34,500 Shares in Lyft, Inc. (NASDAQ:LYFT) Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. acquired a new position in Lyft, Inc. (NASDAQ:LYFT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 34,500 shares of the ride-sharing company's stock, valued at approximately $445,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in LYFT. True Wealth Design LLC bought a new position in Lyft in the third quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Lyft in the 4th quarter worth $29,000. ORG Wealth Partners LLC purchased a new position in Lyft during the fourth quarter valued at $31,000. Capital Performance Advisors LLP bought a new stake in Lyft during the third quarter valued at about $38,000. Finally, Sunbelt Securities Inc. purchased a new stake in Lyft in the third quarter worth about $70,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on LYFT shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Lyft in a research report on Wednesday, February 12th. Royal Bank of Canada reiterated an "outperform" rating and issued a $21.00 price target on shares of Lyft in a research report on Tuesday. Cantor Fitzgerald decreased their price objective on shares of Lyft from $15.00 to $14.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 12th. Piper Sandler reaffirmed an "overweight" rating and issued a $18.00 target price (down previously from $23.00) on shares of Lyft in a report on Wednesday, February 12th. Finally, Jefferies Financial Group raised their price target on Lyft from $10.50 to $13.00 and gave the company a "hold" rating in a report on Tuesday, October 22nd. Twenty-six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Lyft currently has a consensus rating of "Hold" and an average target price of $17.22.

Lyft Trading Down 4.5 %

NASDAQ:LYFT traded down $0.63 during midday trading on Wednesday, hitting $13.39. 20,066,142 shares of the company traded hands, compared to its average volume of 20,419,873. The firm has a market capitalization of $5.55 billion, a P/E ratio of 223.08, a P/E/G ratio of 1.90 and a beta of 2.16. The firm's fifty day moving average is $13.73 and its 200-day moving average is $13.59. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $20.82. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88.

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 net margin of 0.39% and a return on equity of 8.71%. On average, sell-side analysts predict that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft declared that its board has initiated a share buyback plan on Tuesday, February 11th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Logan Green sold 10,919 shares of the company's stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction of $188,352.75. Following the transaction, the director now owns 314,492 shares of the company's stock, valued at approximately $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 3.07% of the stock is currently owned by corporate insiders.

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.