Mackenzie Financial Corp Lowers Holdings in Lyft, Inc. (NASDAQ:LYFT)

Key Points

• Mackenzie Financial Corp reduced its stake in Lyft, Inc. by 27.0% in the first quarter, selling 50,086 shares and leaving it with 135,598 shares valued at approximately $1.61 million at the quarter's end.
• Lyft's latest earnings report showed a miss in earnings per share at $0.01, significantly below the consensus estimate of $0.20, while revenue came in at $1.45 billion, just short of the estimated $1.47 billion.
• Analyst ratings for Lyft are mixed, with a consensus rating of "Hold" and a target price averaging around $16.98, while some analysts recently downgraded their price targets following disappointing earnings.

Mackenzie Financial Corp decreased its stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 27.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 135,598 shares of the ride-sharing company's stock after selling 50,086 shares during the quarter. Mackenzie Financial Corp's holdings in Lyft were worth $1,610,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Spurstone Advisory Services LLC purchased a new position in Lyft during the fourth quarter valued at $25,000. GAMMA Investing LLC raised its stake in Lyft by 81.4% during the first quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company's stock valued at $33,000 after buying an additional 1,237 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in Lyft during the first quarter valued at $35,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Lyft during the first quarter valued at $35,000. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Lyft in the fourth quarter worth $41,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

Lyft Stock Performance

NASDAQ LYFT opened at $14.08 on Tuesday. The firm has a market cap of $5.89 billion, a price-to-earnings ratio of 93.87, a price-to-earnings-growth ratio of 2.67 and a beta of 2.26. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.66. The business has a 50-day moving average price of $15.16 and a 200-day moving average price of $13.73. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.20 by ($0.19). The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.47 billion. Lyft had a return on equity of 11.28% and a net margin of 0.95%. The business's revenue was up 13.5% on a year-over-year basis. During the same period last year, the company earned $0.15 EPS. As a group, equities research analysts predict that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Royal Bank Of Canada restated an "outperform" rating and issued a $21.00 price target on shares of Lyft in a research note on Thursday, June 5th. Citigroup restated a "hold" rating and issued a $14.00 price target (down previously from $22.00) on shares of Lyft in a research note on Friday, June 27th. JPMorgan Chase & Co. boosted their price target on Lyft from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. DA Davidson restated a "neutral" rating and issued a $15.00 price target on shares of Lyft in a research note on Wednesday, April 16th. Finally, 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 research note on Friday, May 9th. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $16.98.

Insider Transactions at Lyft

In other news, Director Jill Beggs sold 1,572 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $16.41, for a total value of $25,796.52. Following the completion of the transaction, the director owned 20,467 shares of the company's stock, valued at $335,863.47. This represents a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $15.80, for a total value of $38,299.20. Following the completion of the transaction, the director directly owned 879,498 shares of the company's stock, valued at approximately $13,896,068.40. This trade represents a 0.27% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.07% of the company's stock.

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.

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