Exchange Traded Concepts LLC Takes Position in Lyft, Inc. $LYFT

Key Points

• Exchange Traded Concepts LLC acquired a new position in Lyft, investing approximately $4.56 million for 288,992 shares during the 2nd quarter, representing 0.07% ownership of the company.
• Lyft reported earnings per share (EPS) of $0.10 for the last quarter, falling short of analysts' expectations of $0.27, alongside a revenue increase of 10.6% year-over-year.
• The company's stock has seen significant institutional interest, with 83.07% of shares held by institutional investors, and major hedge funds recently increasing their holdings.

Exchange Traded Concepts LLC purchased a new position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 288,992 shares of the ride-sharing company's stock, valued at approximately $4,555,000. Exchange Traded Concepts LLC owned about 0.07% of Lyft as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Waypoint Wealth Partners Inc. increased its position in Lyft by 89.0% during the second quarter. Waypoint Wealth Partners Inc. now owns 42,962 shares of the ride-sharing company's stock worth $677,000 after acquiring an additional 20,226 shares during the period. NorthCrest Asset Manangement LLC lifted its position in shares of Lyft by 145.2% in the 2nd quarter. NorthCrest Asset Manangement LLC now owns 25,074 shares of the ride-sharing company's stock worth $405,000 after acquiring an additional 14,849 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Lyft by 153.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 370,197 shares of the ride-sharing company's stock worth $5,979,000 after purchasing an additional 224,159 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Lyft during the 2nd quarter worth approximately $470,000. Finally, Pallas Capital Advisors LLC increased its position in shares of Lyft by 183.5% during the second quarter. Pallas Capital Advisors LLC now owns 181,768 shares of the ride-sharing company's stock valued at $2,865,000 after purchasing an additional 117,641 shares during the period. Institutional investors and hedge funds own 83.07% of the company's stock.

Lyft Trading Down 0.4%

LYFT stock traded down $0.10 during midday trading on Monday, reaching $22.49. The company's stock had a trading volume of 15,651,378 shares, compared to its average volume of 19,061,756. The stock has a market cap of $9.14 billion, a PE ratio of 93.82, a price-to-earnings-growth ratio of 3.53 and a beta of 2.33. Lyft, Inc. has a 52 week low of $9.66 and a 52 week high of $23.50. The business's 50-day simple moving average is $16.11 and its 200-day simple moving average is $14.56. 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 announced its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 EPS 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 during the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the company earned $0.24 earnings per share. The business's revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts expect that Lyft, Inc. will post 0.22 EPS for the current year.

Insider Buying and Selling at Lyft

In other Lyft news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the 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 completion of the sale, the insider directly owned 850,388 shares in the company, valued at $13,478,649.80. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $15.24, for a total value of $228,600.00. Following the transaction, the chief financial officer owned 540,759 shares in the company, valued at $8,241,167.16. This trade represents a 2.70% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,427 shares of company stock valued at $1,252,686. Company insiders own 3.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on LYFT shares. Canaccord Genuity Group lifted their price target on shares of Lyft from $11.00 to $18.00 and gave the stock a "hold" rating in a research note on Thursday. BMO Capital Markets lifted their target price on shares of Lyft from $16.00 to $20.00 and gave the company a "market perform" rating in a research report on Thursday. Citigroup reissued a "hold" rating and issued a $14.00 price target (down previously from $22.00) on shares of Lyft in a research report on Friday, June 27th. Bank of America lifted their price objective on Lyft from $12.00 to $14.00 and gave the company an "underperform" rating in a report on Thursday. Finally, Oppenheimer increased their target price on Lyft from $17.00 to $24.00 and gave the stock an "outperform" rating in a report on Wednesday, September 17th. Nine investment analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $18.52.

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.