Maxi Investments CY Ltd Has $11.23 Million Holdings in Lyft, Inc. (NASDAQ:LYFT)

Key Points

• Maxi Investments CY Ltd increased its stake in Lyft by 320.4% in Q1, owning 945,933 shares worth approximately $11 million.
• Wall Street analysts have raised Lyft's price targets, with TD Cowen increasing it to $21.00, while the consensus target now stands at $16.98.
• Lyft reported earnings of $0.01 per share, missing estimates, but showed a 13.5% increase in quarterly revenue year-over-year.

Maxi Investments CY Ltd lifted its stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 320.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 945,933 shares of the ride-sharing company's stock after purchasing an additional 720,933 shares during the period. Lyft accounts for approximately 2.2% of Maxi Investments CY Ltd's holdings, making the stock its 9th largest holding. Maxi Investments CY Ltd owned about 0.23% of Lyft worth $11,228,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in LYFT. Renaissance Technologies LLC raised its holdings in Lyft by 282.0% during the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after buying an additional 6,365,727 shares during the period. Federated Hermes Inc. boosted its position in shares of Lyft by 1,957.5% during the fourth quarter. Federated Hermes Inc. now owns 288,827 shares of the ride-sharing company's stock worth $3,726,000 after buying an additional 274,789 shares during the period. Meridiem Capital Partners LP bought a new position in shares of Lyft during the fourth quarter worth about $11,571,000. Capital World Investors raised its position in Lyft by 49.4% in the 4th quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company's stock valued at $87,404,000 after buying an additional 2,240,478 shares during the last quarter. Finally, Prudential Financial Inc. acquired a new position in Lyft during the 4th quarter worth approximately $1,221,000. Institutional investors own 83.07% of the company's stock.

Insider Activity

In related news, Director John Patrick Zimmer sold 2,424 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $15.80, for a total transaction of $38,299.20. Following the transaction, the director directly owned 879,498 shares in the company, valued at approximately $13,896,068.40. The trade was a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jill Beggs sold 1,572 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $16.41, for a total transaction of $25,796.52. Following the completion of the sale, the director owned 20,467 shares of the company's stock, valued at approximately $335,863.47. This trade represents a 7.13% decrease in their position. The disclosure for this sale can be found here. 3.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on LYFT shares. Citigroup reissued a "hold" rating and set a $14.00 price target (down from $22.00) on shares of Lyft in a research report on Friday, June 27th. The Goldman Sachs Group upgraded Lyft from a "neutral" rating to a "buy" rating and set a $20.00 price target for the company in a report on Friday, May 9th. UBS Group increased their price target on Lyft from $14.00 to $15.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Morgan Stanley reduced their target price on shares of Lyft from $17.00 to $15.00 and set an "equal weight" rating for the company in a report on Thursday, April 17th. Finally, Oppenheimer reduced their target price on shares of Lyft from $20.00 to $17.00 and set an "outperform" rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $16.60.

Lyft Stock Up 1.6%

LYFT traded up $0.22 during midday trading on Thursday, reaching $14.21. 44,886,953 shares of the company were exchanged, compared to its average volume of 16,115,205. The company has a market cap of $5.94 billion, a price-to-earnings ratio of 59.21, a price-to-earnings-growth ratio of 2.74 and a beta of 2.26. Lyft, Inc. has a one year low of $9.12 and a one year high of $19.07. The company's fifty day moving average price is $15.09 and its 200 day moving average price is $13.74. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.77 and a current ratio of 0.77.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 EPS 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 14.22%. The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same period in the previous year, the company posted $0.24 earnings per share. The company's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, analysts expect that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft 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.