Janney Montgomery Scott LLC Lowers Holdings in Lyft, Inc. $LYFT

Key Points

• Janney Montgomery Scott LLC reduced its stake in Lyft by 31.3%, now holding 36,815 shares valued at approximately $580,000.
• Despite Janney's selling activity, other hedge funds raised their stakes significantly, with MassMutual increasing its holdings by 162.6% during the same period.
• Wall Street analysts generally maintain a "Hold" rating on Lyft shares, with a consensus price target of $19.12, reflecting mixed sentiment about the company's performance.

Janney Montgomery Scott LLC cut its stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 31.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,815 shares of the ride-sharing company's stock after selling 16,763 shares during the period. Janney Montgomery Scott LLC's holdings in Lyft were worth $580,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB raised its stake in Lyft by 162.6% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company's stock worth $31,000 after purchasing an additional 1,203 shares during the period. Atwood & Palmer Inc. acquired a new stake in shares of Lyft during the 2nd quarter worth $32,000. GAMMA Investing LLC increased its holdings in shares of Lyft by 81.4% during the 1st quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company's stock worth $33,000 after buying an additional 1,237 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Lyft during the 1st quarter worth $35,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Lyft by 79.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,982 shares of the ride-sharing company's stock valued at $46,000 after acquiring an additional 1,769 shares during the period. 83.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on LYFT shares. Weiss Ratings reissued a "hold (c-)" rating on shares of Lyft in a research report on Wednesday, October 8th. Jefferies Financial Group raised their price target on shares of Lyft from $15.00 to $22.00 and gave the company a "hold" rating in a report on Thursday, September 18th. UBS Group raised their price target on shares of Lyft from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Morgan Stanley increased their price objective on shares of Lyft from $19.00 to $20.50 and gave the stock an "equal weight" rating in a research report on Thursday, September 11th. Finally, TD Cowen increased their price objective on shares of Lyft from $22.00 to $30.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $19.12.

Insider Activity

In related news, CFO Erin Brewer sold 15,000 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $15.24, for a total value of $228,600.00. Following the sale, the chief financial officer directly owned 540,759 shares of the company's stock, valued at $8,241,167.16. This represents a 2.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John David Risher purchased 5,926 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was bought at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the completion of the acquisition, the chief executive officer directly owned 11,797,266 shares of the company's stock, valued at $199,137,850.08. This represents a 0.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 74,427 shares of company stock worth $1,252,686. 3.07% of the stock is currently owned by insiders.

Lyft Stock Down 0.6%

Shares of NASDAQ LYFT opened at $19.87 on Friday. Lyft, Inc. has a 1 year low of $9.66 and a 1 year high of $23.50. The firm has a market cap of $8.08 billion, a price-to-earnings ratio of 82.80, a PEG ratio of 3.60 and a beta of 2.40. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.70 and a current ratio of 0.70. The stock's 50-day simple moving average is $18.72 and its 200-day simple moving average is $15.75.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the business earned $0.24 EPS. Lyft's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

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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