Verition Fund Management LLC Buys 324,061 Shares of Lyft, Inc. (NASDAQ:LYFT)

Verition Fund Management LLC lifted its stake in Lyft, Inc. (NASDAQ:LYFTFree Report) by 201.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 485,153 shares of the ride-sharing company’s stock after buying an additional 324,061 shares during the period. Verition Fund Management LLC owned approximately 0.12% of Lyft worth $7,272,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Lyft by 3.7% in the third quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock valued at $331,562,000 after buying an additional 1,135,036 shares during the period. Norges Bank acquired a new stake in shares of Lyft in the 4th quarter valued at $94,687,000. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Lyft by 5.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 5,619,470 shares of the ride-sharing company’s stock valued at $59,229,000 after purchasing an additional 300,982 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Lyft by 21.3% in the 3rd quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock valued at $46,647,000 after purchasing an additional 778,563 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Lyft by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,630,432 shares of the ride-sharing company’s stock valued at $54,420,000 after purchasing an additional 141,823 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on LYFT shares. Bank of America raised Lyft from an “underperform” rating to a “buy” rating and raised their target price for the company from $15.00 to $20.00 in a report on Friday. Loop Capital raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Friday. BMO Capital Markets increased their price target on Lyft from $18.00 to $19.00 and gave the company a “market perform” rating in a research note on Friday. Argus upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research note on Tuesday, March 5th. Finally, JPMorgan Chase & Co. increased their price target on Lyft from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.04.

Read Our Latest Analysis on Lyft

Lyft Stock Performance

Shares of Lyft stock opened at $15.08 on Tuesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.92. The business has a 50-day moving average price of $16.76 and a two-hundred day moving average price of $15.60. Lyft, Inc. has a 1-year low of $8.85 and a 1-year high of $20.82. The company has a market cap of $6.08 billion, a P/E ratio of -32.08 and a beta of 2.09.

Lyft (NASDAQ:LYFTGet Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.17 billion. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. As a group, analysts anticipate that Lyft, Inc. will post -0.2 EPS for the current year.

Insider Activity

In other news, Director John Patrick Zimmer sold 193,200 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.04, for a total value of $3,871,728.00. Following the completion of the sale, the director now directly owns 932,544 shares in the company, valued at approximately $18,688,181.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director John Patrick Zimmer sold 193,200 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.04, for a total value of $3,871,728.00. Following the completion of the sale, the director now directly owns 932,544 shares in the company, valued at approximately $18,688,181.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Kristin Sverchek sold 16,000 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $20.00, for a total value of $320,000.00. Following the completion of the sale, the president now owns 80,978 shares of the company’s stock, valued at $1,619,560. The disclosure for this sale can be found here. Insiders sold a total of 246,033 shares of company stock worth $4,782,237 in the last three months. Company insiders own 3.07% of the company’s stock.

About Lyft

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Lyft (NASDAQ:LYFT)

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