61,443 Lyft, Inc. $LYFT Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 49.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,593 shares of the ride-sharing company’s stock after selling 61,443 shares during the period. State of Alaska Department of Revenue’s holdings in Lyft were worth $954,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Nicollet Investment Management Inc. raised its holdings in shares of Lyft by 2.0% during the 3rd quarter. Nicollet Investment Management Inc. now owns 50,501 shares of the ride-sharing company’s stock valued at $758,000 after purchasing an additional 999 shares in the last quarter. Wedmont Private Capital lifted its position in shares of Lyft by 5.0% during the 3rd quarter. Wedmont Private Capital now owns 13,517 shares of the ride-sharing company’s stock worth $218,000 after purchasing an additional 642 shares during the last quarter. Insight Wealth Strategies LLC acquired a new position in shares of Lyft during the third quarter worth approximately $6,224,000. QRG Capital Management Inc. boosted its holdings in Lyft by 8.6% in the 2nd quarter. QRG Capital Management Inc. now owns 16,658 shares of the ride-sharing company’s stock valued at $243,000 after purchasing an additional 1,314 shares during the period. Finally, Envestnet Portfolio Solutions Inc. acquired a new stake in Lyft during the second quarter worth about $784,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Insider Buying and Selling at Lyft

In related news, insider Lindsay Llewellyn sold 36,214 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $16.14, for a total value of $584,493.96. Following the completion of the transaction, the insider owned 817,517 shares of the company’s stock, valued at approximately $13,194,724.38. This trade represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen Hope sold 5,982 shares of Lyft stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $17.34, for a total value of $103,727.88. Following the completion of the sale, the chief accounting officer directly owned 299,974 shares in the company, valued at approximately $5,201,549.16. This represents a 1.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 112,020 shares of company stock valued at $1,850,559 in the last three months. 0.92% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

LYFT has been the topic of a number of recent research reports. Wells Fargo & Company decreased their price target on shares of Lyft from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Monday, October 5th. Scotiabank began coverage on Lyft in a research report on Wednesday, September 9th. They issued a “sector perform” rating and a $17.00 price objective for the company. Roth Capital reiterated a “buy” rating and set a $25.00 target price (up from $23.00) on shares of Lyft in a research report on Monday, August 10th. Morgan Stanley raised their price target on Lyft from $17.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Finally, TD Cowen reduced their price objective on shares of Lyft from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday. Eleven investment analysts have rated the stock with a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $19.20.

Lyft Stock Performance

Shares of LYFT stock opened at $16.79 on Thursday. Lyft, Inc. has a 52 week low of $12.46 and a 52 week high of $25.54. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.59 and a current ratio of 0.59. The company’s 50 day moving average price is $16.27 and its two-hundred day moving average price is $15.17. The company has a market capitalization of $6.36 billion, a P/E ratio of 2.44, a price-to-earnings-growth ratio of 1.07 and a beta of 1.95.

Lyft (NASDAQ:LYFT) last announced its earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.81 billion. Lyft had a negative return on equity of 1.20% and a net margin of 42.32%. Lyft’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.10 earnings per share. On average, analysts expect that Lyft, Inc. will post 0.81 earnings per share for the current fiscal year.

About Lyft

Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.

The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.