Abacus FCF Advisors LLC Invests $646,000 in Lyft, Inc. (NASDAQ:LYFT)

Abacus FCF Advisors LLC acquired a new stake in shares of Lyft, Inc. (NASDAQ:LYFT) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 50,095 shares of the ride-sharing company’s stock, valued at approximately $646,000.

A number of other institutional investors have also modified their holdings of the company. The Manufacturers Life Insurance Company raised its stake in Lyft by 1.6% in the third quarter. The Manufacturers Life Insurance Company now owns 82,690 shares of the ride-sharing company’s stock valued at $1,054,000 after buying an additional 1,315 shares during the last quarter. Captrust Financial Advisors purchased a new position in Lyft during the 3rd quarter worth approximately $138,000. XTX Topco Ltd lifted its stake in Lyft by 2.5% during the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after acquiring an additional 1,043 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Lyft in the third quarter valued at $1,838,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Lyft by 87.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 260,374 shares of the ride-sharing company’s stock valued at $3,320,000 after buying an additional 121,142 shares during the period. 83.07% of the stock is currently owned by institutional investors.

Lyft Stock Down 4.8 %

LYFT opened at $9.97 on Wednesday. The business has a 50 day moving average price of $12.55 and a two-hundred day moving average price of $13.78. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $19.55. 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 cap of $4.17 billion, a PE ratio of 166.17, a P/E/G ratio of 1.90 and a beta of 2.13.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates 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, research analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft announced that its board has approved a stock buyback program on Tuesday, February 11th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the ride-sharing company to repurchase up to 8.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on LYFT shares. Loop Capital dropped their price objective on shares of Lyft from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. Bank of America lowered shares of Lyft from a “buy” rating to an “underperform” rating and set a $10.50 price objective for the company. in a report on Thursday, April 3rd. Truist Financial cut their target price on Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday, February 12th. KeyCorp reissued a “sector weight” rating on shares of Lyft in a research note on Wednesday, March 26th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $21.00 price objective on shares of Lyft in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Lyft has an average rating of “Hold” and an average price target of $16.60.

Insider Activity at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction 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 trade represents a 0.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 $3,970,517.60. This trade represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,407 shares of company stock worth $203,778 over the last 90 days. Company 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.