California Public Employees Retirement System Sells 39,461 Shares of Lyft, Inc. (NASDAQ:LYFT)

California Public Employees Retirement System lowered its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 6.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 621,737 shares of the ride-sharing company’s stock after selling 39,461 shares during the period. California Public Employees Retirement System owned approximately 0.15% of Lyft worth $8,020,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in LYFT. Mirae Asset Global Investments Co. Ltd. acquired a new position in Lyft during the 4th quarter worth approximately $29,000. ORG Wealth Partners LLC bought a new stake in shares of Lyft during the fourth quarter valued at approximately $31,000. Byrne Asset Management LLC bought a new stake in shares of Lyft during the fourth quarter valued at approximately $35,000. Plato Investment Management Ltd acquired a new position in shares of Lyft during the fourth quarter worth approximately $35,000. Finally, Harbour Investments Inc. lifted its holdings in shares of Lyft by 259.7% in the 4th quarter. Harbour Investments Inc. now owns 2,770 shares of the ride-sharing company’s stock worth $36,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 83.07% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of brokerages have commented on LYFT. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research note on Monday, March 24th. Susquehanna decreased their target price on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. JPMorgan Chase & Co. dropped their price target on shares of Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Loop Capital decreased their price objective on Lyft from $23.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Finally, Wells Fargo & Company lowered their price objective on Lyft from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $16.66.

Lyft Stock Down 3.4 %

LYFT opened at $10.47 on Tuesday. Lyft, Inc. has a 12 month low of $8.93 and a 12 month high of $19.55. The company has a market cap of $4.38 billion, a PE ratio of 174.50, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The company has a 50 day moving average of $12.70 and a 200 day moving average of $13.82.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. On average, sell-side analysts expect that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft announced that its board has authorized a stock repurchase plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is 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.