Lyft, Inc. (NASDAQ:LYFT) Stock Position Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 33.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,878,369 shares of the ride-sharing company's stock after purchasing an additional 981,186 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.93% of Lyft worth $50,031,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Lyft by 0.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company's stock worth $230,174,000 after purchasing an additional 80,675 shares in the last quarter. Pacer Advisors Inc. increased its position in Lyft by 32.4% during the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock worth $121,369,000 after purchasing an additional 2,302,248 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Lyft by 27.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company's stock valued at $103,456,000 after acquiring an additional 1,735,208 shares during the last quarter. Primecap Management Co. CA increased its stake in shares of Lyft by 3.8% during the 3rd quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company's stock valued at $82,768,000 after acquiring an additional 235,510 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. increased its stake in shares of Lyft by 84.8% during the 3rd quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company's stock valued at $78,872,000 after acquiring an additional 2,838,000 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company's stock.

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Lyft Stock Performance

Shares of LYFT traded up $0.33 during trading hours on Friday, reaching $12.41. 15,719,881 shares of the company's stock traded hands, compared to its average volume of 14,930,548. The firm has a market capitalization of $5.19 billion, a price-to-earnings ratio of 206.83, a P/E/G ratio of 1.90 and a beta of 2.15. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $20.82. The business's fifty day simple moving average is $13.42 and its two-hundred day simple moving average is $13.78.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.10). Lyft had a net margin of 0.39% and a return on equity of 8.03%. Analysts predict that Lyft, Inc. will post 0.22 earnings per share for the current year.

Lyft declared that its board has authorized a share buyback plan on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Lyft

In related news, Director John Patrick Zimmer sold 2,424 shares of the 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 completion of the transaction, the director now owns 911,922 shares in the company, valued at $11,417,263.44. This trade represents a 0.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Logan Green sold 11,411 shares of the stock in a transaction 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 transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 15,407 shares of company stock valued at $203,778 over the last 90 days. 3.07% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on LYFT. Royal Bank of Canada reaffirmed an "outperform" rating and set a $21.00 price objective on shares of Lyft in a research note on Tuesday, February 18th. JPMorgan Chase & Co. dropped their price objective on shares of Lyft from $19.00 to $16.00 and set a "neutral" rating for the company in a research note on Wednesday, February 12th. Cantor Fitzgerald dropped their target price on shares of Lyft from $15.00 to $14.00 and set a "neutral" rating for the company in a research report on Wednesday, February 12th. Wedbush dropped their target price on shares of Lyft from $18.00 to $16.00 and set a "neutral" rating for the company in a research report on Wednesday, February 12th. Finally, Barclays dropped their target price on shares of Lyft from $20.00 to $19.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 12th. Twenty-six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Lyft presently has an average rating of "Hold" and a consensus price target of $17.13.

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.