Brown Brothers Harriman & Co. Purchases 1,058 Shares of Lyft, Inc. (NASDAQ:LYFT)

Brown Brothers Harriman & Co. boosted its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 42.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,538 shares of the ride-sharing company’s stock after acquiring an additional 1,058 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Lyft were worth $46,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Lyft in the 4th quarter valued at about $29,000. ORG Wealth Partners LLC bought a new stake in Lyft in the fourth quarter valued at approximately $31,000. Byrne Asset Management LLC acquired a new stake in shares of Lyft in the fourth quarter valued at approximately $35,000. Plato Investment Management Ltd bought a new position in shares of Lyft during the 4th quarter worth approximately $35,000. Finally, Harbour Investments Inc. increased its holdings in shares of Lyft by 259.7% during the 4th quarter. Harbour Investments Inc. now owns 2,770 shares of the ride-sharing company’s stock worth $36,000 after acquiring an additional 2,000 shares during the last quarter. 83.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on LYFT shares. Truist Financial cut their price target on Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a report on Wednesday, February 12th. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 target price (down previously from $23.00) on shares of Lyft in a report on Wednesday, February 12th. Wells Fargo & Company lowered their price target on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating on the stock in a report on Thursday, January 16th. Bank of America boosted their price objective on Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Finally, Barclays lowered their target price on Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 12th. Twenty-seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.03.

Lyft Stock Performance

Shares of LYFT stock opened at $12.95 on Thursday. The firm has a market capitalization of $5.41 billion, a price-to-earnings ratio of 215.83, a PEG ratio of 1.90 and a beta of 2.15. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The business’s 50-day moving average price is $12.87 and its 200-day moving average price is $13.84. Lyft, Inc. has a 12 month low of $8.93 and a 12 month high of $19.55.

Lyft (NASDAQ:LYFT) last posted its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. Equities research analysts forecast that Lyft, Inc. will post 0.22 EPS for the current year.

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

Insider Buying and Selling at Lyft

In related news, Director Logan Green sold 11,411 shares of the stock in a transaction 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 transaction, the director now directly owns 297,640 shares of the company’s stock, valued at $3,970,517.60. This represents a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 owns 911,922 shares in the company, valued at approximately $11,417,263.44. This represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,407 shares of company stock valued at $203,778. 3.07% of the stock is currently owned by company insiders.

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.