Parallel Advisors LLC purchased a new stake in LYFT Inc (NASDAQ:LYFT) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 573 shares of the ride-sharing company’s stock, valued at approximately $38,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new stake in LYFT during the first quarter valued at about $414,000. Creative Planning purchased a new stake in shares of LYFT during the first quarter valued at approximately $490,000. Daiwa Securities Group Inc. purchased a new stake in shares of LYFT during the first quarter valued at approximately $219,000. SG Americas Securities LLC purchased a new stake in LYFT in the first quarter worth $626,000. Finally, Jacobs & Co. CA purchased a new stake in LYFT in the first quarter worth $391,000. Institutional investors and hedge funds own 31.54% of the company’s stock.
Shares of LYFT stock traded down $1.00 during trading hours on Wednesday, reaching $48.61. 31,204 shares of the company traded hands, compared to its average volume of 6,637,188. LYFT Inc has a 12-month low of $47.17 and a 12-month high of $88.60. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.09. The stock’s 50-day moving average price is $59.59.
LYFT has been the subject of a number of research analyst reports. Susquehanna Bancshares raised LYFT from a “neutral” rating to a “positive” rating and raised their price target for the stock from $57.00 to $80.00 in a research note on Tuesday, June 11th. Royal Bank of Canada initiated coverage on LYFT in a research note on Tuesday, June 4th. They issued an “outperform” rating and a $72.00 price target for the company. Atlantic Securities raised LYFT from an “underweight” rating to a “neutral” rating in a research note on Thursday, August 8th. Macquarie initiated coverage on LYFT in a research note on Tuesday, June 4th. They issued an “outperform” rating for the company. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 price target on shares of LYFT in a research note on Thursday, August 8th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-four have given a buy rating to the company’s stock. LYFT has an average rating of “Buy” and a consensus price target of $72.19.
Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders.
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