Connor Clark & Lunn Investment Management Ltd. Has $29.55 Million Stock Position in Lyft, Inc. (NASDAQ:LYFT)

Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 25.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,290,461 shares of the ride-sharing company’s stock after buying an additional 468,735 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.55% of Lyft worth $29,547,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of LYFT. Pacer Advisors Inc. bought a new stake in shares of Lyft during the 3rd quarter worth $90,604,000. Maple Rock Capital Partners Inc. boosted its holdings in shares of Lyft by 84.8% during the 3rd 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 period. Los Angeles Capital Management LLC boosted its holdings in shares of Lyft by 7,536.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,854,823 shares of the ride-sharing company’s stock worth $23,927,000 after buying an additional 1,830,533 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Lyft by 27.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 8,114,166 shares of the ride-sharing company’s stock worth $103,456,000 after buying an additional 1,735,208 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in Lyft in the 3rd quarter valued at $13,430,000. 83.07% of the stock is owned by institutional investors.

Insider Activity

In other news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total value of $30,348.48. Following the transaction, the director now owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. This trade represents a 0.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Logan Green sold 11,411 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the transaction, the director now directly owns 297,640 shares in the company, valued at $3,970,517.60. This trade represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,407 shares of company stock valued at $203,778. 3.07% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on LYFT shares. UBS Group reduced their price target on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, February 12th. BMO Capital Markets reduced their price target on shares of Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. Cantor Fitzgerald reduced their price target on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, February 12th. Citigroup reissued an “overweight” rating on shares of Lyft in a report on Wednesday, February 12th. Finally, Piper Sandler reissued an “overweight” rating and issued a $18.00 price target (down from $23.00) on shares of Lyft in a report on Wednesday, February 12th. Twenty-six 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.13.

Lyft Trading Up 1.6 %

LYFT opened at $11.61 on Thursday. 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 stock has a market capitalization of $4.85 billion, a PE ratio of 193.50, a PEG ratio of 1.90 and a beta of 2.15. Lyft, Inc. has a 1-year low of $8.93 and a 1-year high of $20.82. The firm has a 50-day moving average price of $13.33 and a two-hundred day moving average price of $13.78.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a net margin of 0.39% and a return on equity of 8.03%. As a group, equities analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft declared that its board has authorized a stock repurchase program on Tuesday, February 11th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares buyback programs are often 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.