Edgestream Partners L.P. Makes New Investment in Lyft, Inc. (NASDAQ:LYFT)

Edgestream Partners L.P. bought a new position in Lyft, Inc. (NASDAQ:LYFT) in the second quarter, HoldingsChannel reports. The fund bought 28,060 shares of the ride-sharing company’s stock, valued at approximately $396,000.

Other hedge funds also recently modified their holdings of the company. FinTrust Capital Advisors LLC increased its stake in shares of Lyft by 277.8% during the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after purchasing an additional 1,000 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Lyft during the 1st quarter worth $41,000. GAMMA Investing LLC increased its stake in shares of Lyft by 42.9% during the 1st quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock worth $43,000 after purchasing an additional 664 shares during the last quarter. Kapitalo Investimentos Ltda acquired a new position in shares of Lyft during the 4th quarter worth $34,000. Finally, Brown Brothers Harriman & Co. acquired a new position in shares of Lyft during the 2nd quarter worth $35,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Insider Activity at Lyft

In related news, President Kristin Sverchek sold 3,500 shares of Lyft stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $14.01, for a total transaction of $49,035.00. Following the completion of the transaction, the president now directly owns 50,778 shares of the company’s stock, valued at approximately $711,399.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, President Kristin Sverchek sold 3,500 shares of Lyft stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $14.01, for a total transaction of $49,035.00. Following the completion of the transaction, the president now directly owns 50,778 shares of the company’s stock, valued at approximately $711,399.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Patrick Zimmer sold 7,188 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was 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 $10,625,506.80. The disclosure for this sale can be found here. Insiders sold 39,164 shares of company stock valued at $470,513 in the last ninety days. Insiders own 3.07% of the company’s stock.

Analyst Upgrades and Downgrades

LYFT has been the topic of several analyst reports. Morgan Stanley increased their price target on shares of Lyft from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Friday, June 7th. Barclays lowered 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. Nomura Securities upgraded shares of Lyft from a “strong sell” rating to a “hold” rating in a research note on Friday, August 23rd. Royal Bank of Canada lowered their target price on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Finally, Truist Financial lowered their target price on shares of Lyft from $18.00 to $13.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Twenty-six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $15.65.

Lyft Price Performance

NASDAQ:LYFT opened at $12.47 on Monday. The company has a 50-day moving average of $11.54 and a 200-day moving average of $14.66. The company has a market capitalization of $5.03 billion, a price-to-earnings ratio of -26.53 and a beta of 2.04. Lyft, Inc. has a 52 week low of $8.85 and a 52 week high of $20.82. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period last year, the firm earned ($0.14) EPS. The firm’s revenue for the quarter was up 40.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Lyft, Inc. will post -0.16 earnings per share for the current fiscal year.

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.