Lyft Sees Unusually Large Options Volume (NASDAQ:LYFT)

Lyft, Inc. (NASDAQ:LYFT) was the target of some unusual options trading on Thursday. Stock investors acquired 65,096 call options on the stock. This represents an increase of 24% compared to the average volume of 52,308 call options.

Lyft Trading Up 1.5 %

Shares of NASDAQ LYFT traded up $0.20 during mid-day trading on Thursday, reaching $13.02. The company had a trading volume of 32,516,972 shares, compared to its average volume of 20,420,127. Lyft has a 52 week low of $8.93 and a 52 week high of $20.82. The business’s 50-day moving average is $13.57 and its 200-day moving average is $13.69. The stock has a market cap of $5.44 billion, a price-to-earnings ratio of 218.12, a price-to-earnings-growth ratio of 1.90 and a beta of 2.16. 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 announced 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 net margin of 0.39% and a return on equity of 8.03%. Equities analysts expect that Lyft will post 0.22 earnings per share for the current year.

Lyft announced that its board has authorized a share repurchase program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

LYFT has been the topic of several research reports. Wedbush cut their price target on Lyft from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, February 12th. Roth Capital reaffirmed a “neutral” rating on shares of Lyft in a research report on Wednesday, February 12th. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (down previously from $23.00) on shares of Lyft in a research note on Wednesday, February 12th. Roth Mkm increased their price objective on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group lifted their price objective on Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Twenty-six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Lyft currently has a consensus rating of “Hold” and an average price target of $17.22.

Hedge Funds Weigh In On Lyft

Large investors have recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. purchased a new position in Lyft in the fourth quarter worth $950,000. American Trust purchased a new position in shares of Lyft during the fourth quarter worth $154,000. Mackenzie Financial Corp acquired a new position in shares of Lyft in the 4th quarter valued at about $2,395,000. Forum Financial Management LP acquired a new stake in shares of Lyft during the 4th quarter worth approximately $132,000. Finally, Toronto Dominion Bank acquired a new stake in Lyft during the fourth quarter valued at $279,000. 83.07% of the stock is currently owned by institutional investors.

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.