Ieq Capital LLC Acquires 239,629 Shares of Lyft, Inc. (NASDAQ:LYFT)

Ieq Capital LLC increased its holdings in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 111.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 454,527 shares of the ride-sharing company's stock after purchasing an additional 239,629 shares during the quarter. Ieq Capital LLC owned 0.11% of Lyft worth $5,863,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its stake in shares of Lyft by 2,103.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 19,765 shares of the ride-sharing company's stock worth $252,000 after acquiring an additional 18,868 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of Lyft by 4,469.8% during the 3rd quarter. International Assets Investment Management LLC now owns 114,062 shares of the ride-sharing company's stock worth $1,454,000 after acquiring an additional 111,566 shares in the last quarter. Allworth Financial LP grew its stake in shares of Lyft by 34.1% during the 3rd quarter. Allworth Financial LP now owns 7,282 shares of the ride-sharing company's stock worth $93,000 after acquiring an additional 1,852 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of Lyft during the 3rd quarter worth approximately $424,000. Finally, Carret Asset Management LLC grew its stake in shares of Lyft by 13.8% during the 3rd quarter. Carret Asset Management LLC now owns 13,425 shares of the ride-sharing company's stock worth $171,000 after acquiring an additional 1,625 shares in the last quarter. 83.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets

LYFT has been the subject of several recent analyst reports. Evercore ISI cut their price objective on Lyft from $19.00 to $15.00 and set an "in-line" rating for the company in a report on Wednesday, February 12th. Susquehanna cut their price objective on Lyft from $18.00 to $15.00 and set a "neutral" rating for the company in a report on Thursday, February 13th. JPMorgan Chase & Co. cut their price target on Lyft from $19.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Citigroup reaffirmed an "overweight" rating on shares of Lyft in a report on Wednesday, February 12th. Finally, Morgan Stanley raised their price target on Lyft from $16.50 to $18.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th. Twenty-six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $17.22.

Lyft Price Performance

Shares of LYFT traded down $0.42 during trading hours on Friday, reaching $13.05. 16,823,030 shares of the company's stock traded hands, compared to its average volume of 23,455,364. The stock has a market cap of $5.45 billion, a PE ratio of 217.42, a price-to-earnings-growth ratio of 1.90 and a beta of 2.16. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The firm's 50 day simple moving average is $13.64 and its 200-day simple moving average is $13.65. Lyft, Inc. has a 12 month low of $8.93 and a 12 month high of $20.82.

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 net margin of 0.39% and a return on equity of 8.03%. Equities analysts expect that Lyft, Inc. will post 0.22 EPS for the current year.

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

Insider Activity at Lyft

In related news, Director Logan Green sold 10,919 shares of the firm's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction of $188,352.75. Following the transaction, the director now directly owns 314,492 shares of the company's stock, valued at approximately $5,424,987. This trade represents a 3.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 3.07% of the stock is currently owned by insiders.

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.