True Wealth Design LLC Purchases 2,115 Shares of Lyft, Inc. (NASDAQ:LYFT)

True Wealth Design LLC raised its position in Lyft, Inc. (NASDAQ:LYFT) by 98.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,264 shares of the ride-sharing company’s stock after acquiring an additional 2,115 shares during the quarter. True Wealth Design LLC’s holdings in Lyft were worth $55,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Toronto Dominion Bank bought a new position in shares of Lyft in the fourth quarter worth about $279,000. Shellback Capital LP bought a new position in shares of Lyft in the fourth quarter worth about $1,935,000. Sherbrooke Park Advisers LLC raised its stake in shares of Lyft by 39.6% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 111,105 shares of the ride-sharing company’s stock worth $1,433,000 after buying an additional 31,500 shares during the period. Point72 Italy S.r.l. bought a new position in shares of Lyft in the fourth quarter worth about $2,450,000. Finally, Quantinno Capital Management LP bought a new position in shares of Lyft in the fourth quarter worth about $157,000. Institutional investors own 83.07% of the company’s stock.

Lyft Price Performance

NASDAQ:LYFT opened at $16.77 on Friday. Lyft, Inc. has a 1 year low of $8.93 and a 1 year high of $19.07. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. The firm has a market capitalization of $7.01 billion, a price-to-earnings ratio of 279.50, a PEG ratio of 1.90 and a beta of 2.14. The business has a 50 day simple moving average of $12.32 and a 200-day simple moving average of $13.70.

Lyft (NASDAQ:LYFT) last issued its quarterly 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). Lyft had a return on equity of 8.03% and a net margin of 0.39%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the prior year, the business posted $0.15 earnings per share. Lyft’s revenue was up 13.5% on a year-over-year basis. Equities analysts forecast that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft announced that its Board of Directors has authorized a share buyback plan on Tuesday, February 11th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently issued reports on LYFT shares. Roth Capital reiterated a “neutral” rating on shares of Lyft in a research report on Wednesday, February 12th. Evercore ISI cut their target price on Lyft from $19.00 to $15.00 and set an “in-line” rating for the company in a research report on Wednesday, February 12th. Loop Capital cut their target price on Lyft from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Truist Financial cut their target price on Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday, February 12th. Finally, Barclays increased their target price on Lyft from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, twenty-five have given 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, the stock has a consensus rating of “Hold” and an average target price of $16.56.

Insider Buying and Selling

In related news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total transaction of $30,348.48. Following the completion of the sale, the director now directly owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. This trade represents a 0.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Logan Green sold 11,411 shares of Lyft stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total value of $152,222.74. Following the sale, the director now directly owns 297,640 shares of the company’s stock, valued at approximately $3,970,517.60. This trade represents a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 38,143 shares of company stock valued at $486,841. 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.