Federated Hermes Inc. Has $18.47 Million Stake in Lyft, Inc. (NASDAQ:LYFT)

Key Points

• Federated Hermes Inc. significantly increased its stake in Lyft, acquiring an additional 1,267,056 shares and growing its ownership by 438.7% during the first quarter.
• Lyft’s CEO, John David Risher, made a personal investment by purchasing 6,538 shares valued at approximately $99,966, reflecting his confidence in the company.
• Despite reporting a revenue increase of 13.5% year-over-year, Lyft's recent earnings missed analysts' expectations, leading to mixed ratings from various financial institutions.

Federated Hermes Inc. grew its stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 438.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,555,883 shares of the ride-sharing company's stock after buying an additional 1,267,056 shares during the period. Federated Hermes Inc. owned approximately 0.37% of Lyft worth $18,468,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in LYFT. American Century Companies Inc. raised its position in shares of Lyft by 335.7% during the fourth quarter. American Century Companies Inc. now owns 102,614 shares of the ride-sharing company's stock valued at $1,324,000 after buying an additional 79,062 shares during the last quarter. Prudential Financial Inc. acquired a new position in shares of Lyft during the fourth quarter valued at about $1,221,000. Norges Bank acquired a new position in shares of Lyft during the fourth quarter valued at about $49,599,000. Pictet Asset Management Holding SA raised its position in shares of Lyft by 26.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 58,238 shares of the ride-sharing company's stock valued at $751,000 after buying an additional 12,102 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in shares of Lyft by 42.7% during the fourth quarter. Brown Brothers Harriman & Co. now owns 3,538 shares of the ride-sharing company's stock valued at $46,000 after buying an additional 1,058 shares during the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction 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 sale, the director directly owned 879,498 shares in the company, valued at approximately $13,896,068.40. This trade represents a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jill Beggs sold 1,572 shares of the stock in a transaction 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 completion of the sale, the director owned 20,467 shares in the company, valued at approximately $335,863.47. This trade represents a 7.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.07% of the company's stock.

Lyft Trading Down 3.1%

LYFT traded down $0.44 during mid-day trading on Friday, hitting $13.62. The stock had a trading volume of 17,504,263 shares, compared to its average volume of 12,894,624. The stock's fifty day simple moving average is $15.20 and its 200-day simple moving average is $13.73. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of 90.80, a price-to-earnings-growth ratio of 2.67 and a beta of 2.26. Lyft, Inc. has a 1-year low of $8.93 and a 1-year high of $19.07.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on LYFT shares. Sanford C. Bernstein upped their price objective on shares of Lyft from $16.00 to $18.00 and gave the company a "market perform" rating in a research report on Monday, July 21st. Tigress Financial reissued a "buy" rating and issued a $28.00 price target (up previously from $26.00) on shares of Lyft in a research report on Wednesday, May 21st. Wells Fargo & Company increased their price target on shares of Lyft from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Monday, July 7th. TD Cowen raised shares of Lyft from a "hold" rating to a "buy" rating and increased their price target for the stock from $16.00 to $21.00 in a research report on Tuesday, June 24th. Finally, The Goldman Sachs Group raised shares of Lyft from a "neutral" rating to a "buy" rating and set a $20.00 price target for the company in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Lyft presently has an average rating of "Hold" and a consensus price target of $16.98.

Lyft Company 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.