Mitsubishi UFJ Asset Management Co. Ltd. Has $2.02 Million Stake in Lyft, Inc. (NASDAQ:LYFT)

Mitsubishi UFJ Asset Management Co. Ltd. lessened its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 18.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 141,426 shares of the ride-sharing company’s stock after selling 32,000 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Lyft were worth $2,018,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. QRG Capital Management Inc. grew its position in Lyft by 3.8% during the fourth quarter. QRG Capital Management Inc. now owns 24,493 shares of the ride-sharing company’s stock worth $316,000 after buying an additional 903 shares in the last quarter. Sanctuary Advisors LLC grew its holdings in shares of Lyft by 3.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock worth $363,000 after purchasing an additional 969 shares in the last quarter. XTX Topco Ltd increased its position in shares of Lyft by 2.5% in the third quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock worth $538,000 after purchasing an additional 1,043 shares during the period. US Bancorp DE raised its stake in Lyft by 2.6% in the fourth quarter. US Bancorp DE now owns 41,539 shares of the ride-sharing company’s stock valued at $536,000 after purchasing an additional 1,045 shares in the last quarter. Finally, Manchester Capital Management LLC lifted its position in Lyft by 13.8% during the fourth quarter. Manchester Capital Management LLC now owns 8,879 shares of the ride-sharing company’s stock worth $115,000 after purchasing an additional 1,080 shares during the period. 83.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Truist Financial dropped their target price on shares of Lyft from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday, February 12th. Evercore ISI cut their target price on Lyft from $19.00 to $15.00 and set an “in-line” rating for the company in a research note on Wednesday, February 12th. Loop Capital decreased their price target on Lyft from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. Susquehanna dropped their price objective on Lyft from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. Finally, UBS Group decreased their target price on Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Twenty-seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Lyft currently has an average rating of “Hold” and an average price target of $17.03.

Lyft Stock Up 3.0 %

Shares of NASDAQ:LYFT opened at $12.23 on Wednesday. The firm has a market cap of $5.11 billion, a P/E ratio of 203.83, a PEG ratio of 1.90 and a beta of 2.15. The business’s 50 day simple moving average is $12.88 and its two-hundred day simple moving average is $13.84. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76. Lyft, Inc. has a 52-week low of $8.93 and a 52-week high of $19.55.

Lyft (NASDAQ:LYFT) last issued 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 return on equity of 8.03% and a net margin of 0.39%. As a group, research analysts forecast that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft declared that its Board of Directors has authorized a share repurchase program 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total transaction of $30,348.48. Following the completion of the sale, the director now owns 911,922 shares in the company, valued at $11,417,263.44. This trade represents a 0.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Logan Green sold 11,411 shares of the company’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 owns 297,640 shares in the company, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,407 shares of company stock valued at $203,778. Corporate insiders own 3.07% of the company’s stock.

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.