Handelsbanken Fonder AB Has $1.13 Million Stock Position in Lyft, Inc. (NASDAQ:LYFT)

Handelsbanken Fonder AB lifted its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 17.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 87,600 shares of the ride-sharing company’s stock after buying an additional 13,200 shares during the period. Handelsbanken Fonder AB’s holdings in Lyft were worth $1,130,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Van ECK Associates Corp increased its holdings 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. grew its position in shares of Lyft by 32.4% in the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock valued at $121,369,000 after buying an additional 2,302,248 shares during the last quarter. Paragon Capital Management Inc. bought a new stake in shares of Lyft in the 4th quarter valued at about $1,681,000. KBC Group NV grew its position in shares of Lyft by 354.9% in the 4th quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company’s stock valued at $3,434,000 after buying an additional 207,672 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in shares of Lyft by 59.6% in the 4th quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company’s stock valued at $5,006,000 after buying an additional 142,880 shares during the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.

Analyst Ratings Changes

LYFT has been the topic of a number of analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $21.00 price target on shares of Lyft in a research report on Tuesday, February 18th. Piper Sandler restated an “overweight” rating and set a $18.00 target price (down previously from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. Wells Fargo & Company cut their target price on Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 16th. Loop Capital upped their target price on Lyft from $16.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Benchmark upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Monday, January 6th. Twenty-six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.22.

Lyft Trading Up 1.6 %

NASDAQ:LYFT opened at $13.02 on Friday. The firm 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 fifty day moving average price of $13.56 and a 200 day moving average price of $13.68. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $20.82. 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 released its 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%. Sell-side analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its Board of Directors has initiated a share buyback program on Tuesday, February 11th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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 completion of the sale, the director now directly owns 911,922 shares of the company’s stock, valued at $11,417,263.44. The trade was a 0.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.07% of the stock is currently owned by company insiders.

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.