West Tower Group LLC Purchases 22,000 Shares of Lyft, Inc. (NASDAQ:LYFT)

West Tower Group LLC grew its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 53.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,000 shares of the ride-sharing company’s stock after buying an additional 22,000 shares during the quarter. Lyft accounts for approximately 1.8% of West Tower Group LLC’s holdings, making the stock its 15th largest position. West Tower Group LLC’s holdings in Lyft were worth $813,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. True Wealth Design LLC bought a new position in shares of Lyft during the 3rd quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Lyft in the 4th quarter worth $29,000. ORG Wealth Partners LLC purchased a new stake in shares of Lyft in the 4th quarter worth $31,000. Byrne Asset Management LLC purchased a new stake in shares of Lyft in the 4th quarter worth $35,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of Lyft in the 4th quarter worth $35,000. 83.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. UBS Group reduced their price objective on Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, February 12th. Cantor Fitzgerald reduced their price objective on Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, February 12th. BMO Capital Markets reduced their price objective 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. Truist Financial cut their price target on Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday, February 12th. Finally, Bank of America increased their price target on Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Twenty-six analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $17.03.

Lyft Stock Down 4.2 %

Shares of NASDAQ LYFT opened at $11.53 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. The company has a market cap of $4.82 billion, a P/E ratio of 192.17, a PEG ratio of 1.90 and a beta of 2.15. Lyft, Inc. has a 1 year low of $8.93 and a 1 year high of $20.82. The firm has a 50-day simple moving average of $13.13 and a two-hundred day simple moving average of $13.80.

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

Lyft declared that its Board of Directors has initiated a stock 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Logan Green sold 11,411 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction of $152,222.74. Following the transaction, the director now directly owns 297,640 shares of the company’s stock, valued at approximately $3,970,517.60. This trade represents a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total transaction of $30,348.48. Following the transaction, the director now directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,407 shares of company stock valued at $203,778 over the last 90 days. Insiders own 3.07% of the company’s stock.

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.