Strategic Wealth Partners Ltd. Takes $708,000 Position in Lyft, Inc. (NASDAQ:LYFT)

Strategic Wealth Partners Ltd. bought a new stake in Lyft, Inc. (NASDAQ:LYFT) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 36,596 shares of the ride-sharing company’s stock, valued at approximately $708,000.

Other hedge funds have also recently modified their holdings of the company. Commonwealth Equity Services LLC grew its position in Lyft by 15.1% during the first quarter. Commonwealth Equity Services LLC now owns 39,613 shares of the ride-sharing company’s stock worth $767,000 after buying an additional 5,184 shares during the period. Swiss National Bank increased its stake in Lyft by 2.0% in the 1st quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock valued at $13,218,000 after purchasing an additional 13,300 shares in the last quarter. Corient Private Wealth LLC increased its stake in Lyft by 163.9% in the 4th quarter. Corient Private Wealth LLC now owns 100,826 shares of the ride-sharing company’s stock valued at $1,511,000 after purchasing an additional 62,623 shares in the last quarter. Range Financial Group LLC purchased a new position in Lyft in the 1st quarter valued at approximately $470,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Lyft in the 1st quarter valued at approximately $41,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Lyft Stock Down 4.4 %

Shares of NASDAQ LYFT traded down $0.50 during midday trading on Friday, reaching $10.92. 16,322,747 shares of the company’s stock were exchanged, compared to its average volume of 15,311,034. Lyft, Inc. has a 52-week low of $8.85 and a 52-week high of $20.82. The stock has a market capitalization of $4.41 billion, a PE ratio of -23.23 and a beta of 2.06. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82. The business’s fifty day moving average price is $13.80 and its two-hundred day moving average price is $15.46.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.09. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.17 billion. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. Analysts forecast that Lyft, Inc. will post -0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Melius began coverage on Lyft in a research note on Monday, July 22nd. They issued a “hold” rating and a $15.00 price objective for the company. Loop Capital raised Lyft from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Friday, June 7th. Barclays raised their price target on Lyft from $17.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 8th. Morgan Stanley raised their price target on Lyft from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Friday, June 7th. Finally, Bank of America raised Lyft from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $15.00 to $20.00 in a research report on Friday, June 7th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $18.04.

Insider Activity at Lyft

In related news, President Kristin Sverchek sold 3,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $13.81, for a total value of $41,430.00. Following the completion of the sale, the president now directly owns 47,778 shares of the company’s stock, valued at $659,814.18. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total transaction of $142,330.61. Following the completion of the transaction, the chief accounting officer now directly owns 351,853 shares of the company’s stock, valued at $5,513,536.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Kristin Sverchek sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $13.81, for a total value of $41,430.00. Following the transaction, the president now owns 47,778 shares of the company’s stock, valued at $659,814.18. The disclosure for this sale can be found here. Insiders sold a total of 33,333 shares of company stock valued at $518,714 over the last three months. 3.07% of the stock is owned by insiders.

About Lyft

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.