SouthState Corp Has $287,000 Position in Lyft, Inc. (NASDAQ:LYFT)

SouthState Corp cut its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 7.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,245 shares of the ride-sharing company’s stock after selling 1,727 shares during the quarter. SouthState Corp’s holdings in Lyft were worth $287,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of LYFT. Pacer Advisors Inc. acquired a new position in shares of Lyft during the third quarter worth approximately $90,604,000. Maple Rock Capital Partners Inc. raised its holdings in Lyft by 84.8% during the third quarter. Maple Rock Capital Partners Inc. now owns 6,186,000 shares of the ride-sharing company’s stock worth $78,872,000 after buying an additional 2,838,000 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of Lyft by 7,536.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 1,854,823 shares of the ride-sharing company’s stock valued at $23,927,000 after buying an additional 1,830,533 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Lyft by 27.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock valued at $103,456,000 after buying an additional 1,735,208 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Lyft during the third quarter worth about $13,430,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. BMO Capital Markets dropped their price target on shares of Lyft from $18.00 to $15.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. Needham & Company LLC restated a “hold” rating on shares of Lyft in a report on Wednesday, February 12th. UBS Group decreased their price target on Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, February 12th. Royal Bank of Canada restated an “outperform” rating and set a $21.00 price objective on shares of Lyft in a research note on Monday. Finally, Wells Fargo & Company reduced their target price on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, January 16th. Twenty-six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Lyft presently has a consensus rating of “Hold” and an average target price of $17.13.

Insider Activity

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the firm’s 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 sale, the director now owns 911,922 shares of the company’s stock, valued at $11,417,263.44. This trade represents a 0.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 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 position. The disclosure for this sale can be found here. Insiders sold 15,407 shares of company stock worth $203,778 in the last three months. Corporate insiders own 3.07% of the company’s stock.

Lyft Stock Up 0.9 %

Shares of NASDAQ LYFT opened at $12.03 on Tuesday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. The company has a market cap of $5.03 billion, a P/E ratio of 200.50, a P/E/G ratio of 1.90 and a beta of 2.15. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $20.82. The business has a 50-day simple moving average of $13.19 and a two-hundred day simple moving average of $13.80.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data 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 net margin of 0.39% and a return on equity of 8.03%. Research analysts anticipate 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 program on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are 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.