Bridgewater Associates LP Grows Stock Position in Lyft, Inc. (NASDAQ:LYFT)

Bridgewater Associates LP increased its stake in Lyft, Inc. (NASDAQ:LYFT) by 939.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,827,323 shares of the ride-sharing company’s stock after buying an additional 1,651,604 shares during the quarter. Bridgewater Associates LP owned about 0.44% of Lyft worth $23,572,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in Lyft during the 4th quarter valued at about $29,000. ORG Wealth Partners LLC purchased a new stake in shares of Lyft in the fourth quarter worth approximately $31,000. Plato Investment Management Ltd bought a new stake in shares of Lyft during the 4th quarter worth approximately $35,000. Byrne Asset Management LLC purchased a new position in Lyft during the 4th quarter valued at $35,000. Finally, Harbour Investments Inc. grew its position in Lyft by 259.7% in the 4th quarter. Harbour Investments Inc. now owns 2,770 shares of the ride-sharing company’s stock valued at $36,000 after acquiring an additional 2,000 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction dated 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 sale, the director now owns 911,922 shares in the company, valued at approximately $11,417,263.44. This represents a 0.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Logan Green sold 11,411 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the transaction, the director now owns 297,640 shares in the company, valued at approximately $3,970,517.60. This represents a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,407 shares of company stock worth $203,778. Insiders own 3.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LYFT. Piper Sandler reiterated an “overweight” rating and set a $18.00 target price (down from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. Wedbush dropped their target price on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Cantor Fitzgerald decreased their price target on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, February 12th. Susquehanna dropped their price objective on Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, February 13th. Finally, Bank of America lowered Lyft from a “buy” rating to an “underperform” rating and set a $10.50 target price for the company. in a research report on Thursday, April 3rd. One equities 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $16.60.

Lyft Stock Performance

NASDAQ LYFT opened at $10.89 on Wednesday. The stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of 181.50, a PEG ratio of 1.90 and a beta of 2.13. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $19.07. The stock has a 50-day moving average of $12.23 and a 200 day moving average of $13.69. 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) last issued its quarterly 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%. Sell-side analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft announced that its Board of Directors has initiated a stock buyback plan on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership 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.