Lyft, Inc. (NASDAQ:LYFT) Stock Position Lifted by Van ECK Associates Corp

Van ECK Associates Corp boosted its stake in Lyft, Inc. (NASDAQ:LYFT) by 14.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 398,880 shares of the ride-sharing company’s stock after buying an additional 49,138 shares during the quarter. Van ECK Associates Corp owned approximately 0.10% of Lyft worth $5,146,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vontobel Holding Ltd. increased its position in Lyft by 21.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 47,181 shares of the ride-sharing company’s stock worth $602,000 after purchasing an additional 8,408 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Lyft by 2,103.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 19,765 shares of the ride-sharing company’s stock valued at $252,000 after purchasing an additional 18,868 shares during the period. Venture Visionary Partners LLC acquired a new position in Lyft in the 3rd quarter valued at approximately $266,000. Lecap Asset Management Ltd. increased its position in shares of Lyft by 263.5% during the third quarter. Lecap Asset Management Ltd. now owns 219,276 shares of the ride-sharing company’s stock valued at $2,796,000 after purchasing an additional 158,947 shares during the period. Finally, International Assets Investment Management LLC grew its stake in shares of Lyft by 4,469.8% in the 3rd quarter. International Assets Investment Management LLC now owns 114,062 shares of the ride-sharing company’s stock valued at $1,454,000 after purchasing an additional 111,566 shares during the period. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LYFT has been the topic of a number of recent research reports. Wedbush decreased their price objective on Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Bank of America raised their price objective on shares of Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. 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. Truist Financial reduced their price objective on Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday, February 12th. Finally, BMO Capital Markets decreased their price target on Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. Twenty-six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $17.22.

Lyft Price Performance

Shares of Lyft stock opened at $14.01 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The business has a 50 day moving average of $13.77 and a 200 day moving average of $13.57. The company has a market cap of $5.81 billion, a PE ratio of -87.56, a P/E/G ratio of 1.94 and a beta of 2.16. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $20.82.

Lyft (NASDAQ:LYFT) last posted 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 return on equity of 1.58% and a negative net margin of 1.19%. As a group, equities research analysts forecast 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 buyback plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to purchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the sale, the director now directly owns 314,492 shares in the company, valued at $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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.