Hedges Asset Management LLC increased its position in shares of Lyft, Inc. (NASDAQ:LYFT – Get Rating) by 25.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 102,100 shares of the ride-sharing company’s stock after purchasing an additional 20,500 shares during the quarter. Hedges Asset Management LLC’s holdings in Lyft were worth $946,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Lyft by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 26,299,243 shares of the ride-sharing company’s stock worth $346,360,000 after buying an additional 323,178 shares in the last quarter. Contrarius Investment Management Ltd purchased a new stake in Lyft in the 4th quarter valued at approximately $114,985,000. Norges Bank acquired a new stake in Lyft during the 4th quarter valued at $73,660,000. Clearbridge Investments LLC increased its position in Lyft by 46.4% during the first quarter. Clearbridge Investments LLC now owns 6,470,972 shares of the ride-sharing company’s stock worth $248,485,000 after buying an additional 2,050,430 shares in the last quarter. Finally, Alphabet Inc. acquired a new position in shares of Lyft in the third quarter worth $80,839,000. 73.56% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
LYFT has been the subject of several analyst reports. Wells Fargo & Company initiated coverage on shares of Lyft in a research note on Wednesday, June 7th. They issued an “equal weight” rating and a $9.00 target price for the company. Morgan Stanley lowered their target price on shares of Lyft from $11.00 to $10.00 in a research note on Thursday, May 18th. Truist Financial reduced their price target on Lyft from $14.00 to $10.00 in a research note on Friday, May 5th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $11.00 price objective on shares of Lyft in a research report on Tuesday, March 28th. Finally, DA Davidson reiterated a “neutral” rating and set a $12.50 target price on shares of Lyft in a research report on Tuesday, March 28th. One analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $15.94.
Lyft Stock Performance
Shares of LYFT traded up $0.31 during mid-day trading on Wednesday, hitting $10.16. The stock had a trading volume of 5,004,160 shares, compared to its average volume of 19,274,152. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 2.08. The company has a market cap of $3.84 billion, a PE ratio of -2.24 and a beta of 1.74. Lyft, Inc. has a fifty-two week low of $7.85 and a fifty-two week high of $21.52. The company’s fifty day simple moving average is $9.53 and its two-hundred day simple moving average is $10.85.
Lyft (NASDAQ:LYFT – Get Rating) last issued its earnings results on Thursday, May 4th. The ride-sharing company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.12. Lyft had a negative net margin of 37.33% and a negative return on equity of 151.57%. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $976.87 million. On average, equities analysts expect that Lyft, Inc. will post -1.2 earnings per share for the current year.
Insider Buying and Selling
In other Lyft news, Director Logan Green sold 21,013 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $8.06, for a total value of $169,364.78. Following the completion of the transaction, the director now owns 474,344 shares in the company, valued at approximately $3,823,212.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 3.16% of the company’s stock.
Lyft Company Profile
Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company operates multimodal transportation networks that offer riders personalized and on-demand access to various mobility options. It provides Ridesharing Marketplace, which connects drivers with riders; Express Drive, a flexible car rentals program for drivers; Lyft Rentals that provides vehicles for long-distance trips; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.