Cannon Global Investment Management LLC Invests $496,000 in Lyft, Inc. $LYFT

Key Points

• Cannon Global Investment Management LLC invested approximately $496,000 in 31,500 shares of Lyft, making it the firm's 29th largest holding, representing 1.0% of its portfolio.
• Insider sales were noted, with CFO Erin Brewer selling 15,000 shares and insider Lindsay Catherine Llewellyn selling 28,356 shares, reflecting a decrease in their ownership percentages.
• Lyft's stock has shown fluctuations, with a recent price opening at $19.53 and a revenue report of $1.59 billion for the last quarter, falling short of analysts' expectations.

Cannon Global Investment Management LLC bought a new position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 31,500 shares of the ride-sharing company's stock, valued at approximately $496,000. Lyft accounts for 1.0% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 29th largest holding.

A number of other hedge funds also recently made changes to their positions in LYFT. Rakuten Group Inc. bought a new stake in shares of Lyft during the 1st quarter worth $130,434,000. Ameriprise Financial Inc. raised its stake 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 worth $294,978,000 after purchasing an additional 5,178,118 shares during the period. AQR Capital Management LLC raised its stake 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 worth $110,598,000 after purchasing an additional 4,980,876 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Lyft by 83,744.1% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,144,991 shares of the ride-sharing company's stock worth $37,331,000 after purchasing an additional 3,141,240 shares during the period. Finally, Nuveen LLC purchased a new stake in Lyft in the 1st quarter worth about $31,143,000. 83.07% of the stock is currently owned by institutional investors.

Insider Transactions at Lyft

In other news, CFO Erin Brewer sold 15,000 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $15.24, for a total transaction of $228,600.00. Following the completion of the transaction, the chief financial officer owned 540,759 shares of the company's stock, valued at approximately $8,241,167.16. The trade was a 2.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 28,356 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $15.85, for a total value of $449,442.60. Following the transaction, the insider directly owned 850,388 shares of the company's stock, valued at $13,478,649.80. The trade was a 3.23% 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 valued at $1,252,686. 3.07% of the stock is owned by corporate insiders.

Lyft Stock Down 1.7%

LYFT stock opened at $19.53 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $7.94 billion, a PE ratio of 81.38, a PEG ratio of 3.58 and a beta of 2.40. Lyft, Inc. has a twelve month low of $9.66 and a twelve month high of $23.50. The stock has a 50-day simple moving average of $18.85 and a two-hundred day simple moving average of $15.80.

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

Analyst Ratings Changes

LYFT has been the subject of several recent research reports. BMO Capital Markets lifted their price objective on Lyft from $16.00 to $20.00 and gave the stock a "market perform" rating in a report on Thursday, September 18th. Citigroup reissued a "hold" rating and issued a $14.00 price objective (down previously from $22.00) on shares of Lyft in a report on Friday, June 27th. Deutsche Bank Aktiengesellschaft lifted their price objective on Lyft from $16.00 to $21.00 and gave the stock a "hold" rating in a report on Thursday, September 18th. Benchmark lifted their price objective on Lyft from $20.00 to $26.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Finally, Morgan Stanley lifted their price objective on Lyft from $19.00 to $20.50 and gave the stock an "equal weight" rating in a report on Thursday, September 11th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $19.12.

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.

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