Sei Investments Co. Acquires 667,123 Shares of Lyft, Inc. (NASDAQ:LYFT)

Sei Investments Co. increased its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 780.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 752,621 shares of the ride-sharing company’s stock after buying an additional 667,123 shares during the period. Sei Investments Co.’s holdings in Lyft were worth $9,709,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Van ECK Associates Corp boosted its position in Lyft by 14.0% during the 4th quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company’s stock valued at $5,146,000 after acquiring an additional 49,138 shares in the last quarter. Pacer Advisors Inc. boosted its position in Lyft by 32.4% during the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock valued at $121,369,000 after purchasing an additional 2,302,248 shares in the last quarter. Paragon Capital Management Inc. purchased a new position in Lyft in the fourth quarter valued at about $1,681,000. KBC Group NV raised its holdings in Lyft by 354.9% in the fourth quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company’s stock worth $3,434,000 after purchasing an additional 207,672 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Lyft by 33.9% during the fourth quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company’s stock valued at $50,031,000 after buying an additional 981,186 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Benchmark upgraded shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Monday, January 6th. BMO Capital Markets decreased their price objective on Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. JPMorgan Chase & Co. dropped their target price on Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Wedbush lowered their price target on Lyft from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, February 12th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $21.00 price target on shares of Lyft in a research note on Monday, March 17th. Twenty-seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $17.03.

Lyft Stock Performance

Shares of LYFT stock opened at $11.57 on Monday. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $19.64. The business’s 50 day moving average is $12.94 and its two-hundred day moving average is $13.83. The company has a market capitalization of $4.84 billion, a P/E ratio of 192.83, a P/E/G ratio of 1.90 and a beta of 2.15.

Lyft (NASDAQ:LYFT) last announced 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 net margin of 0.39% and a return on equity of 8.03%. Analysts expect that Lyft, Inc. will post 0.22 EPS 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 buy up to 8.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Lyft

In related 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 value of $30,348.48. Following the completion of the transaction, the director now directly owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. This represents a 0.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Logan Green sold 11,411 shares of Lyft stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total transaction of $152,222.74. Following the sale, the director now directly owns 297,640 shares in the company, valued at approximately $3,970,517.60. This trade represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,407 shares of company stock valued at $203,778 over the last ninety days. Corporate insiders own 3.07% of the company’s stock.

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.