Appaloosa LP Lowers Stock Position in Lyft, Inc. (NASDAQ:LYFT)

Appaloosa LP lowered its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 14.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,500,000 shares of the ride-sharing company’s stock after selling 2,250,000 shares during the quarter. Lyft comprises approximately 2.7% of Appaloosa LP’s portfolio, making the stock its 11th biggest position. Appaloosa LP owned 3.25% of Lyft worth $174,150,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Swiss National Bank raised its position in shares of Lyft by 2.4% in the 4th quarter. Swiss National Bank now owns 750,400 shares of the ride-sharing company’s stock worth $9,680,000 after purchasing an additional 17,900 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Lyft by 25.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,290,461 shares of the ride-sharing company’s stock worth $29,547,000 after purchasing an additional 468,735 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in shares of Lyft in the 4th quarter worth about $1,370,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Lyft by 6.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 71,914 shares of the ride-sharing company’s stock worth $928,000 after purchasing an additional 4,246 shares during the last quarter. Finally, AlphaQuest LLC raised its position in shares of Lyft by 37.6% in the 4th quarter. AlphaQuest LLC now owns 30,928 shares of the ride-sharing company’s stock worth $399,000 after purchasing an additional 8,448 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. UBS Group decreased their target price on Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Needham & Company LLC reissued a “hold” rating on shares of Lyft in a research report on Wednesday, February 12th. Bank of America boosted their target price on Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Tigress Financial boosted their target price on Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Finally, Susquehanna decreased their target price on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. Twenty-six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Lyft presently has an average rating of “Hold” and an average price target of $17.13.

Insider Transactions at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the 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 transaction, the director now directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. This represents a 0.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Logan Green sold 11,411 shares of the stock in a transaction that occurred 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 transaction, the director now owns 297,640 shares of the company’s stock, 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 15,407 shares of company stock valued at $203,778 in the last ninety days. Corporate insiders own 3.07% of the company’s stock.

Lyft Trading Up 1.6 %

LYFT stock opened at $11.61 on Thursday. Lyft, Inc. has a 1-year low of $8.93 and a 1-year high of $20.82. 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 company has a market capitalization of $4.85 billion, a price-to-earnings ratio of 193.50, a PEG ratio of 1.90 and a beta of 2.15. The business has a 50 day simple moving average of $13.33 and a two-hundred day simple moving average of $13.78.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. Research analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft announced that its Board of Directors has initiated a share repurchase program on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.