Los Angeles Capital Management LLC Acquires New Position in Lyft, Inc. (NASDAQ:LYFT)

Los Angeles Capital Management LLC acquired a new stake in shares of Lyft, Inc. (NASDAQ:LYFT) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 24,290 shares of the ride-sharing company’s stock, valued at approximately $310,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Crossmark Global Holdings Inc. grew its position in Lyft by 4.4% during the second 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 in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Lyft by 9.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company’s stock valued at $196,000 after purchasing an additional 1,160 shares in the last quarter. QRG Capital Management Inc. grew its position in Lyft by 6.1% during the second quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company’s stock valued at $350,000 after purchasing an additional 1,437 shares in the last quarter. CWM LLC grew its position in Lyft by 26.4% during the second quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after purchasing an additional 1,457 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Lyft by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 185,280 shares of the ride-sharing company’s stock valued at $2,612,000 after purchasing an additional 1,477 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on LYFT. Piper Sandler reissued an “overweight” rating and issued a $23.00 target price (up from $17.00) on shares of Lyft in a research report on Thursday, November 7th. Nomura Securities raised shares of Lyft from a “strong sell” rating to a “hold” rating in a research report on Friday, August 23rd. BMO Capital Markets boosted their target price on shares of Lyft from $13.00 to $18.00 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. Cantor Fitzgerald boosted their target price on shares of Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, TD Cowen boosted their target price on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Twenty-eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Lyft currently has an average rating of “Hold” and a consensus price target of $17.48.

Lyft Trading Up 1.1 %

Shares of LYFT stock opened at $18.12 on Monday. Lyft, Inc. has a 52-week low of $8.93 and a 52-week high of $20.82. The firm has a fifty day moving average of $13.64 and a 200-day moving average of $13.57. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of -113.25, a P/E/G ratio of 5.26 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the prior year, the firm earned ($0.02) EPS. The company’s revenue was up 31.6% on a year-over-year basis. On average, equities research analysts forecast that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the sale, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This represents a 0.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $18.02, for a total transaction of $163,639.62. Following the sale, the chief accounting officer now directly owns 332,243 shares in the company, valued at approximately $5,987,018.86. This represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,987 shares of company stock valued at $619,025 in the last 90 days. 3.07% of the stock is currently owned by insiders.

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.