Adage Capital Partners GP L.L.C. Has $27.25 Million Stock Holdings in Lyft, Inc. (NASDAQ:LYFT)

Adage Capital Partners GP L.L.C. raised its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 181.6% during the fourth quarter, Holdings Channel reports. The firm owned 2,112,000 shares of the ride-sharing company’s stock after buying an additional 1,362,000 shares during the period. Adage Capital Partners GP L.L.C.’s holdings in Lyft were worth $27,245,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC boosted its stake in Lyft by 3.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock valued at $363,000 after buying an additional 969 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Lyft by 8.2% during the third quarter. Tidal Investments LLC now owns 221,906 shares of the ride-sharing company’s stock valued at $2,829,000 after acquiring an additional 16,911 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in shares of Lyft by 37.2% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 45,976 shares of the ride-sharing company’s stock valued at $585,000 after purchasing an additional 12,462 shares in the last quarter. Everence Capital Management Inc. bought a new stake in shares of Lyft in the 4th quarter worth about $171,000. Finally, Nordea Investment Management AB increased its position in shares of Lyft by 59.6% during the 4th quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company’s stock worth $5,006,000 after purchasing an additional 142,880 shares in the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on LYFT shares. Morgan Stanley decreased their price objective on shares of Lyft from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 17th. Susquehanna reduced their price objective on Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, February 13th. Citigroup restated an “overweight” rating on shares of Lyft in a research note on Wednesday, February 12th. Piper Sandler reiterated an “overweight” rating and set a $18.00 price target (down previously from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. Finally, Wedbush lowered their price objective on shares of Lyft from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, twenty-seven have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.45.

Insider Buying and Selling

In other news, Director Logan Green sold 11,411 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the sale, the director now directly owns 297,640 shares in the company, valued at $3,970,517.60. The trade was a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the transaction, the director now owns 911,922 shares of the company’s stock, valued at approximately $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 a total of 15,407 shares of company stock worth $203,778 over the last ninety days. Company insiders own 3.07% of the company’s stock.

Lyft Stock Up 1.2 %

Shares of Lyft stock opened at $12.21 on Friday. Lyft, Inc. has a 1 year low of $8.93 and a 1 year high of $19.07. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. The company has a market capitalization of $5.10 billion, a P/E ratio of 203.50, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13. The business has a 50-day moving average of $11.82 and a two-hundred day moving average of $13.62.

Lyft (NASDAQ:LYFT) last posted its 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 predict that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft declared that its board has authorized a share repurchase program on Tuesday, February 11th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares buyback programs are generally 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.