Lyft, Inc. $LYFT Stock Purchased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lifted its stake in Lyft, Inc. (NASDAQ:LYFT) by 5.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 704,564 shares of the ride-sharing company’s stock after purchasing an additional 35,793 shares during the quarter. Illinois Municipal Retirement Fund owned 0.19% of Lyft worth $10,576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also modified their holdings of LYFT. Wedmont Private Capital boosted its position in Lyft by 5.0% in the third quarter. Wedmont Private Capital now owns 13,517 shares of the ride-sharing company’s stock worth $218,000 after purchasing an additional 642 shares during the last quarter. BOKF NA increased its holdings in Lyft by 4.7% in the 3rd quarter. BOKF NA now owns 15,360 shares of the ride-sharing company’s stock valued at $231,000 after acquiring an additional 695 shares during the last quarter. Nicollet Investment Management Inc. boosted its stake in Lyft by 2.0% during the third quarter. Nicollet Investment Management Inc. now owns 50,501 shares of the ride-sharing company’s stock valued at $758,000 after buying an additional 999 shares during the last quarter. Evergreen Capital Management LLC grew its holdings in shares of Lyft by 5.8% in the third quarter. Evergreen Capital Management LLC now owns 19,742 shares of the ride-sharing company’s stock valued at $296,000 after purchasing an additional 1,077 shares in the last quarter. Finally, SBI Securities Co. Ltd. increased its holdings in shares of Lyft by 3.2% in the 3rd quarter. SBI Securities Co. Ltd. now owns 35,758 shares of the ride-sharing company’s stock worth $537,000 after buying an additional 1,104 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Truist Financial lifted their price target on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday, November 6th. Zacks Research upgraded Lyft from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Piper Sandler reiterated an “overweight” rating and set a $21.00 price objective (up from $20.00) on shares of Lyft in a research note on Friday, August 7th. BMO Capital Markets reissued a “market perform” rating on shares of Lyft in a report on Friday, November 6th. Finally, BTIG Research reissued a “neutral” rating on shares of Lyft in a research report on Friday, September 18th. Ten research analysts have rated the stock with a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lyft has a consensus rating of “Hold” and an average price target of $18.89.

Lyft Stock Performance

LYFT opened at $17.29 on Thursday. Lyft, Inc. has a twelve month low of $12.46 and a twelve month high of $25.54. The company has a current ratio of 0.60, a quick ratio of 0.59 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $6.54 billion, a PE ratio of 121.57, a PEG ratio of 1.06 and a beta of 2.06. The firm’s 50-day moving average price is $16.19 and its 200 day moving average price is $15.11.

Lyft (NASDAQ:LYFT) last announced its earnings results on Thursday, November 5th. The ride-sharing company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.23). Lyft had a net margin of 40.67% and a return on equity of 1.25%. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.92 billion. During the same quarter last year, the business earned $0.11 earnings per share. The business’s revenue was up 8.1% compared to the same quarter last year. As a group, sell-side analysts expect that Lyft, Inc. will post 0.81 EPS for the current fiscal year.

Lyft News Summary

Investors following LYFT have been watching these news items:

• Positive Sentiment: Canaccord Genuity Group raised its price target for Lyft, providing a potentially supportive analyst signal; the report did not specify the new target. Article: Lyft Stock Gets Price Target Increase from Canaccord Genuity Group
• Neutral Sentiment: Lyft CEO David Risher is scheduled to participate in a fireside chat at the RBC Capital Markets technology and media conference. The announcement may provide an opportunity for management to discuss the business, but no new financial information was reported. Article: Lyft CEO to Participate in Fireside Chat
• Negative Sentiment: The Justice Department filed a lawsuit alleging Lyft and its drivers routinely denied rides to passengers with disabilities, including people using stowable wheelchairs or traveling with service animals. The DOJ is seeking $53 million and alleges some passengers were charged cancellation fees after drivers refused service. Lyft disputes the allegations. The suit creates potential legal, financial, and reputational risks. Article: Justice Department Sues Lyft

Insider Buying and Selling

In other news, insider Lindsay Llewellyn sold 13,204 shares of Lyft stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $16.64, for a total value of $219,714.56. Following the completion of the transaction, the insider owned 781,152 shares in the company, valued at approximately $12,998,369.28. This trade represents a 1.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen Hope sold 5,982 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $17.34, for a total transaction of $103,727.88. Following the transaction, the chief accounting officer owned 299,974 shares of the company’s stock, valued at approximately $5,201,549.16. The trade was a 1.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 61,586 shares of company stock worth $1,024,326 over the last ninety days. Company insiders own 0.92% of the company’s stock.

About Lyft

Lyft operates a mobile platform that connects people seeking transportation with drivers who provide rides. Through its app, customers can request on-demand trips, schedule rides in advance, and access other ride options where available. The company also offers Lyft Pink, a membership program with benefits for eligible rides and services. Lyft provides transportation programs for businesses and organizations through Lyft Business, including tools for arranging and managing rides. The company’s platform primarily serves markets in the United States and Canada.