Bank of New York Mellon Corp Trims Stock Position in Lyft, Inc. (NASDAQ:LYFT)

Bank of New York Mellon Corp decreased its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 29.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,753,664 shares of the ride-sharing company's stock after selling 1,124,705 shares during the quarter. Bank of New York Mellon Corp owned 0.66% of Lyft worth $32,686,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of LYFT. Vanguard Group Inc. increased its holdings in Lyft by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company's stock valued at $464,434,000 after buying an additional 984,907 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in Lyft by 15.1% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company's stock valued at $120,463,000 after buying an additional 1,224,056 shares during the period. Renaissance Technologies LLC increased its holdings in Lyft by 282.0% in the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock valued at $111,240,000 after buying an additional 6,365,727 shares during the period. Two Sigma Investments LP increased its holdings in Lyft by 156.9% in the 4th quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company's stock valued at $103,524,000 after buying an additional 4,901,358 shares during the period. Finally, Capital World Investors increased its holdings in Lyft by 49.4% in the 4th quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company's stock valued at $87,404,000 after buying an additional 2,240,478 shares during the period. Institutional investors and hedge funds own 83.07% of the company's stock.

Wall Street Analysts Forecast Growth

LYFT has been the topic of several research reports. DA Davidson reaffirmed a "neutral" rating and set a $15.00 price target on shares of Lyft in a report on Wednesday, April 16th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lyft in a research note on Friday, May 9th. Royal Bank Of Canada reissued an "outperform" rating and set a $21.00 target price on shares of Lyft in a research note on Thursday, June 5th. Morgan Stanley cut their target price on shares of Lyft from $17.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 17th. Finally, KeyCorp reissued a "sector weight" rating on shares of Lyft in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $16.78.

Lyft Stock Performance

NASDAQ LYFT traded down $0.22 during trading hours on Friday, reaching $14.55. 4,156,571 shares of the company were exchanged, compared to its average volume of 16,186,013. Lyft, Inc. has a 1 year low of $8.93 and a 1 year high of $19.07. The business's 50 day simple moving average is $15.69 and its 200-day simple moving average is $13.66. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $6.08 billion, a P/E ratio of 96.81, a P/E/G ratio of 2.93 and a beta of 2.20.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.19). Lyft had a return on equity of 11.28% and a net margin of 0.95%. The company had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.47 billion. During the same quarter last year, the business posted $0.15 EPS. The business's quarterly revenue was up 13.5% on a year-over-year basis. On average, equities research analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current year.

Insider Buying and Selling at Lyft

In other Lyft news, CEO John David Risher bought 6,538 shares of Lyft stock in a transaction dated Thursday, May 29th. The stock was purchased at an average price of $15.29 per share, for a total transaction of $99,966.02. Following the completion of the purchase, the chief executive officer directly owned 11,791,340 shares of the company's stock, valued at approximately $180,289,588.60. This trade represents a 0.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jill Beggs sold 1,572 shares of Lyft stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $16.41, for a total transaction of $25,796.52. Following the completion of the transaction, the director owned 20,467 shares of the company's stock, valued at $335,863.47. The trade was a 7.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,732 shares of company stock worth $347,159 over the last three months. Company insiders own 3.07% of the company's stock.

About Lyft

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.