Lyft, Inc. (NASDAQ:LYFT) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board cut its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 43.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,029,100 shares of the ride-sharing company’s stock after selling 804,500 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.25% of Lyft worth $13,275,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Marshall Wace LLP raised its holdings in Lyft by 274.6% in the fourth quarter. Marshall Wace LLP now owns 2,959,267 shares of the ride-sharing company’s stock valued at $38,175,000 after acquiring an additional 2,169,255 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Lyft in the 4th quarter worth about $5,332,000. Bridgewater Associates LP raised its stake in shares of Lyft by 939.9% in the 4th quarter. Bridgewater Associates LP now owns 1,827,323 shares of the ride-sharing company’s stock valued at $23,572,000 after purchasing an additional 1,651,604 shares in the last quarter. Guggenheim Capital LLC lifted its position in shares of Lyft by 6.4% during the fourth quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company’s stock worth $207,000 after purchasing an additional 970 shares during the last quarter. Finally, XTX Topco Ltd grew its stake in Lyft by 13.2% in the fourth quarter. XTX Topco Ltd now owns 47,791 shares of the ride-sharing company’s stock worth $617,000 after purchasing an additional 5,588 shares in the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Lyft

In other Lyft 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 transaction of $152,222.74. Following the sale, the director now owns 297,640 shares in the company, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,407 shares of company stock valued at $203,778 in the last three months. 3.07% of the stock is currently owned by corporate insiders.

Lyft Price Performance

Shares of Lyft stock opened at $11.16 on Monday. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $19.07. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The company’s 50-day moving average price is $12.02 and its two-hundred day moving average price is $13.67. The stock has a market cap of $4.66 billion, a PE ratio of 186.00, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13.

Lyft (NASDAQ:LYFT) 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 net margin of 0.39% and a return on equity of 8.03%. As a group, 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 approved a stock buyback program on Tuesday, February 11th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have commented on LYFT shares. KeyCorp reaffirmed a “sector weight” rating on shares of Lyft in a report on Wednesday, March 26th. Cantor Fitzgerald dropped their price target on Lyft from $15.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. BMO Capital Markets decreased their price objective on shares of Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. Citigroup reissued an “overweight” rating on shares of Lyft in a report on Wednesday, February 12th. Finally, Truist Financial decreased their price target on shares of Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $16.45.

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.