Trexquant Investment LP Buys 990,662 Shares of Lyft, Inc. (NASDAQ:LYFT)

Trexquant Investment LP boosted its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 70.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,391,574 shares of the ride-sharing company’s stock after buying an additional 990,662 shares during the quarter. Lyft accounts for approximately 0.4% of Trexquant Investment LP’s investment portfolio, making the stock its 26th largest position. Trexquant Investment LP’s holdings in Lyft were worth $30,851,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Headlands Technologies LLC purchased a new stake in Lyft in the 4th quarter worth about $419,000. Geode Capital Management LLC grew its stake in shares of Lyft by 7.6% during the fourth quarter. Geode Capital Management LLC now owns 6,309,681 shares of the ride-sharing company’s stock valued at $81,419,000 after buying an additional 443,109 shares during the last quarter. National Bank of Canada FI raised its holdings in shares of Lyft by 360.2% in the fourth quarter. National Bank of Canada FI now owns 1,027,628 shares of the ride-sharing company’s stock worth $13,256,000 after buying an additional 804,328 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Lyft by 53.9% during the 4th quarter. Alliancebernstein L.P. now owns 120,562 shares of the ride-sharing company’s stock worth $1,555,000 after acquiring an additional 42,218 shares during the last quarter. Finally, Schroder Investment Management Group boosted its holdings in Lyft by 208.8% during the 4th quarter. Schroder Investment Management Group now owns 300,936 shares of the ride-sharing company’s stock valued at $3,927,000 after acquiring an additional 203,475 shares during the period. Institutional investors own 83.07% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on LYFT shares. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a research note on Monday, March 24th. Benchmark raised shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Monday, January 6th. Evercore ISI decreased their price objective on shares of Lyft from $19.00 to $15.00 and set an “in-line” rating for the company in a report on Wednesday, February 12th. DA Davidson dropped their target price on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Finally, Truist Financial decreased their price target on shares of Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday, February 12th. Twenty-seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $17.03.

Insider Buying and Selling at Lyft

In other Lyft news, Director Logan Green sold 11,411 shares of Lyft stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the sale, the director now directly owns 297,640 shares in the company, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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 completion of the sale, the director now owns 911,922 shares in the company, valued at $11,417,263.44. The trade was a 0.27 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,407 shares of company stock worth $203,778. 3.07% of the stock is currently owned by insiders.

Lyft Stock Performance

LYFT opened at $11.87 on Tuesday. The firm’s 50-day moving average price is $12.90 and its 200-day moving average price is $13.84. The company has a market cap of $4.96 billion, a P/E ratio of 197.83, a price-to-earnings-growth ratio of 1.90 and a beta of 2.15. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a 52-week low of $8.93 and a 52-week high of $19.64.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (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%. As a group, equities analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft announced that its Board of Directors has approved a share repurchase program 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 programs are typically a sign that the company’s leadership 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.