Norges Bank Makes New Investment in Lyft, Inc. (NASDAQ:LYFT)

Norges Bank bought a new position in Lyft, Inc. (NASDAQ:LYFT - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 3,844,869 shares of the ride-sharing company's stock, valued at approximately $49,599,000. Norges Bank owned 0.93% of Lyft as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its stake in Lyft by 14.0% in the 4th quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company's stock worth $5,146,000 after acquiring an additional 49,138 shares during the last quarter. Pacer Advisors Inc. grew its stake 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 in the last quarter. Paragon Capital Management Inc. purchased a new position in shares of Lyft during the 4th quarter worth $1,681,000. KBC Group NV lifted its holdings in Lyft by 354.9% in the fourth quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company's stock valued at $3,434,000 after acquiring an additional 207,672 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Lyft by 33.9% during 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 acquiring an additional 981,186 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Lyft

In other Lyft news, Director Logan Green sold 11,411 shares of the company'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 sale, the director now owns 297,640 shares in the company, valued at $3,970,517.60. This represents a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 shares were sold at an average price of $12.52, for a total transaction of $30,348.48. Following the transaction, the director now directly owns 911,922 shares of the company's stock, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,407 shares of company stock worth $203,778. 3.07% of the stock is currently owned by insiders.

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Lyft Stock Up 13.7 %

Shares of NASDAQ:LYFT traded up $1.37 during trading on Wednesday, hitting $11.34. The company's stock had a trading volume of 33,107,227 shares, compared to its average volume of 15,550,521. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $19.55. The business has a 50 day moving average price of $12.46 and a two-hundred day moving average price of $13.75. The company has a market capitalization of $4.74 billion, a PE ratio of 189.00, a P/E/G ratio of 1.90 and a beta of 2.13. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76.

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

Lyft announced that its board has initiated 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 reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently issued reports on LYFT. Truist Financial decreased their price objective on shares of Lyft from $20.00 to $17.00 and set a "hold" rating for the company in a research report on Wednesday, February 12th. Wells Fargo & Company dropped their price objective on Lyft from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Thursday, April 3rd. Barclays cut their target price on shares of Lyft from $20.00 to $19.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 12th. UBS Group lowered their target price on shares of Lyft from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Finally, DA Davidson reduced their target price on shares of Lyft from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Lyft presently has an average rating of "Hold" and an average price target of $16.60.

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.