The Manufacturers Life Insurance Company lessened its stake in shares of Lyft, Inc. (NASDAQ:LYFT – Get Rating) by 46.1% during the third quarter, HoldingsChannel.com reports. The fund owned 10,654 shares of the ride-sharing company’s stock after selling 9,098 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Lyft were worth $140,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently made changes to their positions in the stock. Rockefeller Capital Management L.P. boosted its holdings in Lyft by 357.0% in the third quarter. Rockefeller Capital Management L.P. now owns 39,427 shares of the ride-sharing company’s stock worth $518,000 after purchasing an additional 30,800 shares during the last quarter. Victory Capital Management Inc. purchased a new position in shares of Lyft in the 3rd quarter worth $448,000. Great West Life Assurance Co. Can bought a new stake in shares of Lyft in the third quarter worth $5,940,000. US Bancorp DE increased its position in Lyft by 10.3% during the third quarter. US Bancorp DE now owns 10,155 shares of the ride-sharing company’s stock valued at $132,000 after acquiring an additional 950 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in Lyft by 23.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 9,172 shares of the ride-sharing company’s stock valued at $121,000 after acquiring an additional 1,734 shares during the period. 79.44% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on LYFT shares. Cowen downgraded Lyft from an “outperform” rating to a “market perform” rating and cut their price target for the company from $36.00 to $14.00 in a research note on Monday, November 21st. Susquehanna reduced their target price on shares of Lyft from $23.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, November 8th. Credit Suisse Group decreased their price target on shares of Lyft from $34.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday. Morgan Stanley cut their price objective on shares of Lyft from $17.00 to $11.00 and set an “equal weight” rating for the company in a research report on Friday. Finally, Roth Mkm decreased their target price on Lyft from $20.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, twenty-five have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.60.
Lyft Price Performance
Lyft stock opened at $10.31 on Friday. Lyft, Inc. has a 52-week low of $9.66 and a 52-week high of $44.50. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.06. The firm’s fifty day moving average is $13.06 and its 200 day moving average is $13.94. The company has a market cap of $3.72 billion, a price-to-earnings ratio of -2.31 and a beta of 1.68.
Insiders Place Their Bets
In other news, Director Mary Agnes Wilderotter sold 1,826 shares of the company’s stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $16.65, for a total transaction of $30,402.90. Following the sale, the director now directly owns 36,904 shares in the company, valued at approximately $614,451.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.31% of the company’s stock.
Lyft Company Profile
Lyft, Inc engages in the provision and management of an 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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