Proficio Capital Partners LLC Makes New Investment in Lyft, Inc. (NASDAQ:LYFT)

Proficio Capital Partners LLC purchased a new stake in Lyft, Inc. (NASDAQ:LYFT) during the 4th quarter, HoldingsChannel reports. The firm purchased 13,648 shares of the ride-sharing company’s stock, valued at approximately $176,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. True Wealth Design LLC bought a new stake in Lyft during the 3rd quarter valued at approximately $27,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Lyft in the 4th quarter worth approximately $29,000. ORG Wealth Partners LLC acquired a new position in shares of Lyft during the fourth quarter worth approximately $31,000. Plato Investment Management Ltd acquired a new position in shares of Lyft during the fourth quarter worth approximately $35,000. Finally, Byrne Asset Management LLC bought a new stake in shares of Lyft in the fourth quarter valued at approximately $35,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Lyft Stock Performance

Lyft stock opened at $12.14 on Friday. The stock has a 50-day simple moving average of $12.97 and a 200 day simple moving average of $13.80. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of 202.33, a P/E/G ratio of 1.90 and a beta of 2.15. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $19.69.

Lyft (NASDAQ:LYFT) last issued its quarterly 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%. On average, research analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft declared that its board has initiated a stock buyback program on Tuesday, February 11th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on 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 directly owns 911,922 shares in the company, valued at $11,417,263.44. This represents a 0.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Logan Green sold 11,411 shares of Lyft 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 sale, the director now directly owns 297,640 shares of the company’s stock, valued at $3,970,517.60. This represents 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. Company insiders own 3.07% of the company’s stock.

Analyst Upgrades and Downgrades

LYFT has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their target price on shares of Lyft from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 12th. Needham & Company LLC restated a “hold” rating on shares of Lyft in a report on Monday. Wells Fargo & Company cut their price objective on shares of Lyft from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, January 16th. Evercore ISI decreased their target price on Lyft from $19.00 to $15.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 12th. Finally, Benchmark upgraded Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Monday, January 6th. Twenty-seven 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 stock. According to data from MarketBeat, Lyft has a consensus rating of “Hold” and a consensus target price of $17.03.

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.