Arista Wealth Management LLC Purchases New Shares in Lyft, Inc. $LYFT

Key Points

• Arista Wealth Management LLC purchased 13,000 shares of Lyft, Inc. valued at approximately $205,000, indicating growing interest from institutional investors as 83.07% of the stock is now owned by them.
• Multiple research analysts have revised their price targets for Lyft, with Wells Fargo increasing it to $16.00 and Oppenheimer raising it to $24.00, reflecting a generally positive outlook on the stock.
• Lyft reported quarterly earnings of $0.10 per share, missing expectations and total revenue of $1.59 billion, illustrating potential challenges despite a year-over-year revenue growth of 10.6%.

Arista Wealth Management LLC purchased a new stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 13,000 shares of the ride-sharing company's stock, valued at approximately $205,000.

Other large investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in Lyft by 42.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,689 shares of the ride-sharing company's stock valued at $115,000 after purchasing an additional 2,871 shares in the last quarter. Maxi Investments CY Ltd boosted its stake in Lyft by 320.4% during the 1st quarter. Maxi Investments CY Ltd now owns 945,933 shares of the ride-sharing company's stock valued at $11,228,000 after acquiring an additional 720,933 shares during the last quarter. Joule Financial LLC bought a new position in Lyft during the 2nd quarter valued at $760,000. Polar Asset Management Partners Inc. bought a new position in Lyft during the 1st quarter valued at $2,191,000. Finally, Kaufman Rossin Wealth LLC boosted its stake in Lyft by 93.1% during the 2nd quarter. Kaufman Rossin Wealth LLC now owns 32,188 shares of the ride-sharing company's stock valued at $507,000 after acquiring an additional 15,518 shares during the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on LYFT shares. Wells Fargo & Company increased their price objective on shares of Lyft from $15.00 to $16.00 and gave the company an "equal weight" rating in a research note on Friday, September 5th. Oppenheimer increased their price objective on shares of Lyft from $17.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, September 17th. Benchmark increased their price objective on shares of Lyft from $20.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Wall Street Zen lowered shares of Lyft from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. Finally, UBS Group lifted their price target on shares of Lyft from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $19.12.

Lyft Trading Down 1.7%

Shares of NASDAQ:LYFT opened at $19.53 on Friday. The company has a market cap of $7.94 billion, a PE ratio of 81.38, a P/E/G ratio of 3.58 and a beta of 2.40. The company's 50-day moving average price is $18.85 and its 200 day moving average price is $15.80. Lyft, Inc. has a fifty-two week low of $9.66 and a fifty-two week high of $23.50. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.72.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share 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 the consensus estimate of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 earnings per share. Sell-side analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current year.

Insider Activity at Lyft

In other news, CEO John David Risher acquired 5,926 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The shares were purchased at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the transaction, the chief executive officer directly owned 11,797,266 shares in the company, valued at $199,137,850.08. This trade represents a 0.05% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of Lyft stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $20.00, for a total transaction of $292,120.00. Following the completion of the sale, the insider owned 835,782 shares in the company, valued at approximately $16,715,640. This represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,427 shares of company stock worth $1,252,686 in the last ninety days. 3.07% of the stock is owned by insiders.

Lyft Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.