Allworth Financial LP Boosts Stake in Lyft, Inc. (NASDAQ:LYFT)

Allworth Financial LP increased its position in Lyft, Inc. (NASDAQ:LYFT) by 25.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,171 shares of the ride-sharing company’s stock after buying an additional 1,889 shares during the period. Allworth Financial LP’s holdings in Lyft were worth $123,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. True Wealth Design LLC purchased a new stake in shares of Lyft in the third quarter worth about $27,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Lyft during the fourth quarter worth approximately $29,000. ORG Wealth Partners LLC bought a new stake in Lyft during the fourth quarter worth approximately $31,000. Byrne Asset Management LLC bought a new stake in Lyft during the fourth quarter worth approximately $35,000. Finally, Capital Performance Advisors LLP bought a new stake in Lyft during the third quarter worth approximately $38,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Logan Green sold 10,919 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction of $188,352.75. Following the sale, the director now directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.07% of the company’s stock.

Lyft Price Performance

Shares of LYFT opened at $13.05 on Monday. The business’s 50-day moving average is $13.64 and its two-hundred day moving average is $13.65. The company has a market capitalization of $5.45 billion, a P/E ratio of 217.42, a P/E/G ratio of 1.90 and a beta of 2.16. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $20.82.

Lyft (NASDAQ:LYFT) last announced 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 return on equity of 8.03% and a net margin of 0.39%. Research analysts predict that Lyft, Inc. will post 0.22 earnings per share for the current year.

Lyft announced that its board has approved a share buyback plan on Tuesday, February 11th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the ride-sharing company to purchase up to 8.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on LYFT shares. Benchmark raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Monday, January 6th. Evercore ISI reduced their price objective on Lyft from $19.00 to $15.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 12th. JPMorgan Chase & Co. cut their target price on Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $21.00 target price on shares of Lyft in a research note on Tuesday, February 18th. Finally, TD Cowen upped their target price on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Twenty-six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average 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.