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 2.65% to 53.04 million shares with purchase of 1.37 million shares. This fresh investment now brings its stake to 13.80% valued currently at $622.1 million. In addition, The Vanguard Group, Inc. raised its holdings by 1.11 million to 30.96 million shares. And BlackRock Fund Advisors has lifted its position by 6.16% or 0.83 million shares – to 14.23 million shares.
With over 11.34 million Lyft Inc (LYFT) shares trading Friday and a closing price of $15.35 on the day, the dollar volume was approximately $174.0 million. The shares have shown a positive half year performance of 54.43% and its price on 12/22/23 lost nearly -1.54%. Currently, there are 361.55M common shares owned by the public and among those 332.64M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 40 analysts who have offered their price forecasts for LYFT have a consensus price objective of $12.11. The analysts have set the share’s price value over the next 12 months at a high of $18.00 and a low of $7.00. The average price target is -26.75% below its recent price level and a downside to the estimated low will see the stock lose -119.29% over that period. But an upside of 14.72% will see the stock hit the forecast high price target while median target price for the stock is $12.00.
Insiders at the company have transacted a total of 67 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 39 of these insider trades were purchases, accounting for 15,507,810 shares. Insider sales of the common stock occurred on 28 occasions, with total insider shares sold totaling 353,259 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 21.73 million shares of the company’s stock, all valued at over $254.95 million. The company sold 37228.0 shares recently to bring their total holdings to about 5.65% of the shares outstanding. Vanguard Total Stock Market ETF bought 14387.0 shares to see its total holdings expand to 10.05 million shares valued at over $117.9 million and representing 2.62% of the shares outstanding. Vanguard Small Cap Index Fund bought 25498.0 shares to bring its total holdings to over 8.31 million shares at a value of $97.44 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.16% of the shares outstanding.
Shares of Lyft Inc (NASDAQ: LYFT) opened at $15.71, up $0.12 from a prior closing price of $15.59. However, the script later moved the day high at 15.71, down -1.54%. The company’s stock has a 5-day price change of -1.29% and 56.95% over the past three months. LYFT shares are trading 39.29% year to date (YTD), with the 12-month market performance up to 46.47% higher. 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 15.11 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 15.34%, 34.29%, and 45.19% respectively.
Institutional ownership of Lyft Inc (NASDAQ: LYFT) shares accounts for 78.54% of the company’s 361.55M shares outstanding. Mutual fund holders own 38.06%, while other institutional holders and individual stakeholders account for 42.43% and 27.98% respectively.
It has a market capitalization of $6.03B and a beta (3y monthly) value of 1.92. The earnings-per-share (ttm) stands at -$2.42. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.79% over the week and 5.87% over the month.
Analysts forecast that Lyft Inc (LYFT) will achieve an EPS of $0.08 for the current quarter, $0.07 for the next quarter and $0.58 for 2024. The lowest estimate earnings-per-share for the quarter is $0.02 while analysts give the company a high EPS estimate of $0.15. Comparatively, EPS for the current quarter was $0.29 a year ago. Earnings per share for the fiscal year are expected to increase by 136.32%, and -4.65% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 40 brokerage firm advisors rate Lyft Inc (LYFT) as a “Moderate Buy” at a consensus score of 2.73. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 31 of the 40 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the LYFT, a number of firms have released research notes about the stock. MoffettNathanson stated their Sell rating for the stock in a research note on October 31, 2023, with the firm’s price target at $7.
