Lyft, Inc. $LYFT Stake Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 38.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,685,231 shares of the ride-sharing company’s stock after selling 1,068,433 shares during the period. Bank of New York Mellon Corp’s holdings in Lyft were worth $26,559,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in LYFT. Rakuten Group Inc. purchased a new position in Lyft in the 1st quarter worth about $130,434,000. Ameriprise Financial Inc. increased its position in shares of Lyft by 26.3% in the first quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company’s stock worth $294,978,000 after acquiring an additional 5,178,118 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Lyft by 103.3% during the first quarter. AQR Capital Management LLC now owns 9,804,782 shares of the ride-sharing company’s stock valued at $110,598,000 after acquiring an additional 4,980,876 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of Lyft by 83,744.1% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,144,991 shares of the ride-sharing company’s stock valued at $37,331,000 after acquiring an additional 3,141,240 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Lyft in the 1st quarter worth approximately $31,143,000. 83.07% of the stock is currently owned by institutional investors.

Insider Activity

In other Lyft news, CEO John David Risher acquired 5,926 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The shares were acquired at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the completion of the purchase, the chief executive officer owned 11,797,266 shares of the company’s stock, valued at approximately $199,137,850.08. This trade represents a 0.05% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $20.00, for a total value of $292,120.00. Following the transaction, the insider directly owned 835,782 shares of the company’s stock, valued at $16,715,640. This represents a 1.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 74,427 shares of company stock valued at $1,252,686. 3.07% of the stock is owned by insiders.

Lyft Price Performance

Shares of Lyft stock opened at $23.14 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 1.76. The firm has a fifty day simple moving average of $21.01 and a 200-day simple moving average of $17.24. The stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of 60.90, a PEG ratio of 2.37 and a beta of 2.36. Lyft, Inc. has a 1-year low of $9.66 and a 1-year high of $25.54.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.17). The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. Lyft had a net margin of 2.40% and a return on equity of 18.29%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.29 earnings per share. On average, sell-side analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on LYFT shares. BMO Capital Markets raised their price target on Lyft from $20.00 to $23.00 and gave the stock a “market perform” rating in a research note on Thursday, November 6th. Wells Fargo & Company boosted their target price on shares of Lyft from $16.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 6th. Cantor Fitzgerald increased their price target on shares of Lyft from $19.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Wall Street Zen lowered shares of Lyft from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Cowen reiterated a “buy” rating on shares of Lyft in a report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Lyft presently has an average rating of “Hold” and a consensus price target of $22.72.

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.