Meridiem Capital Partners LP Makes New $11.57 Million Investment in Lyft, Inc. (NASDAQ:LYFT)

Meridiem Capital Partners LP purchased a new position in Lyft, Inc. (NASDAQ:LYFT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 897,009 shares of the ride-sharing company's stock, valued at approximately $11,571,000. Meridiem Capital Partners LP owned about 0.22% of Lyft as of its most recent filing with the Securities & Exchange Commission.

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Several other hedge funds have also recently added to or reduced their stakes in LYFT. Miracle Mile Advisors LLC grew its position in Lyft by 11.0% in the fourth quarter. Miracle Mile Advisors LLC now owns 12,864 shares of the ride-sharing company's stock worth $166,000 after buying an additional 1,277 shares during the last quarter. Pallas Capital Advisors LLC grew its position in Lyft by 42.8% in the fourth quarter. Pallas Capital Advisors LLC now owns 31,181 shares of the ride-sharing company's stock worth $402,000 after buying an additional 9,342 shares during the last quarter. Park Avenue Securities LLC acquired a new position in Lyft in the fourth quarter worth approximately $388,000. Harel Insurance Investments & Financial Services Ltd. grew its position in Lyft by 10,225.6% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 424,384 shares of the ride-sharing company's stock worth $5,475,000 after buying an additional 420,274 shares during the last quarter. Finally, KBC Group NV grew its position in Lyft by 354.9% in the fourth quarter. KBC Group NV now owns 266,185 shares of the ride-sharing company's stock worth $3,434,000 after buying an additional 207,672 shares during the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.

Wall Street Analysts Forecast Growth

LYFT has been the subject of a number of recent analyst reports. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $21.00 price objective on shares of Lyft in a research note on Monday, March 17th. Citigroup reaffirmed an "overweight" rating on shares of Lyft in a research note on Wednesday, February 12th. BMO Capital Markets reduced their price objective on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. Wedbush dropped their target price on shares of Lyft from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, February 12th. Finally, Wells Fargo & Company dropped their price objective on shares of Lyft from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Thursday, April 3rd. One analyst has rated the stock with a sell rating, twenty-five have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Lyft has a consensus rating of "Hold" and an average price target of $16.56.

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Read Our Latest Analysis on Lyft

Lyft Stock Performance

NASDAQ:LYFT opened at $17.21 on Tuesday. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $19.07. The stock has a market cap of $7.19 billion, a P/E ratio of 286.83, a price-to-earnings-growth ratio of 1.90 and a beta of 2.14. 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's fifty day simple moving average is $11.93 and its 200 day simple moving average is $13.62.

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Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.19). The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.47 billion. Lyft had a return on equity of 8.03% and a net margin of 0.39%. The business's revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.15 EPS. As a group, research analysts predict that Lyft, Inc. will post 0.22 EPS for the current year.

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

Insider Activity

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the company'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. This represents a 0.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Logan Green sold 11,411 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total value of $152,222.74. Following the transaction, the director now owns 297,640 shares of the company's stock, valued at $3,970,517.60. This represents a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,143 shares of company stock valued at $486,841 in the last quarter. 3.07% of the stock is currently owned by insiders.

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.

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