35,793 Lyft, Inc. $LYFT Shares Acquired by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund boosted its holdings in Lyft, Inc. (NASDAQ:LYFT) by 5.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 704,564 shares of the ride-sharing company’s stock after buying an additional 35,793 shares during the period. Illinois Municipal Retirement Fund’s holdings in Lyft were worth $10,576,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Fulcrum Asset Management LLP raised its position in Lyft by 546.2% in the third quarter. Fulcrum Asset Management LLP now owns 118,384 shares of the ride-sharing company’s stock valued at $1,784,000 after purchasing an additional 100,063 shares during the period. Alps Advisors Inc. bought a new position in Lyft during the 3rd quarter valued at $548,000. Heritage Family Offices LLP acquired a new position in Lyft in the third quarter worth about $29,000. Covestor Ltd increased its holdings in shares of Lyft by 8.7% in the 3rd quarter. Covestor Ltd now owns 14,402 shares of the ride-sharing company’s stock valued at $216,000 after acquiring an additional 1,151 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Lyft during the third quarter worth $121,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Lyft

Here are a few of the latest headlines about LYFT:

• Positive Sentiment: Canaccord Genuity Group raised its price target for Lyft, providing a potentially supportive analyst signal; the report did not specify the new target. Article: Lyft Stock Gets Price Target Increase from Canaccord Genuity Group
• Neutral Sentiment: Lyft CEO David Risher is scheduled to participate in a fireside chat at the RBC Capital Markets technology and media conference. The announcement may provide an opportunity for management to discuss the business, but no new financial information was reported. Article: Lyft CEO to Participate in Fireside Chat
• Negative Sentiment: The Justice Department filed a lawsuit alleging Lyft and its drivers routinely denied rides to passengers with disabilities, including people using stowable wheelchairs or traveling with service animals. The DOJ is seeking $53 million and alleges some passengers were charged cancellation fees after drivers refused service. Lyft disputes the allegations. The suit creates potential legal, financial, and reputational risks. Article: Justice Department Sues Lyft

Insider Buying and Selling at Lyft

In related news, Director Janey Whiteside sold 5,480 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $17.68, for a total value of $96,886.40. Following the sale, the director directly owned 60,704 shares in the company, valued at $1,073,246.72. This trade represents a 8.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen W. Hope sold 5,982 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $17.34, for a total transaction of $103,727.88. Following the sale, the chief accounting officer owned 299,974 shares in the company, valued at $5,201,549.16. This trade represents a 1.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 61,586 shares of company stock worth $1,024,326 over the last quarter. Corporate insiders own 0.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on LYFT shares. Cantor Fitzgerald cut their price target on Lyft from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, October 19th. Piper Sandler reaffirmed an “overweight” rating and set a $21.00 target price (up from $20.00) on shares of Lyft in a research note on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Lyft in a report on Friday, October 30th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $20.00 target price on shares of Lyft in a report on Tuesday, August 18th. Finally, TD Cowen decreased their price objective on Lyft from $30.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday, October 21st. Ten equities research analysts have rated the stock with a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Lyft presently has a consensus rating of “Hold” and an average price target of $18.89.

Lyft Price Performance

NASDAQ LYFT opened at $17.29 on Thursday. The company has a current ratio of 0.60, a quick ratio of 0.59 and a debt-to-equity ratio of 0.34. The company has a fifty day simple moving average of $16.19 and a 200 day simple moving average of $15.11. The company has a market cap of $6.54 billion, a P/E ratio of 121.57, a P/E/G ratio of 1.06 and a beta of 2.06. Lyft, Inc. has a 1 year low of $12.46 and a 1 year high of $25.54.

Lyft (NASDAQ:LYFT) last released its earnings results on Thursday, November 5th. The ride-sharing company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.23). The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.92 billion. Lyft had a return on equity of 1.25% and a net margin of 40.67%. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period last year, the business earned $0.11 earnings per share. On average, sell-side analysts predict that Lyft, Inc. will post 0.81 EPS for the current year.

About Lyft

Lyft operates a mobile platform that connects people seeking transportation with drivers who provide rides. Through its app, customers can request on-demand trips, schedule rides in advance, and access other ride options where available. The company also offers Lyft Pink, a membership program with benefits for eligible rides and services. Lyft provides transportation programs for businesses and organizations through Lyft Business, including tools for arranging and managing rides. The company’s platform primarily serves markets in the United States and Canada.