Lyft, Inc. $LYFT Stock Sold by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue cut its Lyft stake by 49.1% in the third quarter, selling 61,443 shares and retaining 63,593 shares valued at approximately $954,000.
• Lyft reported quarterly revenue of $1.84 billion, up 16.1% year over year and above estimates, but earnings per share of $0.13 narrowly missed the $0.14 consensus forecast.
• Lyft shares opened at $16.79, while analysts maintained an overall “Hold” rating with a consensus price target of $19.20; insiders also sold 112,020 shares worth about $1.85 million over the past three months.

State of Alaska Department of Revenue reduced its stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 49.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 63,593 shares of the ride-sharing company's stock after selling 61,443 shares during the period. State of Alaska Department of Revenue's holdings in Lyft were worth $954,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Plato Investment Management Ltd acquired a new stake in Lyft in the second quarter valued at $27,000. Boreal Capital Management LLC acquired a new position in shares of Lyft in the first quarter valued at approximately $31,000. Bessemer Group Inc. lifted its stake in shares of Lyft by 1,851.9% during the 1st quarter. Bessemer Group Inc. now owns 2,635 shares of the ride-sharing company's stock worth $35,000 after purchasing an additional 2,500 shares during the period. Ascentis Independent Advisors acquired a new stake in Lyft in the 1st quarter worth about $43,000. Finally, Parallel Advisors LLC boosted its position in shares of Lyft by 47.0% in the first quarter. Parallel Advisors LLC now owns 4,650 shares of the ride-sharing company's stock worth $62,000 after acquiring an additional 1,487 shares during the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.

Lyft Stock Performance

Shares of LYFT opened at $16.79 on Thursday. Lyft, Inc. has a 52-week low of $12.46 and a 52-week high of $25.54. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $6.36 billion, a PE ratio of 2.44, a P/E/G ratio of 1.07 and a beta of 1.95. The firm has a 50-day moving average price of $16.27 and a 200 day moving average price of $15.17.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). Lyft had a negative return on equity of 1.20% and a net margin of 42.32%. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same period in the previous year, the firm earned $0.10 EPS. Lyft's revenue for the quarter was up 16.1% on a year-over-year basis. On average, sell-side analysts anticipate that Lyft, Inc. will post 0.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Lindsay Llewellyn sold 13,204 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $16.64, for a total transaction of $219,714.56. Following the completion of the sale, the insider directly owned 781,152 shares of the company's stock, valued at $12,998,369.28. This represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,307 shares of the firm's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $17.34, for a total transaction of $40,003.38. Following the completion of the transaction, the director owned 46,238 shares of the company's stock, valued at approximately $801,766.92. The trade was a 4.75% 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. Over the last three months, insiders sold 112,020 shares of company stock worth $1,850,559. Company insiders own 0.92% of the company's stock.

Analyst Upgrades and Downgrades

LYFT has been the subject of several research analyst reports. Susquehanna restated a "neutral" rating and set a $18.00 price target on shares of Lyft in a research note on Monday, August 10th. JPMorgan Chase & Co. upped their price objective on shares of Lyft from $18.00 to $19.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. BTIG Research reissued a "neutral" rating on shares of Lyft in a research report on Friday, September 18th. Tigress Financial reissued a "buy" rating and issued a $28.00 price objective on shares of Lyft in a report on Wednesday, June 24th. Finally, Zacks Research upgraded shares of Lyft from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 5th. Eleven equities research analysts have rated the stock with a Buy rating, twenty-six have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $19.20.

Lyft Company Profile

Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.

The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.

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