Two Sigma Investments LP Acquires 4,901,358 Shares of Lyft, Inc. (NASDAQ:LYFT)

Two Sigma Investments LP lifted its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 156.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,025,099 shares of the ride-sharing company’s stock after acquiring an additional 4,901,358 shares during the period. Two Sigma Investments LP owned approximately 1.93% of Lyft worth $103,524,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Van ECK Associates Corp increased its position in shares of Lyft by 14.0% during the fourth quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company’s stock worth $5,146,000 after acquiring an additional 49,138 shares in the last quarter. Pacer Advisors Inc. grew its position in Lyft by 32.4% in the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after purchasing an additional 2,302,248 shares in the last quarter. Paragon Capital Management Inc. bought a new stake in Lyft in the 4th quarter worth about $1,681,000. Renaissance Technologies LLC grew its position in Lyft by 282.0% in the 4th 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 in the last quarter. Finally, Federated Hermes Inc. grew its position in Lyft by 1,957.5% in the 4th quarter. Federated Hermes Inc. now owns 288,827 shares of the ride-sharing company’s stock worth $3,726,000 after purchasing an additional 274,789 shares in the last quarter. 83.07% of the stock is owned by institutional investors.

Lyft Stock Performance

Lyft stock opened at $16.77 on Monday. The firm’s fifty day moving average price is $12.32 and its 200-day moving average price is $13.71. 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 stock has a market cap of $7.01 billion, a P/E ratio of 279.50, a price-to-earnings-growth ratio of 1.90 and a beta of 2.14. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $19.07.

Lyft (NASDAQ:LYFT) last released 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). The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.47 billion. Lyft had a net margin of 0.39% and a return on equity of 8.03%. Lyft’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.15 EPS. On average, equities research analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 11th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the ride-sharing company to purchase up to 8.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on LYFT shares. BMO Capital Markets reduced their price objective 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. Loop Capital reduced their price objective on shares of Lyft from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Truist Financial reduced their price objective on shares of Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday, February 12th. JPMorgan Chase & Co. upped their price objective on shares of Lyft from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Finally, Roth Capital reaffirmed a “neutral” rating on shares of Lyft in a research report on Wednesday, February 12th. 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 given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $16.56.

Insider Transactions at Lyft

In other news, 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 transaction, the director now directly owns 911,922 shares of the company’s stock, valued at $11,417,263.44. This represents a 0.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of the stock in a transaction 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 transaction, the insider now directly owns 959,697 shares in the company, valued at $11,948,227.65. The trade was a 2.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,143 shares of company stock valued at $486,841. Company insiders own 3.07% of the company’s stock.

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.