Lyft, Inc. $LYFT Shares Sold by Quantitative Investment Management LLC

Quantitative Investment Management LLC trimmed its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 75.4% in the second quarter, HoldingsChannel reports. The firm owned 51,160 shares of the ride-sharing company’s stock after selling 157,108 shares during the period. Quantitative Investment Management LLC’s holdings in Lyft were worth $747,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in LYFT. Norges Bank bought a new position in shares of Lyft during the 4th quarter valued at about $109,987,000. Swedbank AB purchased a new position in shares of Lyft during the fourth quarter valued at $108,472,000. Contour Asset Management LLC purchased a new position in Lyft during the fourth quarter valued at approximately $75,870,000. Principal Financial Group Inc. increased its stake in shares of Lyft by 250.0% in the first quarter. Principal Financial Group Inc. now owns 4,246,519 shares of the ride-sharing company’s stock worth $56,479,000 after acquiring an additional 3,033,333 shares during the last quarter. Finally, Altshuler Shaham Ltd grew its stake in shares of Lyft by 51.6% in the 1st quarter. Altshuler Shaham Ltd now owns 7,662,027 shares of the ride-sharing company’s stock valued at $101,905,000 after buying an additional 2,607,417 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

Lyft News Roundup

Here are the key news stories impacting Lyft this week:

• Positive Sentiment: New advertising partnership: Lyft Ads and United Airlines are creating a dynamic advertising partnership, potentially expanding Lyft’s higher-margin advertising revenue and strengthening its position with travel-oriented consumers. Lyft Ads and United Airlines partnership
• Positive Sentiment: New analyst coverage: Rosenblatt Securities initiated coverage with a “neutral” rating and a $19 price target, which is above the stock’s recent trading level. While not a bullish endorsement, the target suggests potential upside and adds another Wall Street view to the stock’s coverage.

Insiders Place Their Bets

In related news, CFO Erin Brewer sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $17.63, for a total transaction of $264,450.00. Following the sale, the chief financial officer directly owned 852,303 shares in the company, valued at approximately $15,026,101.89. This represents a 1.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Lawee sold 4,613 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $17.33, for a total transaction of $79,943.29. Following the sale, the director directly owned 119,124 shares in the company, valued at $2,064,418.92. This trade represents a 3.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 98,816 shares of company stock worth $1,615,095 in the last ninety days. 0.92% of the stock is owned by corporate insiders.

Lyft Stock Performance

Shares of Lyft stock opened at $16.77 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.33. Lyft, Inc. has a twelve month low of $12.46 and a twelve month high of $25.54. The company’s fifty day moving average is $16.05 and its 200 day moving average is $14.55. The stock has a market cap of $6.35 billion, a price-to-earnings ratio of 2.44, a P/E/G ratio of 1.04 and a beta of 1.80.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. Lyft’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.10 EPS. Sell-side analysts forecast that Lyft, Inc. will post 0.73 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on LYFT shares. Canaccord Genuity Group lifted their target price on shares of Lyft from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Monday, August 10th. UBS Group upped their price objective on shares of Lyft from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Citigroup started coverage on Lyft in a research report on Wednesday, June 17th. They set a “buy” rating for the company. Royal Bank Of Canada reiterated an “outperform” rating and issued a $20.00 price target on shares of Lyft in a research report on Tuesday, August 18th. Finally, JPMorgan Chase & Co. raised their target price on shares of Lyft from $18.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Thirteen analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Lyft presently has an average rating of “Hold” and an average price target of $19.77.

About Lyft

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.