Jupiter Asset Management Ltd. Buys 1,110,305 Shares of Lyft, Inc. $LYFT

Jupiter Asset Management Ltd. increased its position in Lyft, Inc. (NASDAQ:LYFT) by 56.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,064,577 shares of the ride-sharing company’s stock after acquiring an additional 1,110,305 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Lyft were worth $67,451,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Heartland Advisors Inc. grew its position in shares of Lyft by 68.2% during the third quarter. Heartland Advisors Inc. now owns 594,800 shares of the ride-sharing company’s stock worth $13,092,000 after purchasing an additional 241,250 shares in the last quarter. Nierenberg Investment Management Company Inc. purchased a new position in shares of Lyft in the second quarter worth $671,000. Savant Capital LLC boosted its position in shares of Lyft by 78.1% during the second quarter. Savant Capital LLC now owns 427,813 shares of the ride-sharing company’s stock worth $6,742,000 after acquiring an additional 187,625 shares during the last quarter. CWM LLC grew its stake in Lyft by 52.1% during the third quarter. CWM LLC now owns 819,677 shares of the ride-sharing company’s stock valued at $18,041,000 after acquiring an additional 280,886 shares in the last quarter. Finally, Abacus FCF Advisors LLC purchased a new stake in Lyft in the 3rd quarter worth $6,442,000. 83.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Sanford C. Bernstein boosted their price objective on shares of Lyft from $22.00 to $23.00 and gave the company a “market perform” rating in a report on Monday, November 10th. Canaccord Genuity Group dropped their target price on Lyft from $19.00 to $16.00 and set a “hold” rating on the stock in a research report on Wednesday, February 11th. Truist Financial reduced their target price on shares of Lyft from $23.00 to $18.00 and set a “hold” rating for the company in a research report on Wednesday, February 11th. Roth Mkm set a $22.00 target price on Lyft in a research note on Wednesday, February 11th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Lyft in a research note on Thursday, January 22nd. Ten equities research analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $19.66.

Insiders Place Their Bets

In other Lyft news, Director David Lawee sold 6,578 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $22.55, for a total value of $148,333.90. Following the completion of the transaction, the director directly owned 104,460 shares in the company, valued at $2,355,573. This represents a 5.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jill Beggs sold 1,466 shares of the firm’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $20.25, for a total value of $29,686.50. Following the transaction, the director owned 34,278 shares of the company’s stock, valued at approximately $694,129.50. The trade was a 4.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 187,443 shares of company stock worth $4,178,618 in the last 90 days. Insiders own 3.07% of the company’s stock.

Lyft Price Performance

Shares of Lyft stock opened at $13.90 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.31. Lyft, Inc. has a 52 week low of $9.66 and a 52 week high of $25.54. The company has a market cap of $5.55 billion, a PE ratio of 2.04, a P/E/G ratio of 0.80 and a beta of 1.93. The business has a 50 day moving average of $17.88 and a 200 day moving average of $18.99.

Lyft declared that its Board of Directors has initiated a stock buyback plan on Tuesday, February 10th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the ride-sharing company to purchase up to 15.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Lyft Company Profile

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.