Legal & General Group Plc Sells 149,089 Shares of Lyft, Inc. $LYFT

Legal & General Group Plc reduced its position in Lyft, Inc. (NASDAQ:LYFT) by 25.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 425,872 shares of the ride-sharing company’s stock after selling 149,089 shares during the quarter. Legal & General Group Plc owned approximately 0.11% of Lyft worth $8,249,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brown Brothers Harriman & Co. raised its stake in Lyft by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 3,399 shares of the ride-sharing company’s stock worth $75,000 after acquiring an additional 639 shares in the last quarter. CI Investments Inc. increased its position in Lyft by 39.1% in the third quarter. CI Investments Inc. now owns 2,321 shares of the ride-sharing company’s stock worth $51,000 after purchasing an additional 653 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Lyft by 5.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 12,808 shares of the ride-sharing company’s stock worth $248,000 after buying an additional 681 shares during the last quarter. Allegiance Financial Group Advisory Services LLC boosted its holdings in Lyft by 4.3% during the fourth quarter. Allegiance Financial Group Advisory Services LLC now owns 18,153 shares of the ride-sharing company’s stock worth $352,000 after buying an additional 756 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Lyft by 0.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,399 shares of the ride-sharing company’s stock valued at $3,684,000 after purchasing an additional 771 shares in the last quarter. 83.07% of the stock is owned by institutional investors.

Lyft Price Performance

Lyft stock opened at $13.65 on Friday. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $5.18 billion, a PE ratio of 1.99, a P/E/G ratio of 0.88 and a beta of 1.82. Lyft, Inc. has a 12 month low of $12.46 and a 12 month high of $25.54. The stock has a 50-day moving average price of $13.83 and a two-hundred day moving average price of $16.15.

Lyft (NASDAQ:LYFT) last posted its earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.26). The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. Lyft had a net margin of 43.82% and a negative return on equity of 2.09%. Lyft’s revenue for the quarter was up 17.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.01 earnings per share. Analysts expect that Lyft, Inc. will post 0.66 EPS for the current year.

Lyft announced that its Board of Directors has approved a share buyback plan on Tuesday, February 10th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the ride-sharing company to buy up to 15.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 11,491 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $15.00, for a total transaction of $172,365.00. Following the completion of the sale, the insider directly owned 853,731 shares in the company, valued at $12,805,965. This represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,093 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total transaction of $28,799.68. Following the sale, the director owned 30,092 shares of the company’s stock, valued at approximately $414,065.92. This trade represents a 6.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 54,196 shares of company stock worth $788,521 over the last three months. 0.92% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Wells Fargo & Company cut their target price on Lyft from $26.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 11th. Canaccord Genuity Group decreased their target price on Lyft from $16.00 to $15.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Barclays reduced their price target on Lyft from $27.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 11th. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research note on Wednesday, February 11th. Finally, Wedbush cut their target price on Lyft from $16.00 to $13.00 and set an “underperform” rating for the company in a research report on Wednesday, February 11th. Eight analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.83.

Lyft 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.