Stock Traders Buy Large Volume of Lyft Call Options (NASDAQ:LYFT)

Lyft, Inc. (NASDAQ:LYFT) was the target of some unusual options trading activity on Tuesday. Traders bought 83,415 call options on the stock. This is an increase of 80% compared to the average daily volume of 46,249 call options.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Susquehanna lowered their price target on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. BMO Capital Markets decreased their target price on shares of Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. JPMorgan Chase & Co. cut their price target on Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. Needham & Company LLC reissued a “hold” rating on shares of Lyft in a report on Monday. Finally, Truist Financial cut their target price on Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research note on Wednesday, February 12th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $17.03.

Insider Activity

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 value 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Logan Green sold 11,411 shares of the company’s stock in a transaction on Thursday, February 27th. The stock was 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 approximately $3,970,517.60. The trade was 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 15,407 shares of company stock valued at $203,778. Company insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On Lyft

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LYFT. Victory Capital Management Inc. increased its stake in shares of Lyft by 2.1% in the third quarter. Victory Capital Management Inc. now owns 120,443 shares of the ride-sharing company’s stock worth $1,536,000 after acquiring an additional 2,476 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new position in Lyft in the 3rd quarter worth about $131,000. Cerity Partners LLC purchased a new stake in shares of Lyft during the 3rd quarter worth about $1,057,000. Algert Global LLC lifted its holdings in shares of Lyft by 23.7% during the 3rd quarter. Algert Global LLC now owns 263,509 shares of the ride-sharing company’s stock valued at $3,360,000 after buying an additional 50,470 shares during the last quarter. Finally, Pitcairn Co. bought a new stake in shares of Lyft in the 3rd quarter valued at approximately $140,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Lyft Price Performance

LYFT opened at $12.27 on Thursday. Lyft has a 12-month low of $8.93 and a 12-month high of $19.96. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $5.13 billion, a P/E ratio of 204.50, a PEG ratio of 1.90 and a beta of 2.15. The stock has a fifty day moving average of $13.00 and a 200-day moving average of $13.81.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. Equities analysts forecast that Lyft will post 0.22 EPS for the current fiscal year.

Lyft declared that its board has authorized a stock buyback plan on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board 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.