Canada Pension Plan Investment Board Has $18.11 Million Position in Lyft, Inc. $LYFT

Key Points

• The Canada Pension Plan Investment Board increased its stake in Lyft, Inc. by 48.3%, acquiring an additional 496,811 shares to reach a total of 1,525,911 shares worth approximately $18.1 million.
• Lyft missed earnings expectations with $0.10 earnings per share for the quarter, compared to the consensus estimate of $0.27, despite a 10.6% year-over-year revenue increase to $1.59 billion.
• According to analysts, Lyft holds an average rating of "Hold" with a consensus target price of $16.83, with nine Buy ratings, twenty Hold ratings, and one Sell rating.

Canada Pension Plan Investment Board grew its holdings in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 48.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,525,911 shares of the ride-sharing company's stock after buying an additional 496,811 shares during the quarter. Canada Pension Plan Investment Board owned 0.37% of Lyft worth $18,113,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of LYFT. Trexquant Investment LP lifted its position in shares of Lyft by 27.8% during the first quarter. Trexquant Investment LP now owns 3,056,154 shares of the ride-sharing company's stock worth $36,277,000 after purchasing an additional 664,580 shares in the last quarter. Huber Capital Management LLC raised its holdings in shares of Lyft by 19.9% during the first quarter. Huber Capital Management LLC now owns 910,733 shares of the ride-sharing company's stock worth $10,810,000 after purchasing an additional 151,300 shares during the period. Landscape Capital Management L.L.C. raised its holdings in shares of Lyft by 155.0% during the first quarter. Landscape Capital Management L.L.C. now owns 115,624 shares of the ride-sharing company's stock worth $1,372,000 after purchasing an additional 70,287 shares during the period. Ieq Capital LLC increased its holdings in shares of Lyft by 35.1% in the 1st quarter. Ieq Capital LLC now owns 613,875 shares of the ride-sharing company's stock worth $7,287,000 after acquiring an additional 159,348 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Lyft in the 1st quarter worth about $705,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. TD Cowen raised shares of Lyft from a "hold" rating to a "buy" rating and increased their price objective for the stock from $16.00 to $21.00 in a report on Tuesday, June 24th. Roth Capital raised shares of Lyft from a "neutral" rating to a "buy" rating and set a $19.00 price objective on the stock in a report on Thursday, August 7th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $21.00 target price on shares of Lyft in a research report on Thursday, June 5th. Tigress Financial reiterated a "buy" rating and issued a $28.00 target price (up previously from $26.00) on shares of Lyft in a research report on Wednesday, May 21st. Finally, UBS Group increased their target price on shares of Lyft from $14.00 to $15.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. Nine investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Lyft presently has an average rating of "Hold" and an average target price of $16.87.

Lyft Trading Down 0.8%

Shares of LYFT traded down $0.13 during midday trading on Friday, hitting $16.66. The stock had a trading volume of 15,556,121 shares, compared to its average volume of 19,581,628. Lyft, Inc. has a fifty-two week low of $9.66 and a fifty-two week high of $19.07. The business has a 50-day simple moving average of $15.28 and a two-hundred day simple moving average of $14.04. The firm has a market cap of $6.77 billion, a P/E ratio of 69.42, a price-to-earnings-growth ratio of 2.74 and a beta of 2.33. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.72.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.17). The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.61 billion. Lyft had a return on equity of 14.32% and a net margin of 1.51%.Lyft's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $0.24 earnings per share. As a group, equities analysts forecast that Lyft, Inc. will post 0.22 EPS for the current year.

Insider Buying and Selling at Lyft

In other news, CFO Erin Brewer sold 15,000 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $15.24, for a total value of $228,600.00. Following the sale, the chief financial officer owned 540,759 shares in the company, valued at approximately $8,241,167.16. This trade represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 28,356 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $15.85, for a total transaction of $449,442.60. Following the completion of the sale, the insider owned 850,388 shares in the company, valued at approximately $13,478,649.80. The trade was a 3.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,821 shares of company stock worth $960,566 over the last 90 days. 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.