Exchange Traded Concepts LLC Buys Shares of 263,070 Lyft, Inc. $LYFT

Exchange Traded Concepts LLC purchased a new stake in shares of Lyft, Inc. (NASDAQ:LYFT) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 263,070 shares of the ride-sharing company’s stock, valued at approximately $5,096,000. Exchange Traded Concepts LLC owned 0.07% of Lyft at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Quent Capital LLC purchased a new position in Lyft in the 3rd quarter valued at approximately $34,000. Abich Financial Wealth Management LLC purchased a new stake in Lyft during the third quarter worth $50,000. CI Investments Inc. boosted its position in Lyft by 39.1% during the third quarter. CI Investments Inc. now owns 2,321 shares of the ride-sharing company’s stock worth $51,000 after purchasing an additional 653 shares in the last quarter. Optiver Holding B.V. acquired a new stake in Lyft in the third quarter valued at $54,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in Lyft in the third quarter valued at $55,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Insider Activity

In other news, insider Lindsay Catherine Llewellyn sold 23,661 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $13.30, for a total transaction of $314,691.30. Following the transaction, the insider directly owned 696,850 shares in the company, valued at $9,268,105. This represents a 3.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jill Beggs sold 2,093 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $13.89, for a total transaction of $29,071.77. Following the completion of the sale, the director directly owned 32,185 shares in the company, valued at $447,049.65. This represents a 6.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 31,038 shares of company stock valued at $416,841 in the last 90 days. 3.07% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on LYFT shares. Wells Fargo & Company cut their price target on Lyft from $26.00 to $18.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 11th. Truist Financial lowered their price objective on shares of Lyft from $23.00 to $18.00 and set a “hold” rating on the stock in a research note on Wednesday, February 11th. Needham & Company LLC restated a “hold” rating on shares of Lyft in a report on Wednesday, February 11th. Canaccord Genuity Group cut their target price on shares of Lyft from $19.00 to $16.00 and set a “hold” rating for the company in a research report on Wednesday, February 11th. Finally, Guggenheim reduced their price target on shares of Lyft from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. Nine analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Lyft has an average rating of “Hold” and an average price target of $19.62.

Lyft Stock Performance

NASDAQ LYFT opened at $12.65 on Tuesday. The business’s 50-day moving average price is $14.65 and its 200 day moving average price is $18.55. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.31. Lyft, Inc. has a twelve month low of $9.66 and a twelve month high of $25.54. The company has a market capitalization of $5.04 billion, a PE ratio of 1.85, a price-to-earnings-growth ratio of 0.77 and a beta of 1.92.

Lyft announced that its Board of Directors has initiated a stock buyback plan on Tuesday, February 10th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the ride-sharing company to purchase up to 15.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

About Lyft

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.