Arizona State Retirement System Raises Position in Lyft, Inc. (NASDAQ:LYFT)

Arizona State Retirement System increased its holdings in Lyft, Inc. (NASDAQ:LYFT) by 2.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 110,669 shares of the ride-sharing company’s stock after buying an additional 2,631 shares during the period. Arizona State Retirement System’s holdings in Lyft were worth $1,428,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. True Wealth Design LLC bought a new position in Lyft in the third quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Lyft in the fourth quarter valued at $29,000. ORG Wealth Partners LLC bought a new position in Lyft in the fourth quarter valued at $31,000. Plato Investment Management Ltd bought a new position in Lyft in the fourth quarter valued at $35,000. Finally, Byrne Asset Management LLC bought a new position in Lyft in the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Insider Activity

In other news, Director Logan Green sold 11,411 shares of Lyft stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the transaction, the director now directly owns 297,640 shares in the company, valued at approximately $3,970,517.60. This trade represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total transaction of $30,348.48. Following the transaction, the director now owns 911,922 shares of the company’s stock, valued at $11,417,263.44. The trade was a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,407 shares of company stock worth $203,778. Insiders own 3.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on LYFT shares. Barclays reduced their target price on Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 12th. Susquehanna reduced their target price on Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, February 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research note on Wednesday, February 12th. Wells Fargo & Company reduced their price objective on Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 16th. Finally, Citigroup reaffirmed an “overweight” rating on shares of Lyft in a research note on Wednesday, February 12th. Twenty-six 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $17.13.

Lyft Stock Performance

Shares of LYFT opened at $11.61 on Thursday. 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. The company has a 50-day simple moving average of $13.33 and a two-hundred day simple moving average of $13.78. The firm has a market capitalization of $4.85 billion, a PE ratio of 193.50, a price-to-earnings-growth ratio of 1.90 and a beta of 2.15.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data 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 return on equity of 8.03% and a net margin of 0.39%. On average, analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft declared that its board has initiated a stock buyback plan 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 stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

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.