SouthState Corp Has $287,000 Position in Lyft, Inc. (NASDAQ:LYFT)

SouthState Corp lessened its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 7.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 22,245 shares of the ride-sharing company’s stock after selling 1,727 shares during the quarter. SouthState Corp’s holdings in Lyft were worth $287,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Janney Montgomery Scott LLC lifted its position in Lyft by 31.0% during the third quarter. Janney Montgomery Scott LLC now owns 58,785 shares of the ride-sharing company’s stock worth $750,000 after acquiring an additional 13,915 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Lyft during the 3rd quarter worth approximately $310,000. Victory Capital Management Inc. boosted its stake in Lyft by 2.1% in the 3rd quarter. Victory Capital Management Inc. now owns 120,443 shares of the ride-sharing company’s stock valued at $1,536,000 after purchasing an additional 2,476 shares during the period. EULAV Asset Management grew its holdings in Lyft by 10.7% in the 3rd quarter. EULAV Asset Management now owns 310,000 shares of the ride-sharing company’s stock valued at $3,952,000 after buying an additional 30,000 shares in the last quarter. Finally, Citizens Financial Group Inc. RI bought a new position in Lyft during the 3rd quarter worth $131,000. Institutional investors own 83.07% of the company’s stock.

Insider Buying and Selling at Lyft

In other news, Director Logan Green sold 11,411 shares of the company’s 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 represents a 3.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction 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 sale, the director now 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,407 shares of company stock worth $203,778. Insiders own 3.07% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wells Fargo & Company decreased their price target on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 16th. Barclays decreased their target price on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 12th. Piper Sandler reiterated an “overweight” rating and issued a $18.00 price target (down from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. DA Davidson reduced their price target on Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Finally, Cantor Fitzgerald lowered their price objective on Lyft from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Twenty-six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Lyft has a consensus rating of “Hold” and a consensus target price of $17.13.

Lyft Stock Up 0.9 %

NASDAQ:LYFT opened at $12.03 on Tuesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. Lyft, Inc. has a one year low of $8.93 and a one year high of $20.82. The firm’s 50 day simple moving average is $13.19 and its 200 day simple moving average is $13.80. The company has a market cap of $5.03 billion, a PE ratio of 200.50, a P/E/G ratio of 1.90 and a beta of 2.15.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data 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%. On average, research analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current year.

Lyft announced that its Board of Directors has approved a stock repurchase plan on Tuesday, February 11th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Lyft 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.