M&T Bank Corp Has $280,000 Position in Lyft, Inc. (NASDAQ:LYFT)

M&T Bank Corp grew its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 9.3% during the 4th quarter, HoldingsChannel reports. The fund owned 21,634 shares of the ride-sharing company’s stock after acquiring an additional 1,844 shares during the period. M&T Bank Corp’s holdings in Lyft were worth $280,000 as of its most recent SEC filing.

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

Lyft Stock Performance

NASDAQ:LYFT opened at $11.92 on Friday. 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 firm has a 50-day moving average price of $13.24 and a 200 day moving average price of $13.76. The firm has a market capitalization of $4.98 billion, a PE ratio of 198.67, a price-to-earnings-growth ratio of 1.90 and a beta of 2.15. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $20.82.

Lyft (NASDAQ:LYFT) last issued its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (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%. Research analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its Board of Directors has authorized a share buyback plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to purchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Lyft

In other news, Director Logan Green sold 11,411 shares of the firm’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 transaction of $152,222.74. Following the completion of the sale, the director now owns 297,640 shares of the company’s stock, valued at approximately $3,970,517.60. This trade represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the business’s 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 transaction, the director now directly owns 911,922 shares in the company, valued at $11,417,263.44. The trade was a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,407 shares of company stock valued at $203,778. 3.07% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LYFT. DA Davidson dropped their price target on shares of Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 12th. Barclays lowered their target price on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 12th. Bank of America boosted their price target on Lyft from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Piper Sandler reissued an “overweight” rating and set a $18.00 price objective (down previously from $23.00) on shares of Lyft in a report on Wednesday, February 12th. Finally, BMO Capital Markets reduced their target price on Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. Twenty-six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.13.

Lyft Company 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.