Point72 Italy S.r.l. Purchases Shares of 189,900 Lyft, Inc. (NASDAQ:LYFT)

Point72 Italy S.r.l. acquired a new position in Lyft, Inc. (NASDAQ:LYFT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 189,900 shares of the ride-sharing company’s stock, valued at approximately $2,450,000. Lyft comprises 1.4% of Point72 Italy S.r.l.’s portfolio, making the stock its 20th biggest position.

A number of other institutional investors also recently made changes to their positions in LYFT. Renaissance Technologies LLC lifted its stake in Lyft by 282.0% in the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company’s stock worth $111,240,000 after purchasing an additional 6,365,727 shares during the last quarter. Norges Bank purchased a new position in shares of Lyft in the fourth quarter worth $49,599,000. Pacer Advisors Inc. increased its stake in shares of Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after buying an additional 2,302,248 shares during the period. Capital World Investors raised its holdings in Lyft by 49.4% during the 4th quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company’s stock valued at $87,404,000 after buying an additional 2,240,478 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Lyft by 274.6% during the 4th quarter. Marshall Wace LLP now owns 2,959,267 shares of the ride-sharing company’s stock valued at $38,175,000 after buying an additional 2,169,255 shares during the period. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Insider Activity at Lyft

In other Lyft news, insider Lindsay Catherine Llewellyn sold 22,736 shares of Lyft stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $12.45, for a total value of $283,063.20. Following the completion of the sale, the insider now owns 959,697 shares of the company’s stock, valued at approximately $11,948,227.65. The trade was a 2.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total value of $30,348.48. Following the transaction, the director now directly owns 911,922 shares in the company, valued at $11,417,263.44. The trade was a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,143 shares of company stock valued at $486,841 over the last ninety days. Insiders own 3.07% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on LYFT. DA Davidson reaffirmed a “neutral” rating and set a $15.00 price objective on shares of Lyft in a research note on Wednesday, April 16th. The Goldman Sachs Group upgraded Lyft from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Friday, May 9th. BMO Capital Markets lowered their price target on Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. UBS Group lifted their price objective on Lyft from $12.00 to $14.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Finally, KeyCorp restated a “sector weight” rating on shares of Lyft in a report on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $16.56.

Lyft Trading Down 1.0%

Shares of NASDAQ LYFT opened at $16.86 on Thursday. The company has a market cap of $7.05 billion, a PE ratio of 281.00, a P/E/G ratio of 1.90 and a beta of 2.14. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76. The firm’s 50 day moving average price is $12.12 and its 200-day moving average price is $13.66. Lyft, Inc. has a 52-week low of $8.93 and a 52-week high of $19.07.

Lyft (NASDAQ:LYFT) last issued its earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.19). Lyft had a net margin of 0.39% and a return on equity of 8.03%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.47 billion. During the same quarter in the prior year, the business posted $0.15 earnings per share. The business’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, equities research analysts expect that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

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

About Lyft

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.