Northern Trust Corp Raises Position in Lyft, Inc. (NASDAQ:LYFT)

Northern Trust Corp boosted its holdings in Lyft, Inc. (NASDAQ:LYFT) by 18.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,951,636 shares of the ride-sharing company’s stock after buying an additional 297,961 shares during the period. Northern Trust Corp owned approximately 0.47% of Lyft worth $25,176,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. The Manufacturers Life Insurance Company grew its stake in Lyft by 1.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 83,822 shares of the ride-sharing company’s stock valued at $1,081,000 after buying an additional 1,132 shares in the last quarter. Beacon Pointe Advisors LLC grew its stake in Lyft by 285.7% in the 4th quarter. Beacon Pointe Advisors LLC now owns 98,952 shares of the ride-sharing company’s stock valued at $1,276,000 after buying an additional 73,299 shares in the last quarter. Aquatic Capital Management LLC grew its stake in Lyft by 141.8% in the 4th quarter. Aquatic Capital Management LLC now owns 624,741 shares of the ride-sharing company’s stock valued at $8,059,000 after buying an additional 366,341 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Lyft in the 4th quarter valued at approximately $806,000. Finally, Voya Investment Management LLC grew its stake in Lyft by 2.4% in the 4th quarter. Voya Investment Management LLC now owns 248,536 shares of the ride-sharing company’s stock valued at $3,206,000 after buying an additional 5,883 shares in the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Logan Green sold 11,411 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,970,517.60. This represents a 3.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction dated 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 directly owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. This trade represents 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 38,143 shares of company stock valued at $486,841. Insiders own 3.07% of the company’s stock.

Lyft Stock Performance

Lyft stock opened at $16.64 on Monday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $6.96 billion, a PE ratio of 277.33, a P/E/G ratio of 1.90 and a beta of 2.14. The firm has a fifty day simple moving average of $11.84 and a two-hundred day simple moving average of $13.59. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $19.07.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Thursday, May 8th. The ride-sharing company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.19). The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.47 billion. Lyft had a net margin of 0.39% and a return on equity of 8.03%. The business’s revenue was up 13.5% on a year-over-year basis. During the same period last year, the company posted $0.15 earnings per share. Research analysts expect that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 11th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. UBS Group lifted their price objective on shares of Lyft from $12.00 to $14.00 and gave the company a “neutral” rating in a research note on Friday. Oppenheimer reissued an “outperform” rating and issued a $17.00 price target (up from $15.00) on shares of Lyft in a report on Friday. Barclays raised their price target on shares of Lyft from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Friday. Loop Capital cut their price target on shares of Lyft from $23.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Finally, KeyCorp reissued a “sector weight” rating on shares of Lyft in a report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, twenty-five have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.47.

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.