Lyft, Inc. $LYFT Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Lyft stake by 22.8% in the first quarter, buying 83,412 additional shares to own 449,299 shares valued at approximately $6.0 million. Institutional investors collectively own 83.07% of Lyft.
• Lyft reported quarterly revenue of $1.65 billion, up 17.2% year over year and slightly above expectations, but earnings per share of $0.04 missed the $0.30 consensus estimate. The stock opened at $16.48, above its 50-day and 200-day moving averages.
• Wall Street’s overall view remains cautious, with analysts assigning Lyft an average “Hold” rating and a $19.43 price target. Recent insider activity was negative, as executives sold a combined 81,749 shares worth about $1.22 million over the past 90 days.

California State Teachers Retirement System increased its stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 22.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 449,299 shares of the ride-sharing company's stock after buying an additional 83,412 shares during the period. California State Teachers Retirement System owned about 0.12% of Lyft worth $5,976,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in LYFT. AQR Capital Management LLC increased its stake in Lyft by 7.4% in the 3rd quarter. AQR Capital Management LLC now owns 25,783,363 shares of the ride-sharing company's stock valued at $567,492,000 after purchasing an additional 1,773,438 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Lyft by 15.4% in the fourth quarter. Renaissance Technologies LLC now owns 9,873,232 shares of the ride-sharing company's stock valued at $191,245,000 after buying an additional 1,320,938 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Lyft by 58.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company's stock worth $89,360,000 after buying an additional 2,467,010 shares during the last quarter. Norges Bank acquired a new position in shares of Lyft during the 4th quarter worth $109,987,000. Finally, Swedbank AB purchased a new stake in shares of Lyft in the 4th quarter worth about $108,472,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Lyft Stock Performance

NASDAQ:LYFT opened at $16.48 on Thursday. The firm has a 50 day simple moving average of $14.83 and a 200-day simple moving average of $14.54. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.58 and a quick ratio of 0.58. The firm has a market cap of $6.26 billion, a PE ratio of 2.41, a P/E/G ratio of 0.99 and a beta of 1.80. Lyft, Inc. has a 1-year low of $12.46 and a 1-year high of $25.54.

Lyft (NASDAQ:LYFT - Get Free Report) last announced 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). The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.63 billion. Lyft had a net margin of 43.82% and a negative return on equity of 2.09%. The business's quarterly revenue was up 17.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 EPS. On average, equities analysts expect that Lyft, Inc. will post 0.69 EPS for the current year.

Insiders Place Their Bets

In other Lyft news, CAO Stephen W. Hope sold 5,460 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total value of $75,129.60. Following the completion of the transaction, the chief accounting officer directly owned 335,463 shares in the company, valued at approximately $4,615,970.88. The trade was a 1.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 on Friday, June 12th. The stock was sold at an average price of $13.59, for a total value of $203,850.00. Following the sale, the chief financial officer owned 705,979 shares in the company, valued at $9,594,254.61. This trade represents a 2.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 81,749 shares of company stock valued at $1,221,950. Insiders own 0.92% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LYFT. Zacks Research cut shares of Lyft from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 7th. Tigress Financial restated a "buy" rating and set a $28.00 price objective on shares of Lyft in a research report on Wednesday, June 24th. William Blair lowered Lyft to a "market perform" rating in a research note on Wednesday, June 17th. Rothschild & Co Redburn upgraded Lyft from a "neutral" rating to a "buy" rating and set a $22.00 target price on the stock in a report on Wednesday, June 17th. Finally, Jefferies Financial Group raised their price target on Lyft from $15.00 to $15.50 and gave the stock a "hold" rating in a research report on Tuesday, July 14th. Twelve investment analysts have rated the stock with a Buy rating, twenty-one have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, Lyft currently has an average rating of "Hold" and an average price target of $19.43.

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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