Prudential Financial Inc. Acquires Shares of 94,625 Lyft, Inc. (NASDAQ:LYFT)

Prudential Financial Inc. bought a new position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 94,625 shares of the ride-sharing company's stock, valued at approximately $1,221,000.

A number of other institutional investors also recently modified their holdings of LYFT. QRG Capital Management Inc. raised its position in Lyft by 3.8% during the fourth quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company's stock valued at $316,000 after purchasing an additional 903 shares in the last quarter. Sanctuary Advisors LLC increased its stake in shares of Lyft by 3.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company's stock valued at $363,000 after purchasing an additional 969 shares during the last quarter. XTX Topco Ltd raised its holdings in shares of Lyft by 2.5% during the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company's stock worth $538,000 after buying an additional 1,043 shares in the last quarter. US Bancorp DE lifted its position in shares of Lyft by 2.6% during the 4th quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company's stock worth $536,000 after buying an additional 1,045 shares during the last quarter. Finally, Manchester Capital Management LLC boosted its stake in Lyft by 13.8% in the fourth quarter. Manchester Capital Management LLC now owns 8,879 shares of the ride-sharing company's stock valued at $115,000 after buying an additional 1,080 shares in the last quarter. Institutional investors own 83.07% of the company's stock.

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Lyft Trading Up 0.9 %

Shares of LYFT stock traded up $0.10 during trading hours on Friday, hitting $11.03. 9,889,385 shares of the company were exchanged, compared to its average volume of 15,558,107. The company has a 50 day simple moving average of $12.34 and a two-hundred day simple moving average of $13.72. The firm has a market cap of $4.61 billion, a P/E ratio of 183.83, 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, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $19.47.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its earnings results 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%. Equities analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft declared that its Board of Directors has authorized a stock 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 buy up to 8.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

LYFT has been the subject of several research analyst reports. Susquehanna lowered their target price on Lyft from $18.00 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, February 13th. Royal Bank of Canada reissued an "outperform" rating and issued a $21.00 price objective on shares of Lyft in a research note on Monday, March 17th. Piper Sandler restated an "overweight" rating and issued a $18.00 target price (down previously from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. Benchmark upgraded shares of Lyft from a "hold" rating to a "buy" rating and set a $20.00 price target for the company in a report on Monday, January 6th. Finally, Truist Financial cut their price objective on Lyft from $20.00 to $17.00 and set a "hold" rating on the stock in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $16.60.

Insider Activity

In other Lyft news, Director Logan Green sold 11,411 shares of the business's 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 sale, the director now owns 297,640 shares in the company, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction dated 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 owns 911,922 shares of the company's stock, valued at $11,417,263.44. This represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,407 shares of company stock worth $203,778 in the last three months. Company insiders own 3.07% of the company's stock.

About Lyft

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.