Arrowstreet Capital Limited Partnership Makes New Investment in Lyft, Inc. (NASDAQ:LYFT)

Arrowstreet Capital Limited Partnership bought a new stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 492,724 shares of the ride-sharing company's stock, valued at approximately $6,356,000. Arrowstreet Capital Limited Partnership owned 0.12% of Lyft at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in Lyft in the 4th quarter valued at about $29,000. ORG Wealth Partners LLC purchased a new position in Lyft in the fourth quarter valued at about $31,000. Byrne Asset Management LLC acquired a new stake in Lyft during the 4th quarter valued at approximately $35,000. Plato Investment Management Ltd purchased a new stake in Lyft during the 4th quarter worth approximately $35,000. Finally, Harbour Investments Inc. raised its position in shares of Lyft by 259.7% in the 4th quarter. Harbour Investments Inc. now owns 2,770 shares of the ride-sharing company's stock valued at $36,000 after purchasing an additional 2,000 shares in the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on LYFT shares. Piper Sandler reissued an "overweight" rating and set a $18.00 price objective (down from $23.00) on shares of Lyft in a report on Wednesday, February 12th. KeyCorp restated a "sector weight" rating on shares of Lyft in a research report on Wednesday, March 26th. Cantor Fitzgerald dropped their target price on Lyft from $15.00 to $14.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 12th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $21.00 price target on shares of Lyft in a report on Monday, March 17th. Finally, Roth Capital reissued a "neutral" rating on shares of Lyft in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $16.60.

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Lyft Trading Up 0.9 %

LYFT traded up $0.10 during trading on Friday, hitting $11.03. The company's stock had a trading volume of 9,889,385 shares, compared to its average volume of 15,558,108. The stock's fifty day moving average price is $12.34 and its 200-day moving average price is $13.72. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $19.47. The firm has a market capitalization of $4.61 billion, a P/E ratio of 183.83, a PEG ratio of 1.90 and a beta of 2.13. 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 (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. Analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

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

Insider Activity at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the 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 transaction, the director now directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. This represents a 0.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Logan Green sold 11,411 shares of Lyft 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 transaction, the director now owns 297,640 shares in the company, 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. Over the last quarter, insiders have sold 15,407 shares of company stock worth $203,778. Insiders own 3.07% of the company's stock.

Lyft Company 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.