Lyft, Inc. (NASDAQ:LYFT) Shares Acquired by West Tower Group LLC

West Tower Group LLC boosted its holdings in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 53.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,000 shares of the ride-sharing company's stock after buying an additional 22,000 shares during the quarter. Lyft accounts for 1.8% of West Tower Group LLC's investment portfolio, making the stock its 15th largest position. West Tower Group LLC's holdings in Lyft were worth $813,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of LYFT. True Wealth Design LLC purchased a new stake in Lyft in the 3rd quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Lyft in the 4th quarter valued at approximately $29,000. ORG Wealth Partners LLC acquired a new position in Lyft during the fourth quarter worth about $31,000. Byrne Asset Management LLC purchased a new stake in Lyft in the 4th quarter valued at approximately $35,000. Finally, Plato Investment Management Ltd purchased a new stake in Lyft during the 4th quarter worth about $35,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

LYFT has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their price objective on Lyft from $17.00 to $14.00 and set an "equal weight" rating for the company in a report on Thursday, January 16th. Benchmark upgraded Lyft from a "hold" rating to a "buy" rating and set a $20.00 target price for the company in a research note on Monday, January 6th. Cantor Fitzgerald decreased their price objective on shares of Lyft from $15.00 to $14.00 and set a "neutral" rating for the company in a report on Wednesday, February 12th. Loop Capital lowered their target price on shares of Lyft from $23.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, March 18th. Finally, DA Davidson lowered their price objective on Lyft from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday, February 12th. Twenty-six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Lyft has an average rating of "Hold" and an average target price of $17.03.

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Lyft Stock Performance

Shares of Lyft stock traded up $0.23 during trading hours on Friday, reaching $11.98. 38,642,519 shares of the stock traded hands, compared to its average volume of 15,036,045. Lyft, Inc. has a one year low of $8.93 and a one year high of $20.40. The company has a 50 day moving average price of $13.05 and a 200 day moving average price of $13.79. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $5.01 billion, a price-to-earnings ratio of 199.67, a P/E/G ratio of 1.90 and a beta of 2.15.

Lyft (NASDAQ:LYFT - Get Free Report) last released its earnings results 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 return on equity of 8.03% and a net margin of 0.39%. On average, equities research analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its board has initiated a share repurchase plan on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the ride-sharing company to repurchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Insider Transactions at Lyft

In other news, Director Logan Green sold 11,411 shares of the business's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value 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. The trade was a 3.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total transaction of $30,348.48. Following the sale, the director now directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. The trade was a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,407 shares of company stock valued at $203,778. 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.