Lyft, Inc. (NASDAQ:LYFT) Shares Sold by Summit Financial LLC

Summit Financial LLC reduced its position in Lyft, Inc. (NASDAQ:LYFT) by 10.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,467 shares of the ride-sharing company’s stock after selling 7,940 shares during the quarter. Summit Financial LLC’s holdings in Lyft were worth $883,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Lyft by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock valued at $464,434,000 after purchasing an additional 984,907 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Lyft by 32.4% in the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock valued at $121,369,000 after buying an additional 2,302,248 shares during the period. Maple Rock Capital Partners Inc. grew its position in shares of Lyft by 84.8% during the 3rd 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 last quarter. Bank of New York Mellon Corp raised its stake in Lyft by 33.9% during the fourth quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company’s stock worth $50,031,000 after acquiring an additional 981,186 shares during the period. Finally, Norges Bank bought a new position in Lyft in the fourth quarter worth about $49,599,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Lyft Stock Up 5.9 %

LYFT stock opened at $12.95 on Thursday. 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 firm has a market capitalization of $5.41 billion, a P/E ratio of 215.83, a P/E/G ratio of 1.90 and a beta of 2.15. Lyft, Inc. has a 52-week low of $8.93 and a 52-week high of $19.55. The company’s 50 day simple moving average is $12.87 and its 200-day simple moving average is $13.84.

Lyft (NASDAQ:LYFT) last announced its 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%. As a group, equities research analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on LYFT shares. Royal Bank of Canada reiterated an “outperform” rating and set a $21.00 price target on shares of Lyft in a research report on Monday, March 17th. Wells Fargo & Company cut their target price on Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 16th. UBS Group lowered their price target on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Wedbush cut their price objective on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Lyft from $19.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Twenty-seven 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 company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $17.03.

Insiders Place Their Bets

In other Lyft news, Director Logan Green sold 11,411 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the transaction, the director now directly owns 297,640 shares of the company’s stock, valued at $3,970,517.60. This represents a 3.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was 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 in the company, valued at $11,417,263.44. This represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,407 shares of company stock worth $203,778. 3.07% of the stock is currently owned by company insiders.

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.