Envestnet Asset Management Inc. Acquires Shares of 36,684 Lyft, Inc. $LYFT

Envestnet Asset Management Inc. bought a new stake in Lyft, Inc. (NASDAQ:LYFT) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 36,684 shares of the ride-sharing company’s stock, valued at approximately $807,000.

A number of other institutional investors have also modified their holdings of the stock. AQR Capital Management LLC lifted its holdings in shares of Lyft by 144.9% during the second quarter. AQR Capital Management LLC now owns 24,009,925 shares of the ride-sharing company’s stock worth $378,396,000 after purchasing an additional 14,205,143 shares during the period. Los Angeles Capital Management LLC lifted its stake in shares of Lyft by 415.2% in the 2nd quarter. Los Angeles Capital Management LLC now owns 3,714,935 shares of the ride-sharing company’s stock worth $58,547,000 after acquiring an additional 2,993,807 shares during the period. Norges Bank acquired a new stake in shares of Lyft in the 2nd quarter worth $44,209,000. Marshall Wace LLP boosted its holdings in shares of Lyft by 75.7% in the second quarter. Marshall Wace LLP now owns 5,464,934 shares of the ride-sharing company’s stock valued at $86,127,000 after acquiring an additional 2,353,769 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new position in shares of Lyft during the third quarter worth about $41,381,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Insider Buying and Selling at Lyft

In related news, Director Jill Beggs sold 2,093 shares of Lyft 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 transaction, the director directly owned 32,185 shares in the company, valued at $447,049.65. The trade was a 6.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Stephen W. Hope sold 5,284 shares of the stock in a transaction on Friday, February 27th. The shares were sold at an average price of $13.83, for a total value of $73,077.72. Following the sale, the chief accounting officer owned 300,570 shares in the company, valued at approximately $4,156,883.10. This trade represents a 1.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,038 shares of company stock valued at $416,841 over the last 90 days. 3.07% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Wednesday, February 11th. Truist Financial reduced their price target on Lyft from $23.00 to $18.00 and set a “hold” rating for the company in a report on Wednesday, February 11th. Roth Mkm set a $22.00 price target on Lyft in a research note on Wednesday, February 11th. The Goldman Sachs Group increased their price objective on Lyft from $21.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Wells Fargo & Company reduced their target price on Lyft from $26.00 to $18.00 and set an “equal weight” rating for the company in a report on Wednesday, February 11th. Ten investment analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $19.63.

Lyft Stock Up 4.8%

LYFT opened at $13.84 on Thursday. The business’s fifty day moving average is $16.81 and its two-hundred day moving average is $18.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.65 and a current ratio of 0.65. The company has a market cap of $5.51 billion, a price-to-earnings ratio of 2.03, a PEG ratio of 0.80 and a beta of 1.92. Lyft, Inc. has a one year low of $9.66 and a one year high of $25.54.

Lyft announced that its board has approved a share repurchase program on Tuesday, February 10th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the ride-sharing company to buy up to 15.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Lyft Company Profile

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.