Alliancebernstein L.P. cut its position in Lyft, Inc. (NASDAQ:LYFT) by 23.7% in the third quarter, HoldingsChannel.com reports. The firm owned 533,570 shares of the ride-sharing company’s stock after selling 165,955 shares during the period. Alliancebernstein L.P.’s holdings in Lyft were worth $28,594,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Lyft by 2.9% during the second quarter. Vanguard Group Inc. now owns 22,626,991 shares of the ride-sharing company’s stock worth $1,368,480,000 after acquiring an additional 644,051 shares during the last quarter. Jackson Square Partners LLC grew its stake in shares of Lyft by 10.3% during the second quarter. Jackson Square Partners LLC now owns 7,148,228 shares of the ride-sharing company’s stock worth $432,324,000 after acquiring an additional 669,481 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Lyft by 174.6% during the second quarter. Bank of New York Mellon Corp now owns 6,104,303 shares of the ride-sharing company’s stock worth $369,188,000 after acquiring an additional 3,881,438 shares during the last quarter. Artisan Partners Limited Partnership grew its stake in shares of Lyft by 20.8% during the second quarter. Artisan Partners Limited Partnership now owns 4,085,311 shares of the ride-sharing company’s stock worth $247,080,000 after acquiring an additional 704,081 shares during the last quarter. Finally, Clearbridge Investments LLC grew its stake in shares of Lyft by 21,157.6% during the second quarter. Clearbridge Investments LLC now owns 3,560,866 shares of the ride-sharing company’s stock worth $215,361,000 after acquiring an additional 3,544,115 shares during the last quarter. Institutional investors and hedge funds own 78.59% of the company’s stock.
A number of brokerages have recently weighed in on LYFT. Royal Bank of Canada dropped their price target on Lyft from $70.00 to $65.00 and set an “outperform” rating on the stock in a research note on Thursday, October 14th. JPMorgan Chase & Co. dropped their target price on Lyft from $72.00 to $67.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 15th. Jefferies Financial Group lowered Lyft from a “buy” rating to a “hold” rating and dropped their target price for the company from $78.00 to $50.00 in a research report on Friday, January 7th. They noted that the move was a valuation call. Credit Suisse Group dropped their target price on Lyft from $84.00 to $69.00 and set an “outperform” rating on the stock in a research report on Monday, November 1st. Finally, KeyCorp dropped their target price on Lyft from $72.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday. Nine investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $69.97.
NASDAQ LYFT opened at $36.80 on Friday. The business has a fifty day moving average price of $42.47 and a 200 day moving average price of $48.79. Lyft, Inc. has a one year low of $35.80 and a one year high of $68.28. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.21 and a current ratio of 1.21. The company has a market cap of $12.54 billion, a P/E ratio of -9.92 and a beta of 1.92.
Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Tuesday, November 2nd. The ride-sharing company reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.56) by $0.61. The firm had revenue of $864.41 million during the quarter, compared to the consensus estimate of $860.24 million. Lyft had a negative return on equity of 68.30% and a negative net margin of 43.05%. During the same period in the prior year, the company earned ($1.44) EPS. As a group, sell-side analysts predict that Lyft, Inc. will post -2.48 EPS for the current fiscal year.
In other Lyft news, General Counsel Kristin Sverchek sold 4,283 shares of the company’s stock in a transaction on Monday, November 1st. The stock was sold at an average price of $46.09, for a total value of $197,403.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Agnes Wilderotter sold 2,860 shares of the company’s stock in a transaction on Friday, November 12th. The shares were sold at an average price of $52.84, for a total value of $151,122.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,411 shares of company stock valued at $1,307,732. 5.77% of the stock is owned by company insiders.
Lyft Profile
Lyft, Inc engages in the provision and management of online social rideshare community platform. It provides access to a network of shared bikes and scooters for shorter rides and first-mile and last-mile legs of multimodal trips, information about nearby public transit routes, and Lyft Rentals to offer riders a view of transportation options when planning any trip.
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