Spire Wealth Management Raises Stock Holdings in Lyft, Inc. (NASDAQ:LYFT)

Spire Wealth Management grew its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 372.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 65,517 shares of the ride-sharing company’s stock after purchasing an additional 51,650 shares during the quarter. Spire Wealth Management’s holdings in Lyft were worth $924,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Commonwealth Equity Services LLC increased its position in shares of Lyft by 10.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 43,728 shares of the ride-sharing company’s stock valued at $617,000 after purchasing an additional 4,115 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Lyft during the 2nd quarter valued at about $35,000. Crossmark Global Holdings Inc. increased its position in shares of Lyft by 4.4% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company’s stock valued at $330,000 after purchasing an additional 993 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Lyft by 9.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,419 shares of the ride-sharing company’s stock valued at $866,000 after purchasing an additional 5,093 shares during the last quarter. Finally, RiverPark Advisors LLC purchased a new stake in shares of Lyft during the 2nd quarter valued at about $308,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Lyft Stock Performance

Lyft stock opened at $11.67 on Monday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. Lyft, Inc. has a 1-year low of $8.85 and a 1-year high of $20.82. The firm has a market capitalization of $4.79 billion, a P/E ratio of -24.83 and a beta of 2.06. The company’s 50-day moving average is $12.08 and its 200 day moving average is $15.22.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.14) EPS. Research analysts forecast that Lyft, Inc. will post -0.16 EPS for the current year.

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total value of $81,943.20. Following the transaction, the director now directly owns 932,062 shares in the company, valued at approximately $10,625,506.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, President Kristin Sverchek sold 3,500 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $14.01, for a total transaction of $49,035.00. Following the transaction, the president now directly owns 50,778 shares in the company, valued at $711,399.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John Patrick Zimmer sold 7,188 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $11.40, for a total transaction of $81,943.20. Following the transaction, the director now owns 932,062 shares in the company, valued at $10,625,506.80. The disclosure for this sale can be found here. Insiders have sold 32,497 shares of company stock worth $392,157 in the last three months. Corporate insiders own 3.07% of the company’s stock.

Analyst Ratings Changes

LYFT has been the subject of several research reports. Barclays reduced their price target on shares of Lyft from $20.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Gordon Haskett raised shares of Lyft from a “hold” rating to a “buy” rating and increased their target price for the stock from $17.00 to $20.00 in a report on Friday, June 7th. Loop Capital raised shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a report on Friday, June 7th. Royal Bank of Canada reduced their target price on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Finally, Wedbush reduced their target price on shares of Lyft from $19.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Twenty-five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $15.87.

Lyft Company Profile

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. The company's platform provides a ridesharing marketplace, which connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.