MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 378,243 Shares of Lyft, Inc. $LYFT

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its holdings in Lyft, Inc. by 52.5%, now owning approximately $3.97 million worth of the stock.
• Lyft's recent quarterly earnings showed a 10.6% increase in revenue year-over-year, but it reported an EPS of $0.10, missing analyst expectations.
• The stock price for Lyft was reported at $18.62, reflecting a recent rise of 1.6%, with various analysts assigning price targets between $11.00 and $28.00.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. trimmed its position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 52.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 342,221 shares of the ride-sharing company's stock after selling 378,243 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.08% of Lyft worth $3,970,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC boosted its stake in Lyft by 3.7% during the 1st quarter. Neuberger Berman Group LLC now owns 24,441 shares of the ride-sharing company's stock valued at $290,000 after acquiring an additional 868 shares during the last quarter. Amalgamated Bank boosted its stake in Lyft by 4.0% during the 1st quarter. Amalgamated Bank now owns 23,344 shares of the ride-sharing company's stock valued at $277,000 after acquiring an additional 892 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its stake in Lyft by 11.3% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 9,025 shares of the ride-sharing company's stock valued at $107,000 after acquiring an additional 914 shares during the last quarter. GAMMA Investing LLC boosted its stake in Lyft by 81.4% during the 1st quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company's stock valued at $33,000 after acquiring an additional 1,237 shares during the last quarter. Finally, PSI Advisors LLC boosted its stake in Lyft by 36.6% during the 1st quarter. PSI Advisors LLC now owns 5,600 shares of the ride-sharing company's stock valued at $66,000 after acquiring an additional 1,500 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on LYFT. Wall Street Zen cut shares of Lyft from a "strong-buy" rating to a "buy" rating in a report on Saturday. Morgan Stanley increased their price objective on shares of Lyft from $19.00 to $20.50 and gave the stock an "equal weight" rating in a report on Thursday. Sanford C. Bernstein increased their price objective on shares of Lyft from $16.00 to $18.00 and gave the stock a "market perform" rating in a report on Monday, July 21st. TD Cowen raised shares of Lyft from a "hold" rating to a "buy" rating and increased their price objective for the stock from $16.00 to $21.00 in a report on Tuesday, June 24th. Finally, Oppenheimer dropped their price objective on shares of Lyft from $20.00 to $17.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Nine analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $17.07.

Insider Activity

In other news, CEO John David Risher purchased 5,926 shares of Lyft stock in a transaction dated Wednesday, September 3rd. The stock was acquired at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the acquisition, the chief executive officer directly owned 11,797,266 shares in the company, valued at $199,137,850.08. This represents a 0.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Erin Brewer sold 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $17.24, for a total value of $258,600.00. Following the completion of the sale, the chief financial officer directly owned 525,759 shares in the company, valued at $9,064,085.16. This trade represents a 2.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,821 shares of company stock worth $960,566 in the last three months. 3.07% of the stock is owned by insiders.

Lyft Trading Up 9.8%

NASDAQ LYFT traded up $1.82 on Monday, hitting $20.44. 25,386,431 shares of the company were exchanged, compared to its average volume of 19,770,878. The company's 50 day moving average price is $15.61 and its 200-day moving average price is $14.29. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market capitalization of $8.31 billion, a P/E ratio of 85.17, a price-to-earnings-growth ratio of 2.91 and a beta of 2.33. Lyft, Inc. has a twelve month low of $9.66 and a twelve month high of $20.50.

Lyft (NASDAQ:LYFT - Get Free Report) last released its earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.17). Lyft had a net margin of 1.51% and a return on equity of 14.32%. The business had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.61 billion. During the same period last year, the firm earned $0.24 EPS. The company's revenue was up 10.6% compared to the same quarter last year. Analysts predict that Lyft, Inc. will post 0.22 earnings per share for the current fiscal 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.