Renaissance Technologies LLC Buys 6,365,727 Shares of Lyft, Inc. (NASDAQ:LYFT)

Renaissance Technologies LLC lifted its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 282.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,623,227 shares of the ride-sharing company's stock after buying an additional 6,365,727 shares during the period. Renaissance Technologies LLC owned about 2.08% of Lyft worth $111,240,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Van ECK Associates Corp boosted its position 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 worth $5,146,000 after acquiring an additional 49,138 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Lyft by 32.4% during the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock worth $121,369,000 after purchasing an additional 2,302,248 shares during the period. Paragon Capital Management Inc. purchased a new position in Lyft during the fourth quarter valued at approximately $1,681,000. KBC Group NV increased its stake in Lyft by 354.9% in the 4th quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company's stock valued at $3,434,000 after buying an additional 207,672 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Lyft by 33.9% in the 4th quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company's stock worth $50,031,000 after buying an additional 981,186 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company's stock.

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Lyft Price Performance

LYFT stock traded down $0.09 during trading on Monday, hitting $10.94. The company had a trading volume of 3,073,834 shares, compared to its average volume of 15,541,173. The company has a fifty day moving average price of $12.34 and a two-hundred day moving average price of $13.72. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $19.34. The company has a market cap of $4.57 billion, a P/E ratio of 182.33, a P/E/G ratio of 1.90 and a beta of 2.13. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74.

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 net margin of 0.39% and a return on equity of 8.03%. Equities research analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its Board of Directors has approved a share repurchase 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 reacquire up to 8.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Susquehanna dropped their price target 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. JPMorgan Chase & Co. dropped their target price on Lyft from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Truist Financial lowered their price target on Lyft from $20.00 to $17.00 and set a "hold" rating for the company in a research note on Wednesday, February 12th. Roth Capital reaffirmed a "neutral" rating on shares of Lyft in a research report on Wednesday, February 12th. Finally, Evercore ISI decreased their target price on shares of Lyft from $19.00 to $15.00 and set an "in-line" rating for the company in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $16.60.

Insider Buying and Selling at Lyft

In related news, Director Logan Green sold 11,411 shares of the 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 directly owns 297,640 shares in the company, valued at $3,970,517.60. This represents a 3.69 % decrease in their position. The transaction was disclosed in a legal 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 on Tuesday, February 25th. The shares were 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 owns 911,922 shares of the company's stock, valued at approximately $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 a total of 15,407 shares of company stock worth $203,778 over the last ninety days. Corporate insiders own 3.07% of the company's stock.

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.