21,660 Shares in Lyft, Inc. (NASDAQ:LYFT) Bought by Toronto Dominion Bank

Toronto Dominion Bank bought a new position in Lyft, Inc. (NASDAQ:LYFT) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 21,660 shares of the ride-sharing company’s stock, valued at approximately $279,000.

A number of other large investors also recently modified their holdings of LYFT. Renaissance Technologies LLC lifted its holdings in shares of Lyft by 282.0% in the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company’s stock valued at $111,240,000 after purchasing an additional 6,365,727 shares in the last quarter. Norges Bank bought a new position in Lyft during the 4th quarter valued at $49,599,000. Pacer Advisors Inc. lifted its stake in Lyft by 32.4% during the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock valued at $121,369,000 after acquiring an additional 2,302,248 shares in the last quarter. Capital World Investors lifted its stake in Lyft by 49.4% during the 4th quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company’s stock valued at $87,404,000 after acquiring an additional 2,240,478 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in Lyft by 274.6% during the 4th quarter. Marshall Wace LLP now owns 2,959,267 shares of the ride-sharing company’s stock valued at $38,175,000 after acquiring an additional 2,169,255 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on LYFT. Truist Financial dropped their price objective on Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research note on Wednesday, February 12th. Piper Sandler restated an “overweight” rating and set a $18.00 price objective (down from $23.00) on shares of Lyft in a research note on Wednesday, February 12th. JPMorgan Chase & Co. raised their price objective on Lyft from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Susquehanna lifted their price target on Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, May 12th. Finally, Morgan Stanley dropped their price target on Lyft from $17.00 to $15.00 and set an “equal weight” rating on the stock in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, twenty-five have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Lyft currently has an average rating of “Hold” and a consensus price target of $16.63.

Lyft Stock Performance

NASDAQ LYFT opened at $16.10 on Friday. The company’s 50 day moving average is $12.78 and its 200-day moving average is $13.79. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $19.07. 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 firm has a market cap of $6.73 billion, a P/E ratio of 268.33, a price-to-earnings-growth ratio of 1.90 and a beta of 2.14.

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

Lyft declared that its Board of Directors has authorized a share repurchase program 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 purchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the transaction, the director now directly owns 911,922 shares in the company, valued at $11,417,263.44. This represents a 0.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Logan Green sold 11,411 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the completion of the transaction, the director now owns 297,640 shares in the company, valued at $3,970,517.60. This represents a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,571 shares of company stock worth $465,634 over the last ninety days. Company insiders own 3.07% of the company’s stock.

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.