State of New Jersey Common Pension Fund D Trims Stock Position in Lyft, Inc. (NASDAQ:LYFT)

State of New Jersey Common Pension Fund D trimmed its stake in Lyft, Inc. (NASDAQ:LYFT) by 11.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 149,755 shares of the ride-sharing company’s stock after selling 18,630 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Lyft were worth $1,932,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in Lyft by 2,103.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 19,765 shares of the ride-sharing company’s stock worth $252,000 after buying an additional 18,868 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Lyft by 4,469.8% during the 3rd quarter. International Assets Investment Management LLC now owns 114,062 shares of the ride-sharing company’s stock worth $1,454,000 after acquiring an additional 111,566 shares during the period. Allworth Financial LP raised its position in shares of Lyft by 34.1% in the 3rd quarter. Allworth Financial LP now owns 7,282 shares of the ride-sharing company’s stock worth $93,000 after acquiring an additional 1,852 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Lyft during the third quarter valued at approximately $424,000. Finally, Carret Asset Management LLC boosted its position in shares of Lyft by 13.8% during the third quarter. Carret Asset Management LLC now owns 13,425 shares of the ride-sharing company’s stock valued at $171,000 after purchasing an additional 1,625 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Logan Green sold 10,919 shares of Lyft stock in a transaction 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 directly owns 314,492 shares in the company, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.07% of the company’s stock.

Lyft Trading Down 2.5 %

Shares of NASDAQ:LYFT opened at $12.72 on Tuesday. The stock’s 50-day simple moving average is $13.61 and its two-hundred day simple moving average is $13.67. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of 212.00, a PEG ratio of 1.90 and a beta of 2.16. Lyft, Inc. has a 52-week low of $8.93 and a 52-week high of $20.82. 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 (NASDAQ:LYFT) last posted its quarterly earnings data 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%. Analysts expect that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft declared that its board has approved 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 buy up to 8.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on LYFT shares. Wells Fargo & Company lowered their price objective on Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, January 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $21.00 price target on shares of Lyft in a research note on Tuesday, February 18th. Barclays dropped their price objective on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 12th. Truist Financial decreased their target price on shares of Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday, February 12th. Finally, DA Davidson dropped their price target on Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Twenty-six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus 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.