Connor Clark & Lunn Investment Management Ltd. Sells 582,030 Shares of Lyft, Inc. (NASDAQ:LYFT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Lyft, Inc. by 25.4%, selling 582,030 shares during the first quarter, leaving it with approximately 1.7 million shares valued at $20.28 million.
• Multiple institutional investors have significantly increased their positions in Lyft, with Two Sigma Advisers LP raising its holdings by 828.5% in the fourth quarter, now owning over 6.6 million shares.
• Lyft's recent quarterly earnings report showed a miss on earnings, with $0.10 per share against a consensus estimate of $0.27, and revenue of $1.59 billion, below expected $1.61 billion.

Connor Clark & Lunn Investment Management Ltd. decreased its position in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 25.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,708,431 shares of the ride-sharing company's stock after selling 582,030 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.41% of Lyft worth $20,279,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of LYFT. Two Sigma Advisers LP lifted its holdings in Lyft by 828.5% in the fourth quarter. Two Sigma Advisers LP now owns 6,662,535 shares of the ride-sharing company's stock valued at $85,947,000 after acquiring an additional 5,945,000 shares during the period. Two Sigma Investments LP lifted its holdings in Lyft by 156.9% in the fourth quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company's stock valued at $103,524,000 after acquiring an additional 4,901,358 shares during the period. Jupiter Asset Management Ltd. lifted its holdings in Lyft by 2,553.0% in the first quarter. Jupiter Asset Management Ltd. now owns 2,607,399 shares of the ride-sharing company's stock valued at $30,950,000 after acquiring an additional 2,509,118 shares during the period. Capital World Investors lifted its holdings in Lyft by 49.4% in the fourth quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company's stock valued at $87,404,000 after acquiring an additional 2,240,478 shares during the period. Finally, Marshall Wace LLP lifted its holdings in Lyft by 274.6% in the fourth quarter. Marshall Wace LLP now owns 2,959,267 shares of the ride-sharing company's stock valued at $38,175,000 after acquiring an additional 2,169,255 shares during the period. Institutional investors own 83.07% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on LYFT shares. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $21.00 price objective on shares of Lyft in a research note on Thursday, June 5th. Tigress Financial reaffirmed a "buy" rating and issued a $28.00 price objective (up previously from $26.00) on shares of Lyft in a research note on Wednesday, May 21st. The Goldman Sachs Group raised Lyft from a "neutral" rating to a "buy" rating and set a $20.00 price objective on the stock in a research note on Friday, May 9th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $16.00 price objective (up previously from $15.00) on shares of Lyft in a research note on Thursday. Finally, UBS Group raised their price objective on Lyft from $14.00 to $15.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $16.84.

Lyft Stock Performance

NASDAQ LYFT opened at $13.42 on Friday. The stock has a market capitalization of $5.61 billion, a PE ratio of 55.93, a P/E/G ratio of 2.63 and a beta of 2.26. The business has a 50 day simple moving average of $15.03 and a two-hundred day simple moving average of $13.75. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.77 and a quick ratio of 0.77. Lyft, Inc. has a 1-year low of $9.53 and a 1-year high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to analysts' expectations of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.22%. The business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 EPS. On average, research analysts predict that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling at Lyft

In other news, Director Jill Beggs sold 1,572 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $16.41, for a total transaction of $25,796.52. Following the transaction, the director owned 20,467 shares of the company's stock, valued at approximately $335,863.47. The trade was a 7.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $15.80, for a total value of $38,299.20. Following the transaction, the director directly owned 879,498 shares in the company, valued at approximately $13,896,068.40. This represents a 0.27% decrease in their position. The disclosure for this sale can be found here. 3.07% of the stock is currently owned by company insiders.

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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