Washington Capital Management Inc. purchased a new position in shares of Lyft, Inc. (NASDAQ:LYFT – Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 31,600 shares of the ride-sharing company’s stock, valued at approximately $408,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Sanctuary Advisors LLC grew its stake in Lyft by 3.5% during the third quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock worth $363,000 after purchasing an additional 969 shares during the period. XTX Topco Ltd grew its position in shares of Lyft by 2.5% during the 3rd quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock worth $538,000 after buying an additional 1,043 shares during the period. Miracle Mile Advisors LLC increased its stake in shares of Lyft by 11.0% in the 4th quarter. Miracle Mile Advisors LLC now owns 12,864 shares of the ride-sharing company’s stock valued at $166,000 after acquiring an additional 1,277 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Lyft by 1.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 82,690 shares of the ride-sharing company’s stock valued at $1,054,000 after acquiring an additional 1,315 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Lyft by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company’s stock worth $2,612,000 after acquiring an additional 1,477 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.
Analyst Ratings Changes
Several research firms have weighed in on LYFT. Morgan Stanley lifted their price target on shares of Lyft from $16.50 to $18.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Piper Sandler reaffirmed an “overweight” rating and set a $23.00 price target (up from $17.00) on shares of Lyft in a research note on Thursday, November 7th. TD Cowen raised their price objective on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Evercore ISI upped their target price on Lyft from $17.00 to $19.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Finally, UBS Group lifted their price target on shares of Lyft from $13.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Twenty-seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $17.84.
Lyft Stock Down 3.8 %
Shares of LYFT opened at $13.43 on Thursday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. Lyft, Inc. has a 1 year low of $8.93 and a 1 year high of $20.82. The stock’s fifty day moving average price is $14.63 and its two-hundred day moving average price is $13.43.
Lyft (NASDAQ:LYFT – Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the company posted ($0.02) EPS. Lyft’s revenue was up 31.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Lyft, Inc. will post 0.06 earnings per share for the current year.
Insider Transactions at Lyft
In other Lyft news, Director Logan Green sold 10,919 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the transaction, the director now owns 314,492 shares in the company, valued at $5,424,987. This trade represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $18.02, for a total value of $163,639.62. Following the sale, the chief accounting officer now owns 332,243 shares in the company, valued at approximately $5,987,018.86. This represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,242 shares of company stock valued at $427,330 over the last three months. Company insiders own 3.07% of the company’s stock.
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.
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