Hedges Asset Management LLC Has $1.53 Million Position in Lyft, Inc. $LYFT

Key Points

• Hedges Asset Management LLC reduced its stake in Lyft by 20.9%, holding 96,800 shares worth approximately $1.53 million after selling 25,500 shares in the second quarter.
• A number of institutional investors have increased their positions in Lyft, with PNC Financial Services raising its stake by 42.1% and Maxi Investments CY Ltd increasing its stake by 320.4% during the first quarter.
• Lyft's stock has seen fluctuations, reporting a 10.6% year-over-year revenue increase but missing earnings estimates for the last quarter with an EPS of $0.10 against a consensus of $0.27.

Hedges Asset Management LLC lessened its position in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 20.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 96,800 shares of the ride-sharing company's stock after selling 25,500 shares during the period. Lyft accounts for about 1.2% of Hedges Asset Management LLC's portfolio, making the stock its 26th biggest holding. Hedges Asset Management LLC's holdings in Lyft were worth $1,526,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its stake in shares of Lyft by 42.1% in the first quarter. PNC Financial Services Group Inc. now owns 9,689 shares of the ride-sharing company's stock valued at $115,000 after buying an additional 2,871 shares during the period. Maxi Investments CY Ltd increased its stake in shares of Lyft by 320.4% in the first quarter. Maxi Investments CY Ltd now owns 945,933 shares of the ride-sharing company's stock valued at $11,228,000 after buying an additional 720,933 shares during the period. Polar Asset Management Partners Inc. acquired a new stake in shares of Lyft in the first quarter valued at about $2,191,000. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in shares of Lyft by 40.2% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 104,314 shares of the ride-sharing company's stock valued at $1,221,000 after buying an additional 29,912 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Lyft by 26.3% in the first quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock valued at $294,978,000 after buying an additional 5,178,118 shares during the period. Institutional investors and hedge funds own 83.07% of the company's stock.

Insiders Place Their Bets

In other Lyft news, CFO Erin Brewer sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was 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 approximately $8,241,167.16. This represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John David Risher purchased 5,926 shares of the business's stock in a transaction on Wednesday, September 3rd. The stock was purchased at an average price of $16.88 per share, for a total transaction of $100,030.88. Following the acquisition, the chief executive officer owned 11,797,266 shares of the company's stock, valued at approximately $199,137,850.08. This represents a 0.05% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 59,821 shares of company stock worth $960,566. Corporate insiders own 3.07% of the company's stock.

Lyft Stock Up 1.6%

Shares of NASDAQ:LYFT opened at $18.62 on Friday. The business's 50 day simple moving average is $15.52 and its two-hundred day simple moving average is $14.23. The firm has a market cap of $7.57 billion, a P/E ratio of 77.59, a PEG ratio of 2.87 and a beta of 2.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.70 and a current ratio of 0.70. Lyft, Inc. has a 52-week low of $9.66 and a 52-week high of $19.35.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.17). The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.61 billion. Lyft had a return on equity of 14.32% and a net margin of 1.51%.The firm's revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.24 EPS. As a group, research analysts forecast 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. Canaccord Genuity Group decreased their price target on Lyft from $14.00 to $11.00 and set a "hold" rating for the company in a research note on Thursday, August 7th. Wall Street Zen cut Lyft from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Wells Fargo & Company raised their target price on Lyft from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Friday, September 5th. Tigress Financial reaffirmed a "buy" rating and set a $28.00 target price (up previously from $26.00) on shares of Lyft in a research note on Wednesday, May 21st. Finally, BMO Capital Markets reaffirmed a "market perform" rating and set a $16.00 target price (up previously from $15.00) on shares of Lyft in a research note on Thursday, August 7th. Nine equities research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $17.07.

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.

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