National Bank of Canada FI Boosts Stock Position in Lyft, Inc. (NASDAQ:LYFT)

National Bank of Canada FI raised its holdings in Lyft, Inc. (NASDAQ:LYFT) by 360.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,027,628 shares of the ride-sharing company’s stock after buying an additional 804,328 shares during the period. National Bank of Canada FI’s holdings in Lyft were worth $13,256,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. The Manufacturers Life Insurance Company raised its stake in shares of Lyft by 1.6% during the third quarter. The Manufacturers Life Insurance Company now owns 82,690 shares of the ride-sharing company’s stock valued at $1,054,000 after acquiring an additional 1,315 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Lyft by 10.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,668 shares of the ride-sharing company’s stock worth $863,000 after purchasing an additional 6,249 shares during the period. Captrust Financial Advisors bought a new stake in Lyft during the 3rd quarter valued at $138,000. Point72 Asset Management L.P. purchased a new stake in shares of Lyft in the 3rd quarter worth $13,430,000. Finally, Quarry LP grew its position in shares of Lyft by 268.7% during the 3rd quarter. Quarry LP now owns 13,102 shares of the ride-sharing company’s stock worth $167,000 after buying an additional 9,548 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

Lyft Trading Down 5.6 %

LYFT stock opened at $10.84 on Friday. Lyft, Inc. has a 52-week low of $8.93 and a 52-week high of $19.55. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. The firm has a market cap of $4.53 billion, a P/E ratio of 180.67, a PEG ratio of 1.90 and a beta of 2.13. The company’s 50-day simple moving average is $12.76 and its 200-day simple moving average is $13.81.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (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%. As a group, equities analysts forecast that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft announced that its Board of Directors has approved 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 repurchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

LYFT has been the subject of a number of research reports. BMO Capital Markets lowered their price objective on shares of Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. Cantor Fitzgerald lowered their price target on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Loop Capital cut their price objective on shares of Lyft from $23.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. UBS Group lowered their target price on Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, February 12th. Finally, Citigroup reiterated an “overweight” rating on shares of Lyft in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Lyft presently has an average rating of “Hold” and a consensus target price of $16.66.

Insider Buying and Selling

In related 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $11,417,263.44. This represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,407 shares of company stock valued at $203,778. 3.07% of the stock is owned by corporate insiders.

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.