Treasurer of the State of North Carolina purchased a new stake in shares of LYFT Inc (NASDAQ:LYFT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,730 shares of the ride-sharing company’s stock, valued at approximately $1,034,000.
A number of other hedge funds have also recently added to or reduced their stakes in LYFT. FMR LLC bought a new stake in LYFT during the first quarter valued at about $1,451,179,000. AH Equity Partners III L.L.C. bought a new stake in shares of LYFT in the first quarter valued at about $472,872,000. Vanguard Group Inc. lifted its stake in shares of LYFT by 2,285.8% in the second quarter. Vanguard Group Inc. now owns 3,329,568 shares of the ride-sharing company’s stock valued at $218,786,000 after buying an additional 3,190,012 shares during the period. Nuveen Asset Management LLC bought a new stake in shares of LYFT in the second quarter valued at about $175,033,000. Finally, Invesco Ltd. lifted its stake in shares of LYFT by 112.5% in the second quarter. Invesco Ltd. now owns 1,713,033 shares of the ride-sharing company’s stock valued at $112,564,000 after buying an additional 906,762 shares during the period. Institutional investors own 34.55% of the company’s stock.
In other LYFT news, General Counsel Kristin Sverchek sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $47.97, for a total value of $287,820.00. Following the transaction, the general counsel now directly owns 206,969 shares of the company’s stock, valued at $9,928,302.93. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Ran I. Makavy sold 70,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $52.11, for a total transaction of $3,647,700.00. The disclosure for this sale can be found here. In the last three months, insiders sold 111,000 shares of company stock valued at $5,563,370.
LYFT has been the subject of several research reports. Wedbush upgraded shares of LYFT from a “neutral” rating to an “outperform” rating and increased their target price for the company from $67.00 to $75.00 in a research note on Thursday, August 8th. Wells Fargo & Co initiated coverage on shares of LYFT in a research note on Thursday, September 26th. They issued an “outperform” rating and a $60.00 target price for the company. Citigroup increased their target price on shares of LYFT from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Canaccord Genuity increased their target price on shares of LYFT from $75.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, HSBC upgraded shares of LYFT from a “hold” rating to a “buy” rating and reduced their target price for the company from $67.00 to $62.00 in a research note on Monday, September 16th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-eight have assigned a buy rating to the company’s stock. LYFT presently has an average rating of “Buy” and a consensus price target of $71.15.
Shares of LYFT stock opened at $39.49 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.73 and a quick ratio of 1.73. The firm has a 50 day moving average of $44.71. LYFT Inc has a fifty-two week low of $37.07 and a fifty-two week high of $88.60.
LYFT (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported ($0.68) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.66) by $0.98. The company had revenue of $867.30 million during the quarter, compared to analyst estimates of $809.64 million. LYFT’s quarterly revenue was up 71.8% compared to the same quarter last year. Equities analysts predict that LYFT Inc will post -11.38 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 provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders.
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