Bryce Point Capital LLC Purchases New Shares in Lyft, Inc. (NASDAQ:LYFT)

Bryce Point Capital LLC acquired a new position in Lyft, Inc. (NASDAQ:LYFT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 32,891 shares of the ride-sharing company’s stock, valued at approximately $424,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in Lyft in the fourth quarter worth about $49,599,000. Pacer Advisors Inc. raised its position in shares of Lyft by 32.4% in the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after acquiring an additional 2,302,248 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of Lyft by 7,536.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,854,823 shares of the ride-sharing company’s stock valued at $23,927,000 after purchasing an additional 1,830,533 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Lyft in the 3rd quarter valued at approximately $13,430,000. Finally, Groupama Asset Managment bought a new stake in shares of Lyft during the fourth quarter valued at approximately $12,900,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Logan Green sold 11,411 shares of Lyft stock in a transaction that occurred 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 sale, the director now owns 297,640 shares in the company, valued at $3,970,517.60. This trade represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was 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 approximately $11,417,263.44. This represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,407 shares of company stock valued at $203,778. Corporate insiders own 3.07% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Roth Capital reissued a “neutral” rating on shares of Lyft in a research report on Wednesday, February 12th. Wedbush lowered their price target on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating for the company 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 objective on the stock in a report on Monday, January 6th. KeyCorp reiterated a “sector weight” rating on shares of Lyft in a report on Wednesday, March 26th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lyft in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, twenty-seven have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $16.66.

Lyft Stock Performance

LYFT opened at $10.84 on Friday. The firm has a market cap of $4.53 billion, a P/E ratio of 180.67, a PEG ratio of 1.90 and a beta of 2.13. Lyft, Inc. has a 1-year low of $8.93 and a 1-year high of $19.55. The company has a 50 day simple moving average of $12.76 and a two-hundred day simple moving average of $13.81. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results 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 return on equity of 8.03% and a net margin of 0.39%. Equities analysts forecast that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its board has approved a share repurchase program on Tuesday, February 11th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

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.