Hoey Investments Inc. Has $67,000 Stake in Lyft, Inc. (NASDAQ:LYFT)

Hoey Investments Inc. lowered its holdings in Lyft, Inc. (NASDAQ:LYFT) by 54.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,200 shares of the ride-sharing company’s stock after selling 6,160 shares during the quarter. Hoey Investments Inc.’s holdings in Lyft were worth $67,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in LYFT. Van ECK Associates Corp lifted its position in Lyft by 14.0% during the 4th quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company’s stock worth $5,146,000 after buying an additional 49,138 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after acquiring an additional 2,302,248 shares during the last quarter. Paragon Capital Management Inc. acquired a new position in shares of Lyft during the fourth quarter worth approximately $1,681,000. KBC Group NV grew its stake in shares of Lyft by 354.9% during the fourth quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company’s stock valued at $3,434,000 after purchasing an additional 207,672 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Lyft by 33.9% in the fourth quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company’s stock valued at $50,031,000 after purchasing an additional 981,186 shares in the last quarter. Institutional investors own 83.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on LYFT shares. Susquehanna decreased their price objective on Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, February 13th. Bank of America lifted their price objective on Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Citigroup restated an “overweight” rating on shares of Lyft in a research report on Wednesday, February 12th. JPMorgan Chase & Co. lowered their price target on shares of Lyft from $19.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, February 12th. Finally, BMO Capital Markets reduced their price objective on shares of Lyft from $18.00 to $15.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 12th. Twenty-seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $17.03.

Insider Activity at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred 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 sale, the director now owns 911,922 shares of the company’s stock, valued at approximately $11,417,263.44. This represents a 0.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Logan Green sold 11,411 shares of the business’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total transaction of $152,222.74. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,407 shares of company stock valued at $203,778. 3.07% of the stock is owned by insiders.

Lyft Price Performance

Shares of LYFT opened at $11.57 on Monday. The company has a 50 day moving average of $12.94 and a 200-day moving average of $13.83. 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 stock has a market capitalization of $4.84 billion, a P/E ratio of 192.83, a P/E/G ratio of 1.90 and a beta of 2.15. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $19.64.

Lyft (NASDAQ:LYFT) last released its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share 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%. As a group, equities research analysts forecast that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft declared that its Board of Directors has approved a share repurchase plan on Tuesday, February 11th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the ride-sharing company to buy up to 8.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is 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.