Bank of New York Mellon Corp Has $50.03 Million Stock Position in Lyft, Inc. (NASDAQ:LYFT)

Bank of New York Mellon Corp raised its stake in Lyft, Inc. (NASDAQ:LYFT) by 33.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,878,369 shares of the ride-sharing company’s stock after acquiring an additional 981,186 shares during the quarter. Bank of New York Mellon Corp owned about 0.93% of Lyft worth $50,031,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Sanctuary Advisors LLC grew its stake in shares of Lyft by 3.5% during the third quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock valued at $363,000 after purchasing an additional 969 shares during the last quarter. XTX Topco Ltd increased its stake in shares of Lyft by 2.5% in the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after buying an additional 1,043 shares during the period. Manchester Capital Management LLC raised its position in shares of Lyft by 13.8% during the fourth quarter. Manchester Capital Management LLC now owns 8,879 shares of the ride-sharing company’s stock worth $115,000 after acquiring an additional 1,080 shares during the last quarter. Summit Trail Advisors LLC lifted its stake in shares of Lyft by 4.5% during the fourth quarter. Summit Trail Advisors LLC now owns 27,249 shares of the ride-sharing company’s stock valued at $352,000 after acquiring an additional 1,182 shares during the period. Finally, Miracle Mile Advisors LLC lifted its stake in shares of Lyft by 11.0% during the fourth quarter. Miracle Mile Advisors LLC now owns 12,864 shares of the ride-sharing company’s stock valued at $166,000 after acquiring an additional 1,277 shares during the period. 83.07% of the stock is owned by institutional investors.

Insider Activity at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total value of $30,348.48. Following the completion of the transaction, the director now owns 911,922 shares of the company’s stock, valued at $11,417,263.44. This trade represents a 0.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Logan Green sold 11,411 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the sale, the director now directly owns 297,640 shares in the company, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,407 shares of company stock valued at $203,778. 3.07% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have weighed in on the company. Wells Fargo & Company dropped their price objective on Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, January 16th. Citigroup reissued an “overweight” rating on shares of Lyft in a research note on Wednesday, February 12th. DA Davidson reduced their price objective on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. TD Cowen upped their target price on shares of Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. reduced their price target on Lyft from $19.00 to $16.00 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, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.13.

Lyft Price Performance

NASDAQ LYFT opened at $12.36 on Thursday. The firm’s 50 day moving average is $13.47 and its 200-day moving average is $13.77. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $5.17 billion, a PE ratio of 206.00, a price-to-earnings-growth ratio of 1.90 and a beta of 2.15. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $20.82.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a net margin of 0.39% and a return on equity of 8.03%. Equities research analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft declared that its Board of Directors has authorized a share repurchase program 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 reacquire up to 8.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.