Byrne Asset Management LLC Makes New Investment in Lyft, Inc. (NASDAQ:LYFT)

Byrne Asset Management LLC acquired a new stake in shares of Lyft, Inc. (NASDAQ:LYFT) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 2,700 shares of the ride-sharing company’s stock, valued at approximately $35,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. True Wealth Design LLC purchased a new position in Lyft during the third quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Lyft during the fourth quarter valued at about $29,000. ORG Wealth Partners LLC bought a new stake in shares of Lyft in the fourth quarter worth about $31,000. Capital Performance Advisors LLP bought a new stake in shares of Lyft in the third quarter worth about $38,000. Finally, Sunbelt Securities Inc. bought a new position in Lyft during the third quarter valued at approximately $70,000. Institutional investors own 83.07% of the company’s stock.

Insider Activity

In other news, Director Logan Green sold 10,919 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction of $188,352.75. Following the transaction, the director now directly owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. This represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on LYFT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research note on Thursday, November 7th. Cantor Fitzgerald boosted their price target on shares of Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Wedbush lowered their price objective on shares of Lyft from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Canaccord Genuity Group boosted their target price on shares of Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $23.00 price target (up previously from $17.00) on shares of Lyft in a report on Thursday, November 7th. 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $17.78.

Lyft Stock Performance

Shares of NASDAQ:LYFT opened at $14.17 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a 50 day moving average of $14.16 and a 200 day moving average of $13.46. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $20.82.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the business posted ($0.02) EPS. The firm’s quarterly revenue was up 31.6% on a year-over-year basis. Equities research analysts predict that Lyft, Inc. will post 0.06 earnings per share for the current fiscal year.

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.