Lyft, Inc. (NASDAQ:LYFT) Shares Purchased by Bank of Nova Scotia

Bank of Nova Scotia lifted its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 3.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 767,339 shares of the ride-sharing company's stock after acquiring an additional 26,371 shares during the period. Bank of Nova Scotia owned 0.18% of Lyft worth $9,899,000 at the end of the most recent quarter.

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

Lyft Price Performance

Shares of LYFT stock traded up $0.03 during trading hours on Tuesday, hitting $10.91. The company's stock had a trading volume of 6,291,785 shares, compared to its average volume of 15,540,729. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $19.34. The stock has a market cap of $4.56 billion, a price-to-earnings ratio of 181.75, a P/E/G ratio of 1.90 and a beta of 2.13. The business has a fifty day moving average of $12.29 and a 200-day moving average of $13.71. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74.

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Lyft (NASDAQ:LYFT - Get Free Report) last released its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 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%. As a group, equities research analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft declared that its Board of Directors has approved a share repurchase program on Tuesday, February 11th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have commented on LYFT. DA Davidson cut their price objective on Lyft from $16.00 to $15.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 12th. Susquehanna cut their price target on shares of Lyft from $18.00 to $15.00 and set a "neutral" rating on the stock in a report on Thursday, February 13th. Piper Sandler reiterated an "overweight" rating and set a $18.00 price objective (down previously from $23.00) on shares of Lyft in a report on Wednesday, February 12th. Barclays dropped their target price on shares of Lyft from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $21.00 price target on shares of Lyft in a research note on Monday, March 17th. One analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $16.60.

Insider Buying and Selling

In other news, Director Logan Green sold 11,411 shares of the stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the completion of the sale, the director now owns 297,640 shares in the company, valued at approximately $3,970,517.60. This trade represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,407 shares of company stock valued at $203,778. Insiders own 3.07% of the company's stock.

About Lyft

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.