Primecap Management Co. CA Sells 176,510 Shares of Lyft, Inc. (NASDAQ:LYFT)

Primecap Management Co. CA reduced its position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 2.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,315,080 shares of the ride-sharing company's stock after selling 176,510 shares during the quarter. Primecap Management Co. CA owned about 1.52% of Lyft worth $81,465,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. True Wealth Design LLC bought a new stake in Lyft during the 3rd quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Lyft during the 4th quarter worth approximately $29,000. ORG Wealth Partners LLC bought a new stake in Lyft during the 4th quarter worth approximately $31,000. Byrne Asset Management LLC bought a new stake in Lyft during the 4th quarter worth approximately $35,000. Finally, Plato Investment Management Ltd bought a new stake in Lyft during the 4th quarter worth approximately $35,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Lyft

In other Lyft news, Director Logan Green sold 11,411 shares of the firm'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 sale, the director now owns 297,640 shares in the company, valued at $3,970,517.60. This trade represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the firm's stock in a transaction dated Tuesday, February 25th. The shares were 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 $11,417,263.44. The trade was 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 worth $203,778 over the last 90 days. Corporate insiders own 3.07% of the company's stock.

Remove Ads

Analysts Set New Price Targets

A number of brokerages have commented on LYFT. DA Davidson decreased their price objective on Lyft from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Loop Capital reduced their target price on Lyft from $23.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $21.00 target price on shares of Lyft in a report on Monday, March 17th. Cantor Fitzgerald reduced their target price on Lyft from $15.00 to $14.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Finally, Wells Fargo & Company reduced their target price on Lyft from $17.00 to $14.00 and set an "equal weight" rating for the company in a report on Thursday, January 16th. Twenty-six analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $17.03.

Lyft Price Performance

Shares of LYFT stock traded up $0.23 on Friday, reaching $11.98. The company's stock had a trading volume of 38,642,519 shares, compared to its average volume of 15,033,977. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $20.67. The company has a market capitalization of $5.01 billion, a P/E ratio of 199.67, a PEG ratio of 1.90 and a beta of 2.15. The stock's 50 day simple moving average is $13.05 and its 200-day simple moving average is $13.77.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings data 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%. As a group, equities analysts predict that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

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