The Manufacturers Life Insurance Company Decreases Stock Position in Lyft, Inc. (NASDAQ:LYFT)

The Manufacturers Life Insurance Company cut its position in Lyft, Inc. (NASDAQ:LYFT) by 7.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,375 shares of the ride-sharing company’s stock after selling 6,834 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Lyft were worth $1,147,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. FinTrust Capital Advisors LLC boosted its stake in Lyft by 277.8% during the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after acquiring an additional 1,000 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in Lyft during the 1st quarter valued at $41,000. GAMMA Investing LLC boosted its stake in Lyft by 42.9% during the 1st quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock valued at $43,000 after acquiring an additional 664 shares during the last quarter. Kapitalo Investimentos Ltda bought a new position in shares of Lyft in the 4th quarter worth about $34,000. Finally, Brown Brothers Harriman & Co. bought a new position in shares of Lyft in the 2nd quarter worth about $35,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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 completion of the sale, the director now directly owns 330,790 shares in the company, valued at approximately $3,843,779.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related 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 transaction, the director now owns 932,062 shares of the company’s stock, valued at approximately $10,625,506.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 directly owns 330,790 shares in the company, valued at approximately $3,843,779.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,664 shares of company stock worth $380,048. 3.07% of the stock is owned by company insiders.

Analysts Set New Price Targets

LYFT has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their price target on shares of Lyft from $18.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Wednesday, August 7th. Nomura upgraded shares of Lyft from a “reduce” rating to a “neutral” rating and reduced their price target for the stock from $15.00 to $13.00 in a research report on Friday, August 23rd. Truist Financial reduced their price target on shares of Lyft from $18.00 to $13.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Finally, Wolfe Research began coverage on shares of Lyft in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Twenty-six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $15.65.

Lyft Stock Performance

Shares of LYFT opened at $13.60 on Friday. Lyft, Inc. has a one year low of $8.85 and a one year high of $20.82. The company has a 50-day moving average of $11.69 and a two-hundred day moving average of $14.08. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of -85.00 and a beta of 2.04. 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 (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 40.6% compared to the same quarter last year. During the same period last year, the company posted ($0.14) earnings per share. On average, equities research analysts expect that Lyft, Inc. will post -0.09 earnings per share for the current year.

Lyft 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.