Bank of New York Mellon Corp Raises Stock Holdings in Lyft, Inc. $LYFT

Bank of New York Mellon Corp lifted its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 36.6% in the first quarter, Holdings Channel reports. The institutional investor owned 2,289,671 shares of the ride-sharing company’s stock after buying an additional 613,494 shares during the quarter. Bank of New York Mellon Corp’s holdings in Lyft were worth $30,453,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC raised its holdings in Lyft by 7.4% in the third quarter. AQR Capital Management LLC now owns 25,783,363 shares of the ride-sharing company’s stock valued at $567,492,000 after acquiring an additional 1,773,438 shares in the last quarter. Renaissance Technologies LLC grew its stake in Lyft by 15.4% in the fourth quarter. Renaissance Technologies LLC now owns 9,873,232 shares of the ride-sharing company’s stock worth $191,245,000 after purchasing an additional 1,320,938 shares in the last quarter. Norges Bank acquired a new position in Lyft in the fourth quarter worth about $109,987,000. Swedbank AB bought a new stake in Lyft in the fourth quarter valued at about $108,472,000. Finally, Altshuler Shaham Ltd increased its holdings in Lyft by 0.6% in the fourth quarter. Altshuler Shaham Ltd now owns 5,054,610 shares of the ride-sharing company’s stock valued at $97,908,000 after buying an additional 30,048 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

Insider Transactions at Lyft

In related news, insider Lindsay Catherine Llewellyn sold 11,491 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $15.00, for a total transaction of $172,365.00. Following the completion of the transaction, the insider owned 853,731 shares of the company’s stock, valued at $12,805,965. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,093 shares of Lyft stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total value of $28,799.68. Following the transaction, the director directly owned 30,092 shares in the company, valued at approximately $414,065.92. The trade was a 6.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 45,535 shares of company stock worth $637,456. Corporate insiders own 0.92% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. William Blair cut Lyft to a “market perform” rating in a research note on Wednesday, June 17th. Canaccord Genuity Group lowered their price objective on shares of Lyft from $16.00 to $15.00 and set a “hold” rating for the company in a research report on Friday, May 8th. Rothschild & Co Redburn raised Lyft from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a report on Wednesday, June 17th. Tigress Financial reiterated a “buy” rating and set a $28.00 price target on shares of Lyft in a research report on Wednesday, June 24th. Finally, Sanford C. Bernstein began coverage on Lyft in a research report on Wednesday, June 17th. They set an “underperform” rating on the stock. Thirteen analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, Lyft presently has a consensus rating of “Hold” and a consensus target price of $19.40.

Lyft Stock Performance

Shares of LYFT opened at $14.20 on Monday. The firm has a 50-day moving average price of $14.46 and a 200 day moving average price of $14.74. The firm has a market capitalization of $5.39 billion, a PE ratio of 2.07, a P/E/G ratio of 0.84 and a beta of 1.80. Lyft, Inc. has a 52-week low of $12.46 and a 52-week high of $25.54. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.33.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Thursday, May 7th. The ride-sharing company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.26). Lyft had a net margin of 43.82% and a negative return on equity of 2.09%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the business earned $0.01 earnings per share. The company’s revenue was up 17.2% on a year-over-year basis. On average, sell-side analysts anticipate that Lyft, Inc. will post 0.69 earnings per share for the current fiscal year.

Lyft Profile

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.