Appaloosa LP Sells 2,250,000 Shares of Lyft, Inc. (NASDAQ:LYFT)

Appaloosa LP trimmed its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 14.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,500,000 shares of the ride-sharing company’s stock after selling 2,250,000 shares during the quarter. Lyft accounts for approximately 2.7% of Appaloosa LP’s investment portfolio, making the stock its 11th largest holding. Appaloosa LP’s holdings in Lyft were worth $174,150,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Van ECK Associates Corp lifted 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 purchasing an additional 49,138 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Lyft by 32.4% during the fourth 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 during the last quarter. Paragon Capital Management Inc. bought a new stake in shares of Lyft during the fourth quarter worth $1,681,000. KBC Group NV increased its stake in shares of Lyft by 354.9% during the fourth quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company’s stock valued at $3,434,000 after buying an additional 207,672 shares during the period. Finally, Bank of New York Mellon Corp increased its stake 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 period. 83.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on LYFT. Piper Sandler restated an “overweight” rating and set a $18.00 price target (down previously from $23.00) on shares of Lyft in a research note on Wednesday, February 12th. Truist Financial cut their price target on Lyft from $20.00 to $17.00 and set a “hold” rating on the stock in a research note on Wednesday, February 12th. Evercore ISI cut their price target on Lyft from $19.00 to $15.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 12th. Bank of America raised their price target on Lyft from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Finally, Tigress Financial raised their price target on Lyft from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Twenty-six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $17.13.

Insider Buying and Selling at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction that occurred 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. The trade was a 0.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Logan Green sold 11,411 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total value of $152,222.74. Following the completion of the transaction, the director now directly owns 297,640 shares of the company’s stock, valued at $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. Over the last ninety days, insiders sold 15,407 shares of company stock valued at $203,778. 3.07% of the stock is owned by company insiders.

Lyft Trading Up 1.6 %

Lyft stock opened at $11.61 on Thursday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $20.82. The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of 193.50, a price-to-earnings-growth ratio of 1.90 and a beta of 2.15. The stock has a 50-day moving average price of $13.33 and a 200 day moving average price of $13.78.

Lyft (NASDAQ:LYFT) last released its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 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%. Sell-side analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft announced that its board has approved a share buyback plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Lyft 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.