Allspring Global Investments Holdings LLC Takes $3.56 Million Position in Lyft, Inc. $LYFT

Key Points

• Allspring Global Investments Holdings LLC acquired a new $3.56 million stake in Lyft, acquiring approximately 225,696 shares, representing about 0.05% of the company's stock.
• Lyft reported earnings that missed analysts' expectations, with $0.10 EPS for the quarter, falling short of the consensus estimate of $0.27, and a revenue of $1.59 billion versus an expected $1.61 billion.
• Several analysts have raised their price targets for Lyft, with Deutsche Bank increasing its target from $16.00 to $21.00, reflecting a generally positive outlook on the stock amid ongoing institutional interests.

Allspring Global Investments Holdings LLC acquired a new stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 225,696 shares of the ride-sharing company's stock, valued at approximately $3,557,000. Allspring Global Investments Holdings LLC owned about 0.05% of Lyft as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Lyft by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 38,049,250 shares of the ride-sharing company's stock valued at $451,645,000 after acquiring an additional 2,046,639 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Lyft by 26.3% during the 1st quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock valued at $294,978,000 after acquiring an additional 5,178,118 shares during the period. Rakuten Group Inc. acquired a new position in shares of Lyft during the 1st quarter valued at $130,434,000. AQR Capital Management LLC lifted its position in shares of Lyft by 103.3% during the 1st quarter. AQR Capital Management LLC now owns 9,804,782 shares of the ride-sharing company's stock valued at $110,598,000 after acquiring an additional 4,980,876 shares during the period. Finally, Invenomic Capital Management LP lifted its position in shares of Lyft by 75.2% during the 1st quarter. Invenomic Capital Management LP now owns 3,587,553 shares of the ride-sharing company's stock valued at $42,584,000 after acquiring an additional 1,539,388 shares during the period. Institutional investors and hedge funds own 83.07% of the company's stock.

Insider Buying and Selling

In related news, 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 acquired at an average price of $16.88 per share, for a total transaction of $100,030.88. Following the completion of the acquisition, the chief executive officer owned 11,797,266 shares of the company's stock, valued at approximately $199,137,850.08. This represents a 0.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $20.00, for a total transaction of $292,120.00. Following the sale, the insider owned 835,782 shares of the company's stock, valued at $16,715,640. This trade represents a 1.72% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 74,427 shares of company stock worth $1,252,686. Insiders own 3.07% of the company's stock.

Lyft Stock Performance

Shares of LYFT stock opened at $20.21 on Tuesday. The firm has a 50-day moving average of $18.98 and a 200-day moving average of $15.92. The company has a market cap of $8.21 billion, a P/E ratio of 84.21, a P/E/G ratio of 3.52 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. Lyft, Inc. has a one year low of $9.66 and a one year high of $23.50.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its earnings results 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 during the quarter, compared to analysts' expectations of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 EPS. Equities research analysts forecast that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on LYFT shares. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Lyft from $16.00 to $21.00 and gave the company a "hold" rating in a research report on Thursday, September 18th. Jefferies Financial Group upped their price objective on shares of Lyft from $15.00 to $22.00 and gave the stock a "hold" rating in a report on Thursday, September 18th. Mizuho started coverage on shares of Lyft in a report on Tuesday, September 30th. They set a "neutral" rating and a $24.00 price objective on the stock. Cowen restated a "buy" rating on shares of Lyft in a report on Wednesday, September 24th. Finally, Bank of America upped their price objective on shares of Lyft from $12.00 to $14.00 and gave the stock an "underperform" rating in a report on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $19.12.

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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