdings in Lyft by 49.4% during the fourth quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company’s stock worth $87,404,000 after buying an additional 2,240,478 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Lyft by 7.6% during the 4th quarter. Geode Capital Management LLC now owns 6,309,681 shares of the ride-sharing company’s stock worth $81,419,000 after acquiring an additional 443,109 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director John Patrick Zimmer sold 2,424 shares of Lyft 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 directly 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Logan Green sold 11,411 shares of the company’s 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 directly owns 297,640 shares in the company, valued at $3,970,517.60. This trade represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,143 shares of company stock valued at $486,841 in the last 90 days. 3.07% of the stock is currently owned by insiders.

Lyft Trading Up 28.0 %

Shares of LYFT opened at $16.64 on Friday. The stock has a 50 day simple moving average of $11.84 and a 200-day simple moving average of $13.59. Lyft, Inc. has a 1 year low of $8.93 and a 1 year high of $19.07. The stock has a market cap of $6.96 billion, a PE ratio of 277.33, a PEG ratio of 1.90 and a beta of 2.14. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.19). The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.47 billion. Lyft had a return on equity of 8.03% and a net margin of 0.39%. The business’s quarterly revenue was up 13.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 EPS. On average, sell-side analysts predict that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft declared that its board has authorized a share buyback plan on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes 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.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $21.00 price target on shares of Lyft in a research report on Monday, March 17th. The Goldman Sachs Group raised shares of Lyft from a “neutral” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Friday. Citigroup restated an “overweight” rating on shares of Lyft in a research note on Wednesday, February 12th. Truist Financial dropped their price target on shares of Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research note on Wednesday, February 12th. Finally, Barclays lifted their price objective on Lyft from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, twenty-five have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $16.47.

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.