Fidelity Management & Research Co recently announced the acquisition of new stake in Lyft Inc. (NASDAQ:LYFT). The institutional investor has increased its shareholding in the Technology company by 0.06% to 51.67 million shares with purchase of 31372.0 shares. This fresh investment now brings its stake to 13.68% valued currently at $608.65 million. In addition, BlackRock Fund Advisors raised its holdings by 0.21 million to 13.41 million shares. And Two Sigma Investments LP has lifted its position by 313.94% or 5.17 million shares – to 6.82 million shares.
With over 10.25 million Lyft Inc. (LYFT) shares trading Monday and a closing price of $10.83 on the day, the dollar volume was approximately $110.97 million. The shares have shown a positive half year performance of 7.65% and its price on 09/18/23 lost nearly -3.99%. Currently, there are 381.88M common shares owned by the public and among those 342.04M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 41 analysts who have offered their price forecasts for LYFT have a consensus price objective of $11.54. The analysts have set the share’s price value over the next 12 months at a high of $16.00 and a low of $9.00. The average price target is 13.08% above its recent price level and a downside to the estimated low will see the stock lose -20.33% over that period. But an upside of 32.31% will see the stock hit the forecast high price target while median target price for the stock is $11.00.
Insiders at the company have transacted a total of 68 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 37 of these insider trades were purchases, accounting for 15,396,813 shares. Insider sales of the common stock occurred on 31 occasions, with total insider shares sold totaling 427,452 shares.
The top 3 mutual fund holders in Lyft Inc. are Fidelity Blue Chip Growth Fund, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. Fidelity Blue Chip Growth Fund owns 21.77 million shares of the company’s stock, all valued at over $256.45 million. The company bought an additional 21004.0 shares recently to bring their total holdings to about 5.77% of the shares outstanding. Vanguard Total Stock Market ETF sold 917.0 shares to see its total holdings shrink to 9.7 million shares valued at over $114.32 million and representing 2.57% of the shares outstanding. Vanguard Small Cap Index Fund bought 34300.0 shares to bring its total holdings to over 8.18 million shares at a value of $96.38 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.17% of the shares outstanding.
Shares of Lyft Inc. (NASDAQ: LYFT) opened at $11.05, down -$0.23 from a prior closing price of $11.28. However, the script later moved the day high at 11.13, down -3.99%. The company’s stock has a 5-day price change of -4.41% and 5.56% over the past three months. LYFT shares are trading -1.72% year to date (YTD), with the 12-month market performance down to -36.26% lower. It has a 12-month low price of $7.85 and touched a high of $18.36 over the same period. LYFT has an average intraday trading volume of 15.24 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.64%, -4.68%, and -1.15% respectively.
Institutional ownership of Lyft Inc. (NASDAQ: LYFT) shares accounts for 83.90% of the company’s 381.88M shares outstanding. Mutual fund holders own 35.47%, while other institutional holders and individual stakeholders account for 38.99% and 28.57% respectively.
It has a market capitalization of $4.21B and a beta (3y monthly) value of 1.78. The earnings-per-share (ttm) stands at -$3.60. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.93% over the week and 4.09% over the month.
Analysts forecast that Lyft Inc. (LYFT) will achieve an EPS of $0.13 for the current quarter, $0.06 for the next quarter and $0.48 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.21 while analysts give the company a high EPS estimate of $0.22. Comparatively, EPS for the current quarter was $0.1 a year ago. Earnings per share for the fiscal year are expected to decrease by -40.80%, and 25.13% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 41 brokerage firm advisors rate Lyft Inc. (LYFT) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 33 of the 41 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the LYFT, a number of firms have released research notes about the stock. TD Cowen stated their Market Perform rating for the stock in a research note on July 19, 2023, with the firm’s price target at $9-$11.