CenterBook Partners LP Takes $7.04 Million Position in Lyft, Inc. (NASDAQ:LYFT)

CenterBook Partners LP bought a new stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 546,041 shares of the ride-sharing company's stock, valued at approximately $7,044,000. CenterBook Partners LP owned approximately 0.13% of Lyft at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in LYFT. Advisory Services Network LLC purchased a new stake in shares of Lyft during the 4th quarter worth about $243,000. Abacus FCF Advisors LLC purchased a new position in Lyft during the fourth quarter worth approximately $646,000. Renaissance Technologies LLC grew its holdings in Lyft by 282.0% in the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock valued at $111,240,000 after purchasing an additional 6,365,727 shares during the period. Bank of Nova Scotia increased its position in shares of Lyft by 3.6% in the fourth quarter. Bank of Nova Scotia now owns 767,339 shares of the ride-sharing company's stock valued at $9,899,000 after buying an additional 26,371 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Lyft by 12.0% during the 4th quarter. Invesco Ltd. now owns 583,992 shares of the ride-sharing company's stock worth $7,533,000 after buying an additional 62,478 shares during the period. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Lyft

In other news, Director Logan Green sold 11,411 shares of the company's stock in a transaction dated 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 directly owns 297,640 shares of the company's stock, valued at approximately $3,970,517.60. This represents a 3.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the firm's stock in a transaction dated 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 in the company, valued at $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 15,407 shares of company stock valued at $203,778 over the last quarter. 3.07% of the stock is owned by insiders.

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Lyft Stock Down 0.9 %

LYFT stock traded down $0.10 during mid-day trading on Monday, reaching $10.93. The company had a trading volume of 3,763,439 shares, compared to its average volume of 15,543,891. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $19.34. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of 182.17, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76. The firm has a fifty day simple moving average of $12.34 and a 200 day simple moving average of $13.72.

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

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Cantor Fitzgerald cut their price target on shares of Lyft from $15.00 to $14.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Barclays cut 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 note on Wednesday, February 12th. Wedbush lowered their price objective on Lyft from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, February 12th. Wells Fargo & Company reduced their target price on Lyft from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Thursday, April 3rd. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $21.00 target price on shares of Lyft in a research report on Monday, March 17th. One analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $16.60.

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.