Orvieto Partners L.P. Takes $903,000 Position in Lyft, Inc. (NASDAQ:LYFT)

Orvieto Partners L.P. purchased a new stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 70,000 shares of the ride-sharing company's stock, valued at approximately $903,000.

Several other hedge funds have also recently bought and sold shares of the stock. Van ECK Associates Corp increased its holdings in Lyft by 14.0% during the 4th quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company's stock valued at $5,146,000 after purchasing an additional 49,138 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock valued at $121,369,000 after buying an additional 2,302,248 shares in the last quarter. Paragon Capital Management Inc. bought a new position in shares of Lyft in the fourth quarter valued at about $1,681,000. Renaissance Technologies LLC lifted its position in Lyft by 282.0% during the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after buying an additional 6,365,727 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in Lyft by 1,957.5% during the 4th quarter. Federated Hermes Inc. now owns 288,827 shares of the ride-sharing company's stock worth $3,726,000 after acquiring an additional 274,789 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Lyft Price Performance

Shares of NASDAQ:LYFT traded up $0.15 during trading on Friday, reaching $12.21. 10,924,292 shares of the company traded hands, compared to its average volume of 15,614,594. 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 52 week low of $8.93 and a 52 week high of $19.07. The firm has a market capitalization of $5.10 billion, a PE ratio of 203.50, a PEG ratio of 1.90 and a beta of 2.13. The company's 50 day moving average is $11.82 and its two-hundred day moving average is $13.62.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings data 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 net margin of 0.39% and a return on equity of 8.03%. As a group, sell-side analysts predict that Lyft, Inc. will post 0.22 earnings per share for the current year.

Lyft declared that its Board of Directors has initiated a stock buyback program 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 purchase up to 8.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently commented on LYFT. Morgan Stanley lowered their target price on Lyft from $17.00 to $15.00 and set an "equal weight" rating for the company in a research note on Thursday, April 17th. 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 report on Thursday, April 3rd. Benchmark raised shares of Lyft from a "hold" rating to a "buy" rating and set a $20.00 target price on the stock in a research note on Monday, January 6th. Susquehanna cut their price objective 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. Finally, BMO Capital Markets lowered their target price on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a report on Wednesday, February 12th. One research 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $16.45.

Insider Activity

In related news, Director Logan Green sold 11,411 shares of Lyft stock in a transaction on Thursday, February 27th. The shares were 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 owns 297,640 shares of the company's stock, valued at $3,970,517.60. This trade represents a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,407 shares of company stock valued at $203,778 over the last quarter. 3.07% of the stock is owned by company insiders.

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.