Alliancebernstein L.P. Increases Holdings in Lyft, Inc. (NASDAQ:LYFT)

Alliancebernstein L.P. increased its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 53.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,562 shares of the ride-sharing company’s stock after purchasing an additional 42,218 shares during the quarter. Alliancebernstein L.P.’s holdings in Lyft were worth $1,555,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. QRG Capital Management Inc. lifted its holdings in shares of Lyft by 3.8% during the fourth quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock worth $316,000 after purchasing an additional 903 shares during the period. Sanctuary Advisors LLC grew its position in shares of Lyft by 3.5% in 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 period. US Bancorp DE increased its stake in shares of Lyft by 2.6% during the fourth quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock worth $536,000 after purchasing an additional 1,045 shares in the last quarter. Brown Brothers Harriman & Co. lifted its stake in Lyft by 42.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 3,538 shares of the ride-sharing company’s stock valued at $46,000 after buying an additional 1,058 shares in the last quarter. Finally, Manchester Capital Management LLC boosted its holdings in Lyft by 13.8% in the 4th quarter. Manchester Capital Management LLC now owns 8,879 shares of the ride-sharing company’s stock worth $115,000 after buying an additional 1,080 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Insider Buying and Selling at Lyft

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

Analyst Ratings Changes

A number of research firms recently weighed in on LYFT. Citigroup restated an “overweight” rating on shares of Lyft in a research report on Wednesday, February 12th. Evercore ISI dropped their price target on Lyft from $19.00 to $15.00 and set an “in-line” rating for the company in a research report on Wednesday, February 12th. Bank of America downgraded Lyft from a “buy” rating to an “underperform” rating and set a $10.50 price objective on the stock. in a research report on Thursday, April 3rd. Susquehanna dropped their target price on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, February 13th. Finally, Wedbush reduced their price target on Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $16.45.

Lyft Stock Performance

LYFT opened at $11.16 on Friday. The business has a fifty day simple moving average of $12.08 and a 200-day simple moving average of $13.66. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $19.07. The firm has a market cap of $4.66 billion, a PE ratio of 186.00, a P/E/G ratio of 1.90 and a beta of 2.13.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share 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 analysts predict that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft announced that its board has approved a stock buyback program on Tuesday, February 11th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to purchase 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 stock is 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.