Private Capital Management LLC Acquires Shares of 12,500 Lyft, Inc. (NASDAQ:LYFT)

Private Capital Management LLC acquired a new stake in Lyft, Inc. (NASDAQ:LYFT) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 12,500 shares of the ride-sharing company’s stock, valued at approximately $159,000.

A number of other hedge funds have also modified their holdings of LYFT. True Wealth Design LLC bought a new stake in Lyft in the third quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Lyft in the 4th quarter valued at $29,000. ORG Wealth Partners LLC acquired a new stake in shares of Lyft in the 4th quarter valued at $31,000. Byrne Asset Management LLC bought a new stake in shares of Lyft in the 4th quarter worth about $35,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Lyft during the 3rd quarter worth about $38,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction dated 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 directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. The trade was a 0.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 3.07% of the stock is owned by corporate insiders.

Lyft Stock Performance

Shares of LYFT stock opened at $13.02 on Friday. The stock has a market cap of $5.44 billion, a PE ratio of 217.00, a price-to-earnings-growth ratio of 1.90 and a beta of 2.16. The stock has a 50-day moving average of $13.56 and a 200-day moving average of $13.68. 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, Inc. has a one year low of $8.93 and a one year high of $20.82.

Lyft (NASDAQ:LYFT) last issued 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 expect that Lyft, Inc. will post 0.22 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (down from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. Needham & Company LLC reissued a “hold” rating on shares of Lyft in a report on Wednesday, February 12th. UBS Group decreased their price target on Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Susquehanna cut their price objective on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. Finally, Tigress Financial increased their target price on Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Twenty-six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $17.22.

Lyft Company 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.