Quest Partners LLC increased its holdings in shares of Lyft, Inc. (NASDAQ:LYFT – Free Report) by 28,545.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,635 shares of the ride-sharing company’s stock after purchasing an additional 24,549 shares during the quarter. Quest Partners LLC’s holdings in Lyft were worth $347,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the business. Norges Bank purchased a new position in Lyft in the fourth quarter valued at about $94,687,000. Kodai Capital Management LP acquired a new stake in Lyft in the fourth quarter valued at approximately $26,069,000. Bank of Nova Scotia acquired a new stake in Lyft in the fourth quarter valued at approximately $21,433,000. Price T Rowe Associates Inc. MD raised its stake in shares of Lyft by 592.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock valued at $27,562,000 after purchasing an additional 1,218,620 shares during the period. Finally, National Bank of Canada FI lifted its position in shares of Lyft by 27,739.2% during the second quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock worth $16,665,000 after purchasing an additional 1,188,625 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.
Lyft Stock Down 2.3 %
LYFT opened at $11.35 on Friday. 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 12 month low of $8.85 and a 12 month high of $20.82. The stock’s 50 day moving average price is $11.65 and its 200 day moving average price is $14.84. The stock has a market cap of $4.58 billion, a P/E ratio of -24.15 and a beta of 2.04.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the stock. Wedbush dropped their price target on shares of Lyft from $19.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Bank of America raised Lyft from an “underperform” rating to a “buy” rating and increased their price target for the company from $15.00 to $20.00 in a report on Friday, June 7th. TD Cowen dropped their price objective on Lyft from $18.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Susquehanna reduced their target price on Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Lyft from $15.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Twenty-six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Lyft presently has a consensus rating of “Hold” and a consensus price target of $15.65.
Read Our Latest Analysis on Lyft
Insiders Place Their Bets
In related news, Director Logan Green sold 10,323 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total transaction of $119,953.26. Following the transaction, the director now owns 330,790 shares in the company, valued at $3,843,779.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total transaction of $99,795.36. Following the completion of the transaction, the insider now owns 764,332 shares in the company, valued at approximately $8,988,544.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Logan Green sold 10,323 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the completion of the sale, the director now owns 330,790 shares in the company, valued at $3,843,779.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,497 shares of company stock worth $392,157. 3.07% of the stock is owned by corporate insiders.
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.
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