Lyft, Inc. (NASDAQ:LYFT) Shares Bought by Alliancebernstein L.P.

Alliancebernstein L.P. grew its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 53.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 120,562 shares of the ride-sharing company's stock after acquiring 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 large investors also recently modified their holdings of the company. Norges Bank bought a new position in Lyft in the fourth quarter valued at approximately $49,599,000. Pacer Advisors Inc. lifted its position in shares of Lyft by 32.4% in the fourth 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 last quarter. Los Angeles Capital Management LLC grew its holdings in Lyft by 7,536.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,854,823 shares of the ride-sharing company's stock valued at $23,927,000 after buying an additional 1,830,533 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Lyft by 2.8% in 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 acquiring an additional 984,907 shares in the last quarter. Finally, Bank of New York Mellon Corp grew 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 buying an additional 981,186 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

LYFT has been the subject of a number of research reports. JPMorgan Chase & Co. dropped their target price on shares of Lyft from $16.00 to $14.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Loop Capital reduced their price objective on shares of Lyft from $23.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, March 18th. Cantor Fitzgerald lowered their target price on shares of Lyft from $15.00 to $14.00 and set a "neutral" rating on the stock in a report on Wednesday, February 12th. UBS Group cut their price objective on shares of Lyft from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Finally, BMO Capital Markets lowered their price objective on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating on the stock in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $16.45.

Insider Activity

In other Lyft news, Director Logan Green sold 11,411 shares of the firm's stock in a transaction on Thursday, February 27th. The stock was 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 owns 297,640 shares of the company's stock, valued at $3,970,517.60. This trade represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the director now directly owns 911,922 shares of the company's stock, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,407 shares of company stock worth $203,778 over the last 90 days. 3.07% of the stock is currently owned by company insiders.

Lyft Stock Up 5.2 %

Shares of LYFT stock traded up $0.57 on Wednesday, hitting $11.57. The stock had a trading volume of 3,634,535 shares, compared to its average volume of 15,553,135. 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 business has a 50 day moving average price of $11.92 and a 200 day moving average price of $13.64. The company has a market cap of $4.84 billion, a PE ratio of 192.83, a P/E/G ratio of 1.90 and a beta of 2.13. Lyft, Inc. has a one year low of $8.93 and a one year high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its 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%. Research analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its Board of Directors has authorized a share buyback plan on Tuesday, February 11th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

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.