Lyft, Inc. $LYFT Shares Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon increased its Lyft stake by 36.6% in the first quarter, adding 613,494 shares for a total of 2.29 million shares valued at approximately $30.5 million. Institutional investors and hedge funds collectively own 83.07% of Lyft.
• Analyst sentiment remains mixed: Lyft has a consensus “Hold” rating and an average price target of $19.40, with recent targets ranging from $15 to $22.
• Lyft shares opened at $14.20, while the company’s latest quarterly results showed revenue rising 17.2% year over year to $1.65 billion but adjusted earnings of $0.04 per share fell short of the $0.30 consensus estimate. Insiders have sold 45,535 shares worth $637,456 over the past 90 days.

Bank of New York Mellon Corp lifted its holdings in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 36.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,289,671 shares of the ride-sharing company's stock after acquiring an additional 613,494 shares during the period. Bank of New York Mellon Corp owned 0.58% of Lyft worth $30,453,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Brown Brothers Harriman & Co. grew its holdings in shares of Lyft by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 3,399 shares of the ride-sharing company's stock worth $75,000 after buying an additional 639 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Lyft by 5.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 12,808 shares of the ride-sharing company's stock valued at $248,000 after purchasing an additional 681 shares during the last quarter. Allegiance Financial Group Advisory Services LLC grew its stake in shares of Lyft by 4.3% in the 4th quarter. Allegiance Financial Group Advisory Services LLC now owns 18,153 shares of the ride-sharing company's stock valued at $352,000 after purchasing an additional 756 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in Lyft by 0.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,399 shares of the ride-sharing company's stock valued at $3,684,000 after buying an additional 771 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Lyft by 34.7% in the 4th quarter. GAMMA Investing LLC now owns 3,279 shares of the ride-sharing company's stock valued at $64,000 after buying an additional 845 shares during the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LYFT has been the subject of a number of recent analyst reports. Canaccord Genuity Group reduced their price objective on shares of Lyft from $16.00 to $15.00 and set a "hold" rating for the company in a research report on Friday, May 8th. Rothschild & Co Redburn upgraded Lyft from a "neutral" rating to a "buy" rating and set a $22.00 price target on the stock in a research note on Wednesday, June 17th. Citigroup assumed coverage on Lyft in a research note on Wednesday, June 17th. They issued a "buy" rating on the stock. Guggenheim reiterated a "buy" rating on shares of Lyft in a report on Wednesday, June 10th. Finally, Truist Financial boosted their price objective on shares of Lyft from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Friday, May 8th. Thirteen research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, Lyft presently has a consensus rating of "Hold" and a consensus price target of $19.40.

Insider Transactions at Lyft

In other news, Director Jill Beggs sold 2,093 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total value of $28,799.68. Following the completion of the sale, the director owned 30,092 shares of the company's stock, valued at $414,065.92. This represents a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Erin Brewer sold 15,000 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $13.59, for a total value of $203,850.00. Following the completion of the transaction, the chief financial officer directly owned 705,979 shares in the company, valued at $9,594,254.61. This trade represents a 2.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 45,535 shares of company stock worth $637,456 over the last ninety days. 0.92% of the stock is owned by insiders.

Lyft Stock Performance

Shares of LYFT opened at $14.20 on Monday. Lyft, Inc. has a 1-year low of $12.46 and a 1-year high of $25.54. The stock has a market cap of $5.39 billion, a price-to-earnings ratio of 2.07, a price-to-earnings-growth ratio of 0.84 and a beta of 1.80. The firm has a 50 day simple moving average of $14.46 and a 200-day simple moving average of $14.74. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.58 and a quick ratio of 0.58.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The ride-sharing company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.26). Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the business earned $0.01 EPS. Lyft's revenue for the quarter was up 17.2% compared to the same quarter last year. Equities analysts forecast that Lyft, Inc. will post 0.69 EPS for the current fiscal year.

Lyft Company Profile

Lyft, Inc NASDAQ: LYFT operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft's platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.

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