Lyft, Inc. (NASDAQ:LYFT) Stock Position Decreased by Hoey Investments Inc.

Hoey Investments Inc. cut its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 54.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,200 shares of the ride-sharing company’s stock after selling 6,160 shares during the period. Hoey Investments Inc.’s holdings in Lyft were worth $67,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Van ECK Associates Corp increased its stake in Lyft by 14.0% in the 4th quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company’s stock worth $5,146,000 after purchasing an additional 49,138 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after buying an additional 2,302,248 shares during the period. Paragon Capital Management Inc. purchased a new position in shares of Lyft in the fourth quarter worth approximately $1,681,000. KBC Group NV raised its holdings in shares of Lyft by 354.9% during the fourth quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company’s stock valued at $3,434,000 after acquiring an additional 207,672 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Lyft by 33.9% in the 4th quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company’s stock valued at $50,031,000 after acquiring an additional 981,186 shares in the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Lyft

In other news, 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 sale, the director now owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Logan Green sold 11,411 shares of the company’s stock in a transaction on Thursday, February 27th. The shares were 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 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 worth $203,778. 3.07% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on LYFT shares. Bank of America boosted their target price on shares of Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Truist Financial lowered their price target on Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a report on Wednesday, February 12th. Benchmark raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Monday, January 6th. Wedbush lowered their target price on Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Finally, Barclays reduced their price target on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 12th. Twenty-seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $17.03.

Lyft Stock Performance

LYFT opened at $11.57 on Monday. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $19.64. The firm has a market capitalization of $4.84 billion, a P/E ratio of 192.83, a price-to-earnings-growth ratio of 1.90 and a beta of 2.15. The stock’s 50 day moving average price is $12.94 and its two-hundred day moving average price is $13.83. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (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 analysts forecast that Lyft, Inc. will post 0.22 earnings per share for the current year.

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

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.