Mirae Asset Global Investments Co. Ltd. Takes Position in Lyft, Inc. (NASDAQ:LYFT)

Mirae Asset Global Investments Co. Ltd. bought a new stake in Lyft, Inc. (NASDAQ:LYFT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,213 shares of the ride-sharing company’s stock, valued at approximately $29,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Paragon Capital Management Inc. purchased a new stake in shares of Lyft in the fourth quarter valued at about $1,681,000. Optas LLC raised its holdings in shares of Lyft by 36.9% in the fourth quarter. Optas LLC now owns 21,226 shares of the ride-sharing company’s stock valued at $274,000 after purchasing an additional 5,720 shares during the last quarter. Chicago Partners Investment Group LLC purchased a new stake in shares of Lyft in the fourth quarter valued at about $202,000. Gries Financial LLC purchased a new stake in shares of Lyft in the fourth quarter valued at about $200,000. Finally, Washington Capital Management Inc. purchased a new stake in Lyft during the fourth quarter worth about $408,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Insider Buying and Selling at Lyft

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

Lyft Stock Performance

NASDAQ LYFT opened at $13.43 on Friday. The company has a market capitalization of $5.57 billion, a PE ratio of -83.94, a price-to-earnings-growth ratio of 1.94 and a beta of 2.16. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The business’s 50-day moving average price is $13.83 and its 200 day moving average price is $13.53. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $20.82.

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

Lyft announced that its Board of Directors has initiated a stock repurchase program 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 programs are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

LYFT has been the subject of a number of research analyst reports. Jefferies Financial Group raised their price objective on shares of Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. UBS Group decreased their price objective on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday. Truist Financial decreased their price objective on shares of Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a report on Wednesday. Piper Sandler restated an “overweight” rating and set a $18.00 price objective (down previously from $23.00) on shares of Lyft in a report on Wednesday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Lyft from $19.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday. Twenty-six research 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 company. Based on data from MarketBeat.com, Lyft has a consensus rating of “Hold” and a consensus price target of $17.22.

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.