State of New Jersey Common Pension Fund D Sells 18,630 Shares of Lyft, Inc. (NASDAQ:LYFT)

State of New Jersey Common Pension Fund D trimmed its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 11.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,755 shares of the ride-sharing company’s stock after selling 18,630 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Lyft were worth $1,932,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Van ECK Associates Corp raised its holdings in Lyft by 14.0% during the fourth quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company’s stock valued at $5,146,000 after acquiring an additional 49,138 shares during the period. Pacer Advisors Inc. grew its position in shares of Lyft by 32.4% during the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after purchasing an additional 2,302,248 shares in the last quarter. Paragon Capital Management Inc. bought a new stake in Lyft during the 4th quarter valued at approximately $1,681,000. KBC Group NV raised its stake in Lyft by 354.9% during the 4th quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company’s stock valued at $3,434,000 after purchasing an additional 207,672 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in Lyft by 59.6% in the 4th quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company’s stock worth $5,006,000 after purchasing an additional 142,880 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on LYFT. Bank of America increased their price objective on shares of Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Benchmark upgraded shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Monday, January 6th. Tigress Financial boosted their price target on shares of Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Royal Bank of Canada restated an “outperform” rating and set a $21.00 price objective on shares of Lyft in a research report on Tuesday, February 18th. Finally, Roth Mkm boosted their target price on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Twenty-six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $17.22.

Lyft Trading Down 2.5 %

NASDAQ LYFT opened at $12.72 on Tuesday. The stock has a market cap of $5.32 billion, a PE ratio of 212.00, a PEG ratio of 1.90 and a beta of 2.16. Lyft, Inc. has a 12 month low of $8.93 and a 12 month high of $20.82. The company’s 50-day moving average price is $13.61 and its 200-day moving average price is $13.67. 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 issued its 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%. Equities research analysts forecast that Lyft, Inc. will post 0.22 earnings per share for the current year.

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

Insiders Place Their Bets

In related news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the sale, the director now directly owns 314,492 shares of the company’s stock, valued at $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.07% of the stock is currently owned by company insiders.

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.