Stephen Hope Sells 5,460 Shares of Lyft (NASDAQ:LYFT) Stock

Lyft, Inc. (NASDAQ:LYFT) CAO Stephen Hope sold 5,460 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total transaction of $75,129.60. Following the transaction, the chief accounting officer directly owned 335,463 shares in the company, valued at approximately $4,615,970.88. This represents a 1.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Lyft Stock Performance

NASDAQ:LYFT opened at $14.11 on Friday. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.33. The company has a market cap of $5.36 billion, a P/E ratio of 2.06, a P/E/G ratio of 0.88 and a beta of 1.84. Lyft, Inc. has a fifty-two week low of $12.46 and a fifty-two week high of $25.54. The firm’s 50 day moving average is $13.74 and its two-hundred day moving average is $16.49.

Lyft (NASDAQ:LYFT) last issued its earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.26). Lyft had a net margin of 43.82% and a negative return on equity of 2.09%. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the business posted $0.01 EPS. The business’s revenue was up 17.2% on a year-over-year basis. Analysts expect that Lyft, Inc. will post 0.66 EPS for the current year.

Lyft declared that its Board of Directors has approved a share buyback plan on Tuesday, February 10th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the ride-sharing company to reacquire up to 15.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Lyft

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Centaurus Financial Inc. increased its stake in Lyft by 16.4% during the 1st quarter. Centaurus Financial Inc. now owns 61,042 shares of the ride-sharing company’s stock worth $812,000 after buying an additional 8,600 shares during the period. Bull Harbor Capital LLC purchased a new stake in Lyft during the 1st quarter worth $160,000. Altshuler Shaham Ltd increased its stake in Lyft by 51.6% during the 1st quarter. Altshuler Shaham Ltd now owns 7,662,027 shares of the ride-sharing company’s stock worth $101,905,000 after buying an additional 2,607,417 shares during the period. California State Teachers Retirement System increased its stake in Lyft by 22.8% during the 1st quarter. California State Teachers Retirement System now owns 449,299 shares of the ride-sharing company’s stock worth $5,976,000 after buying an additional 83,412 shares during the period. Finally, Readystate Asset Management LP increased its stake in Lyft by 45.1% during the 1st quarter. Readystate Asset Management LP now owns 231,292 shares of the ride-sharing company’s stock worth $3,076,000 after buying an additional 71,892 shares during the period. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. DA Davidson cut their target price on shares of Lyft from $19.00 to $14.50 and set a “neutral” rating on the stock in a research note on Monday, May 18th. Wells Fargo & Company cut their target price on shares of Lyft from $26.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 11th. Guggenheim cut their target price on shares of Lyft from $26.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. Truist Financial raised their target price on shares of Lyft from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, May 8th. Finally, Wedbush cut their target price on shares of Lyft from $16.00 to $13.00 and set an “underperform” rating on the stock in a research note on Wednesday, February 11th. Eight equities research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $18.83.

About Lyft

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.