Lyft, Inc. (NASDAQ:LYFT) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lessened its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 43.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,029,100 shares of the ride-sharing company's stock after selling 804,500 shares during the period. Canada Pension Plan Investment Board owned approximately 0.25% of Lyft worth $13,275,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of LYFT. Vanguard Group Inc. raised its position in Lyft by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company's stock valued at $464,434,000 after purchasing an additional 984,907 shares during the period. Pacer Advisors Inc. boosted its holdings 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 valued at $121,369,000 after acquiring an additional 2,302,248 shares during the period. Renaissance Technologies LLC increased its stake in Lyft by 282.0% during the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after purchasing an additional 6,365,727 shares during the period. Geode Capital Management LLC lifted its position in shares of Lyft by 7.6% during the fourth quarter. Geode Capital Management LLC now owns 6,309,681 shares of the ride-sharing company's stock worth $81,419,000 after purchasing an additional 443,109 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Lyft by 33.9% in the fourth quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company's stock valued at $50,031,000 after purchasing an additional 981,186 shares during the period. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Lyft Stock Performance

NASDAQ LYFT traded up $0.15 during trading hours on Friday, hitting $12.21. 10,920,944 shares of the stock were exchanged, compared to its average volume of 15,565,664. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. The stock has a 50-day moving average of $11.85 and a 200 day moving average of $13.62. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $19.07. The company has a market cap of $5.10 billion, a price-to-earnings ratio of 203.50, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (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 forecast that Lyft, Inc. will post 0.22 earnings per share for the current year.

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

Insiders Place Their Bets

In related news, Director Logan Green sold 11,411 shares of Lyft stock in a transaction on 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. The trade was a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the business's 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 sale, the director now owns 911,922 shares in the company, valued at approximately $11,417,263.44. The trade was a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,407 shares of company stock worth $203,778. 3.07% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on LYFT shares. Roth Capital reissued a "neutral" rating on shares of Lyft in a research report on Wednesday, February 12th. BMO Capital Markets decreased their price objective on Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. Needham & Company LLC restated a "hold" rating on shares of Lyft in a research note on Thursday, April 17th. Cantor Fitzgerald decreased their price target on shares of Lyft from $15.00 to $14.00 and set a "neutral" rating for the company in a research note on Wednesday, February 12th. Finally, KeyCorp reissued a "sector weight" rating on shares of Lyft in a research report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $16.45.

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.