Point72 Italy S.r.l. Purchases New Position in Lyft, Inc. (NASDAQ:LYFT)

Point72 Italy S.r.l. acquired a new position in shares of Lyft, Inc. (NASDAQ:LYFT) in the fourth quarter, according to its most recent Form 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 makes up approximately 1.4% of Point72 Italy S.r.l.’s investment portfolio, making the stock its 20th largest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Lyft by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock worth $464,434,000 after purchasing an additional 984,907 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Lyft by 32.4% during the 4th 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 in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of Lyft by 15.1% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company’s stock worth $120,463,000 after buying an additional 1,224,056 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of 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 buying an additional 6,365,727 shares during the last quarter. Finally, Capital World Investors grew its holdings in shares of Lyft by 49.4% in the fourth quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company’s stock valued at $87,404,000 after acquiring an additional 2,240,478 shares in the last quarter. 83.07% of the stock is owned by institutional investors.

Insider Activity

In related news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 911,922 shares of the company’s stock, valued at $11,417,263.44. This trade represents a 0.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 sale, the director now owns 297,640 shares of the company’s stock, valued at approximately $3,970,517.60. The trade was a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,143 shares of company stock worth $486,841. 3.07% of the stock is currently owned by insiders.

Lyft Stock Down 1.0%

LYFT opened at $16.86 on Thursday. The firm has a market capitalization of $7.05 billion, a P/E ratio of 281.00, a price-to-earnings-growth ratio of 1.90 and a beta of 2.14. Lyft, Inc. has a one year low of $8.93 and a one year high of $19.07. The company has a fifty day moving average price of $12.12 and a 200-day moving average price of $13.66. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75.

Lyft (NASDAQ:LYFT) last posted 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 analysts’ expectations of $1.47 billion. Lyft had a return on equity of 8.03% and a net margin of 0.39%. Lyft’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.15 earnings per share. Equities research analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on LYFT shares. DA Davidson reissued a “neutral” rating and issued a $15.00 price objective on shares of Lyft in a research report on Wednesday, April 16th. Barclays boosted their price target on shares of Lyft from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. Roth Capital restated a “neutral” rating on shares of Lyft in a report on Wednesday, February 12th. Citigroup reissued an “overweight” rating on shares of Lyft in a research report on Wednesday, February 12th. Finally, BMO Capital Markets lowered their price target on shares of Lyft from $18.00 to $15.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, twenty-five have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Lyft presently has a consensus rating of “Hold” and a consensus target price of $16.56.

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.