Magnetar Financial LLC Buys New Shares in Lyft, Inc. (NASDAQ:LYFT)

Magnetar Financial LLC purchased a new stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 58,199 shares of the ride-sharing company's stock, valued at approximately $751,000.

A number of other hedge funds also recently made changes to their positions in LYFT. True Wealth Design LLC acquired a new stake in Lyft during the third quarter valued at approximately $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Lyft in the 4th quarter valued at $29,000. ORG Wealth Partners LLC bought a new stake in Lyft in the fourth quarter valued at $31,000. Byrne Asset Management LLC acquired a new position in Lyft during the fourth quarter worth $35,000. Finally, Plato Investment Management Ltd bought a new position in Lyft during the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 83.07% of the company's stock.

Lyft Stock Down 1.8 %

Shares of LYFT traded down $0.22 on Wednesday, hitting $12.27. The company's stock had a trading volume of 19,196,718 shares, compared to its average volume of 15,157,608. The firm's fifty day moving average price is $13.02 and its 200-day moving average price is $13.82. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $20.37. 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 firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of 204.50, a P/E/G ratio of 1.90 and a beta of 2.15.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a net margin of 0.39% and a return on equity of 8.03%. On average, equities research analysts expect that Lyft, Inc. will post 0.22 EPS for the current year.

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

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the company'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 transaction of $30,348.48. Following the completion of the transaction, the director now owns 911,922 shares of the company's stock, valued at $11,417,263.44. This represents a 0.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Logan Green sold 11,411 shares of the firm's stock in a transaction that occurred 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 transaction, the director now directly owns 297,640 shares of the company's stock, valued at $3,970,517.60. This represents a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,407 shares of company stock worth $203,778. Corporate insiders own 3.07% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on LYFT. Susquehanna decreased their price objective on shares of Lyft from $18.00 to $15.00 and set a "neutral" rating on the stock in a research note on Thursday, February 13th. Piper Sandler reaffirmed an "overweight" rating and set a $18.00 price target (down from $23.00) on shares of Lyft in a report on Wednesday, February 12th. Roth Capital restated a "neutral" rating on shares of Lyft in a report on Wednesday, February 12th. BMO Capital Markets cut their price target on Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a report on Wednesday, February 12th. Finally, Barclays reduced their price target on shares of Lyft from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 12th. Twenty-seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $17.03.

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.