Daiwa Securities Group Inc. purchased a new stake in shares of Lyft, Inc. (NASDAQ:LYFT – Free Report) 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.
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.
Check Out Our Latest Research Report on LYFT
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.
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