Sumitomo Mitsui Trust Group Inc. Invests $445,000 in Lyft, Inc. (NASDAQ:LYFT)

Sumitomo Mitsui Trust Group Inc. purchased a new position in Lyft, Inc. (NASDAQ:LYFT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 34,500 shares of the ride-sharing company’s stock, valued at approximately $445,000.

A number of other large investors have also recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Lyft by 0.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company’s stock worth $230,174,000 after acquiring an additional 80,675 shares during the period. Pacer Advisors Inc. grew its stake in shares of Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after acquiring an additional 2,302,248 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of Lyft by 27.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock worth $103,456,000 after acquiring an additional 1,735,208 shares during the period. Primecap Management Co. CA grew its position in Lyft by 3.8% during the third quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company’s stock valued at $82,768,000 after buying an additional 235,510 shares during the period. Finally, Maple Rock Capital Partners Inc. grew its position in Lyft by 84.8% during the third quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company’s stock valued at $78,872,000 after buying an additional 2,838,000 shares during the period. 83.07% of the stock is currently owned by institutional investors.

Lyft Trading Down 0.3 %

Shares of LYFT opened at $13.43 on Friday. The company’s fifty day moving average is $13.83 and its 200 day moving average is $13.53. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $20.82. The stock has a market capitalization of $5.57 billion, a PE ratio of -83.94, a P/E/G ratio of 1.94 and a beta of 2.16. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75.

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 negative return on equity of 1.58% and a negative net margin of 1.19%. Sell-side analysts expect that Lyft, Inc. will post 0.06 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Lyft

In other Lyft news, Director Logan Green sold 10,919 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were 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 in the company, valued at $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 3.07% of the company’s stock.

Analyst Upgrades and Downgrades

LYFT has been the subject of several recent research reports. Susquehanna cut their target price on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday. Royal Bank of Canada cut their target price on shares of Lyft from $24.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday. Bank of America boosted their target price on shares of Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Loop Capital boosted their target price on shares of Lyft from $16.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Benchmark upgraded shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Monday, January 6th. Twenty-six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Lyft presently 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.