Connor Clark & Lunn Investment Management Ltd. Acquires 468,735 Shares of Lyft, Inc. (NASDAQ:LYFT)

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 25.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,290,461 shares of the ride-sharing company's stock after buying an additional 468,735 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.55% of Lyft worth $29,547,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of 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 valued at $230,174,000 after acquiring an additional 80,675 shares during the period. Pacer Advisors Inc. raised its stake in 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 purchasing an additional 2,302,248 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Lyft by 27.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company's stock worth $103,456,000 after purchasing an additional 1,735,208 shares during the period. Primecap Management Co. CA grew its stake in Lyft by 3.8% during the third quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company's stock worth $82,768,000 after buying an additional 235,510 shares in the last quarter. Finally, Maple Rock Capital Partners Inc. increased its holdings in Lyft by 84.8% in 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 buying an additional 2,838,000 shares during the period. Institutional investors and hedge funds own 83.07% of the company's stock.

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Wall Street Analysts Forecast Growth

LYFT has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Lyft in a report on Wednesday, February 12th. DA Davidson cut their target price on Lyft from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday, February 12th. Loop Capital lifted their price target on Lyft from $16.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Cantor Fitzgerald dropped their price objective on Lyft from $15.00 to $14.00 and set a "neutral" rating for the company in a research report on Wednesday, February 12th. Finally, Truist Financial dropped their target price on shares of Lyft from $20.00 to $17.00 and set a "hold" rating for the company in a report on Wednesday, February 12th. Twenty-six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Lyft currently has an average rating of "Hold" and an average price target of $17.13.

Insider Activity

In related news, Director Logan Green sold 11,411 shares of the firm's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $13.34, for a total value of $152,222.74. Following the transaction, the director now owns 297,640 shares of the company's stock, valued at approximately $3,970,517.60. This trade represents a 3.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the business's stock in a transaction that occurred 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 $11,417,263.44. This represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,407 shares of company stock worth $203,778 in the last three months. Company insiders own 3.07% of the company's stock.

Lyft Trading Down 2.9 %

Shares of Lyft stock traded down $0.34 on Thursday, reaching $11.27. 12,912,489 shares of the company's stock were exchanged, compared to its average volume of 15,002,239. The firm's 50-day moving average is $13.28 and its two-hundred day moving average is $13.76. The company has a market capitalization of $4.71 billion, a P/E ratio of 187.83, a price-to-earnings-growth ratio of 1.90 and a beta of 2.15. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $20.82.

Lyft (NASDAQ:LYFT - Get Free Report) last posted 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 return on equity of 8.03% and a net margin of 0.39%. Sell-side analysts predict that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft announced that its Board of Directors has initiated a stock buyback program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

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.