Allegiance Financial Group Advisory Services LLC Invests $333,000 in Lyft, Inc. $LYFT

Key Points

• Allegiance Financial Group Advisory Services LLC made a new investment in Lyft, acquiring 21,122 shares valued at approximately $333,000 in the second quarter.
• Several institutional investors significantly increased their positions in Lyft, contributing to institutional ownership rising to 83.07% of the company's stock.
• Analysts have raised their price targets for Lyft, with TD Cowen projecting a price target increase to $30.00 and an overall rating of "buy" from ten analysts.

Allegiance Financial Group Advisory Services LLC acquired a new position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 21,122 shares of the ride-sharing company's stock, valued at approximately $333,000.

A number of other institutional investors also recently made changes to their positions in LYFT. Rakuten Group Inc. bought a new stake in shares of Lyft during the first quarter worth approximately $130,434,000. Ameriprise Financial Inc. boosted its stake in shares of Lyft by 26.3% in the first quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock valued at $294,978,000 after buying an additional 5,178,118 shares during the period. AQR Capital Management LLC boosted its stake in shares of Lyft by 103.3% in the first quarter. AQR Capital Management LLC now owns 9,804,782 shares of the ride-sharing company's stock valued at $110,598,000 after buying an additional 4,980,876 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Lyft by 83,744.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,144,991 shares of the ride-sharing company's stock valued at $37,331,000 after buying an additional 3,141,240 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Lyft in the first quarter valued at approximately $31,143,000. Institutional investors own 83.07% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Sanford C. Bernstein boosted their price target on Lyft from $16.00 to $18.00 and gave the company a "market perform" rating in a research note on Monday, July 21st. Oppenheimer boosted their price target on Lyft from $17.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, September 17th. UBS Group boosted their price target on Lyft from $14.00 to $15.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Jefferies Financial Group boosted their price target on Lyft from $15.00 to $22.00 and gave the company a "hold" rating in a research note on Thursday, September 18th. Finally, TD Cowen boosted their price objective on shares of Lyft from $22.00 to $30.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Ten analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $19.02.

Insider Transactions at Lyft

In related news, CFO Erin Brewer sold 15,000 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $15.24, for a total value of $228,600.00. Following the completion of the sale, the chief financial officer directly owned 540,759 shares in the company, valued at $8,241,167.16. This represents a 2.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO John David Risher acquired 5,926 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was bought at an average price of $16.88 per share, with a total value of $100,030.88. Following the completion of the acquisition, the chief executive officer directly owned 11,797,266 shares of the company's stock, valued at $199,137,850.08. This trade represents a 0.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 74,427 shares of company stock worth $1,252,686. Corporate insiders own 3.07% of the company's stock.

Lyft Stock Down 0.1%

Shares of LYFT opened at $21.16 on Thursday. Lyft, Inc. has a one year low of $9.66 and a one year high of $23.50. The company has a market cap of $8.60 billion, a P/E ratio of 88.17, a P/E/G ratio of 3.31 and a beta of 2.40. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a 50 day simple moving average of $18.04 and a two-hundred day simple moving average of $15.43.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The ride-sharing company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.17). The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.24 earnings per share. Research analysts forecast that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft Profile

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.

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