Daiwa Securities Group Inc. Purchases New Shares in Lyft, Inc. (NASDAQ:LYFT)

Daiwa Securities Group Inc. purchased a new stake in shares of Lyft, Inc. (NASDAQ:LYFT) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 11,000 shares of the ride-sharing company’s stock, valued at approximately $155,000.

A number of other hedge funds also recently bought and sold shares of LYFT. Norges Bank purchased a new stake in Lyft during the fourth quarter valued at $94,687,000. Kodai Capital Management LP purchased a new stake in shares of Lyft in the fourth quarter valued at $26,069,000. Bank of Nova Scotia purchased a new stake in shares of Lyft in the fourth quarter valued at $21,433,000. Price T Rowe Associates Inc. MD raised its stake in shares of Lyft by 592.3% in 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 acquiring an additional 1,218,620 shares during the period. Finally, National Bank of Canada FI raised its stake in shares of Lyft by 27,739.2% in the second quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock valued at $16,665,000 after acquiring an additional 1,188,625 shares during the period. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Lyft Stock Performance

Shares of Lyft stock opened at $12.25 on Wednesday. The firm has a market capitalization of $4.94 billion, a P/E ratio of -26.06 and a beta of 2.04. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00. The company has a 50 day moving average price of $11.59 and a 200 day moving average price of $14.77. Lyft, Inc. has a 52 week low of $8.85 and a 52 week high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.19 by $0.05. The firm had revenue of $1.44 billion during 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%. Lyft’s revenue was up 40.6% on a year-over-year basis. During the same period last year, the firm posted ($0.14) EPS. Sell-side analysts expect that Lyft, Inc. will post -0.16 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LYFT. Fox Advisors raised shares of Lyft from an “equal weight” rating to an “overweight” rating and set a $20.00 target price on the stock in a research note on Friday, June 7th. Nomura raised shares of Lyft from a “reduce” rating to a “neutral” rating and reduced their target price for the company from $15.00 to $13.00 in a research note on Friday, August 23rd. Barclays reduced their target price on shares of Lyft from $20.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Wedbush reduced their target price 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. Finally, Nomura Securities raised shares of Lyft from a “strong sell” rating to a “hold” rating in a research note on Friday, August 23rd. Twenty-six investment 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’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $15.65.

Insider Activity at Lyft

In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of the firm’s 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 completion of the transaction, the director now directly owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Lyft news, Director John Patrick Zimmer sold 7,188 shares of the firm’s 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 completion of the transaction, the director now directly owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Kristin Sverchek sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was 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 of the company’s stock, valued at $711,399.78. The disclosure for this sale can be found here. Insiders sold 36,740 shares of company stock valued at $443,073 in the last three months. 3.07% of the stock is owned by 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.