SouthState Corp Acquires 6,288 Shares of Lyft, Inc. (NASDAQ:LYFT)

SouthState Corp boosted its holdings in Lyft, Inc. (NASDAQ:LYFT) by 103.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,345 shares of the ride-sharing company’s stock after purchasing an additional 6,288 shares during the period. SouthState Corp’s holdings in Lyft were worth $185,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LYFT. Allworth Financial LP grew its position in shares of Lyft by 685.2% in the 4th quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock valued at $29,000 after acquiring an additional 1,672 shares during the period. a16z Perennial Management L.P. bought a new stake in Lyft in the fourth quarter valued at approximately $34,000. BluePath Capital Management LLC acquired a new stake in shares of Lyft in the third quarter valued at approximately $35,000. Gables Capital Management Inc. boosted its stake in shares of Lyft by 129.0% during the 3rd quarter. Gables Capital Management Inc. now owns 3,550 shares of the ride-sharing company’s stock worth $37,000 after acquiring an additional 2,000 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Lyft by 77.5% during the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 3,588 shares of the ride-sharing company’s stock worth $38,000 after acquiring an additional 1,567 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on LYFT shares. Royal Bank of Canada raised shares of Lyft from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $17.00 to $23.00 in a research report on Monday, March 4th. Piper Sandler increased their target price on Lyft from $17.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, March 15th. The Goldman Sachs Group downgraded Lyft from a “buy” rating to a “neutral” rating and boosted their price target for the company from $12.00 to $15.00 in a research note on Thursday, January 11th. Wedbush reissued a “neutral” rating and issued a $15.00 target price (up previously from $14.00) on shares of Lyft in a research report on Wednesday, February 14th. Finally, BMO Capital Markets initiated coverage on shares of Lyft in a research report on Tuesday, January 9th. They set a “market perform” rating and a $15.00 price target on the stock. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $14.60.

Insider Activity at Lyft

In other news, President Kristin Sverchek sold 5,670 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total value of $85,163.40. Following the transaction, the president now owns 633,950 shares in the company, valued at approximately $9,521,929. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, President Kristin Sverchek sold 5,670 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total value of $85,163.40. Following the transaction, the president now owns 633,950 shares in the company, valued at $9,521,929. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Logan Green sold 11,867 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $15.69, for a total value of $186,193.23. Following the sale, the director now owns 346,341 shares of the company’s stock, valued at $5,434,090.29. The disclosure for this sale can be found here. Insiders have sold 280,526 shares of company stock worth $5,358,031 over the last ninety days. Insiders own 3.16% of the company’s stock.

Lyft Stock Up 2.1 %

NASDAQ:LYFT traded up $0.36 during mid-day trading on Friday, hitting $17.20. 16,009,658 shares of the company’s stock were exchanged, compared to its average volume of 11,513,318. Lyft, Inc. has a fifty-two week low of $7.85 and a fifty-two week high of $20.82. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.55. The company has a 50 day simple moving average of $17.70 and a 200-day simple moving average of $14.38.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.14. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Lyft had a negative net margin of 7.73% and a negative return on equity of 54.80%. As a group, analysts expect that Lyft, Inc. will post -0.35 earnings per share for the current year.

About Lyft

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.