Envestnet Asset Management Inc. Makes New $807,000 Investment in Lyft, Inc. $LYFT

Envestnet Asset Management Inc. acquired a new stake in Lyft, Inc. (NASDAQ:LYFT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 36,684 shares of the ride-sharing company’s stock, valued at approximately $807,000.

Several other institutional investors and hedge funds have also modified their holdings of LYFT. Quent Capital LLC purchased a new stake in Lyft in the 3rd quarter worth approximately $34,000. Bogart Wealth LLC boosted its holdings in shares of Lyft by 46.3% during the third quarter. Bogart Wealth LLC now owns 3,161 shares of the ride-sharing company’s stock worth $70,000 after purchasing an additional 1,000 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Lyft by 410.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,217 shares of the ride-sharing company’s stock valued at $51,000 after purchasing an additional 2,587 shares during the period. State of Wyoming acquired a new position in Lyft in the third quarter valued at $73,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Lyft during the second quarter worth about $62,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LYFT. UBS Group reaffirmed a “neutral” rating on shares of Lyft in a research note on Monday, February 2nd. Royal Bank Of Canada dropped their price objective on Lyft from $27.00 to $22.00 and set an “outperform” rating for the company in a report on Wednesday, February 11th. TD Cowen reaffirmed a “buy” rating on shares of Lyft in a research report on Wednesday, February 11th. Truist Financial lowered their price target on Lyft from $23.00 to $18.00 and set a “hold” rating for the company in a research report on Wednesday, February 11th. Finally, Sanford C. Bernstein raised their price objective on Lyft from $22.00 to $23.00 and gave the stock a “market perform” rating in a report on Monday, November 10th. Ten research analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.63.

Insider Buying and Selling

In other news, CEO John David Risher purchased 5,030 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was acquired at an average cost of $19.80 per share, with a total value of $99,594.00. Following the acquisition, the chief executive officer owned 11,802,296 shares in the company, valued at approximately $233,685,460.80. This trade represents a 0.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jill Beggs sold 2,093 shares of Lyft stock in a transaction on Friday, February 27th. The stock was sold at an average price of $13.89, for a total transaction of $29,071.77. Following the sale, the director directly owned 32,185 shares in the company, valued at $447,049.65. This trade represents a 6.11% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 31,038 shares of company stock valued at $416,841. Corporate insiders own 3.07% of the company’s stock.

Lyft Trading Up 4.8%

NASDAQ:LYFT opened at $13.84 on Thursday. The business’s 50-day moving average is $16.81 and its two-hundred day moving average is $18.98. The firm has a market capitalization of $5.51 billion, a PE ratio of 2.03, a price-to-earnings-growth ratio of 0.80 and a beta of 1.92. Lyft, Inc. has a 12 month low of $9.66 and a 12 month high of $25.54. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.65 and a quick ratio of 0.65.

Lyft declared that its Board of Directors has approved a share repurchase plan on Tuesday, February 10th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the ride-sharing company to reacquire up to 15.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Lyft Company Profile

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.