Neo Ivy Capital Management Increases Position in Lyft, Inc. (NASDAQ:LYFT)

Neo Ivy Capital Management lifted its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 52.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,718 shares of the ride-sharing company’s stock after purchasing an additional 57,694 shares during the period. Neo Ivy Capital Management’s holdings in Lyft were worth $2,163,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in LYFT. Vanguard Group Inc. grew its position in shares of Lyft by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock valued at $464,434,000 after purchasing an additional 984,907 shares in the last quarter. Pacer Advisors Inc. boosted its stake in 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 buying an additional 2,302,248 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in Lyft by 15.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company’s stock worth $120,463,000 after buying an additional 1,224,056 shares during the period. Renaissance Technologies LLC boosted its position in shares of Lyft by 282.0% during the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company’s stock worth $111,240,000 after purchasing an additional 6,365,727 shares during the period. Finally, Two Sigma Investments LP boosted its position in shares of Lyft by 156.9% during the 4th quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company’s stock worth $103,524,000 after purchasing an additional 4,901,358 shares during the period. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, 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 sale, the director now owns 297,640 shares in the company, valued at $3,970,517.60. The trade was a 3.69% 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, insider Lindsay Catherine Llewellyn sold 22,736 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $12.45, for a total value of $283,063.20. Following the completion of the sale, the insider now directly owns 959,697 shares of the company’s stock, valued at approximately $11,948,227.65. This represents a 2.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,571 shares of company stock worth $465,634. 3.07% of the stock is owned by corporate insiders.

Lyft Stock Up 0.1%

NASDAQ LYFT opened at $15.99 on Friday. The stock has a market cap of $6.68 billion, a PE ratio of 266.50, a P/E/G ratio of 1.90 and a beta of 2.14. The business has a 50 day moving average price of $12.69 and a two-hundred day moving average price of $13.78. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $19.07.

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

Lyft declared that its Board of Directors has approved a share buyback 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 buy up to 8.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Barclays increased their price objective on shares of Lyft from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. Bank of America lowered Lyft from a “buy” rating to an “underperform” rating and set a $10.50 target price for the company. in a report on Thursday, April 3rd. Oppenheimer reiterated an “outperform” rating and issued a $17.00 price target (up previously from $15.00) on shares of Lyft in a research note on Friday, May 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $21.00 price objective on shares of Lyft in a research report on Monday, March 17th. Finally, Evercore ISI decreased their price target on Lyft from $19.00 to $15.00 and set an “in-line” rating for the company in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, twenty-five have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Lyft has an average rating of “Hold” and a consensus price target of $16.63.

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.