Nordea Investment Management AB Purchases 33,794 Shares of Lyft, Inc. $LYFT

Key Points

• Nordea Investment Management AB increased its Lyft shares by 6.2% in Q2, acquiring an additional 33,794 shares, totaling 575,665 shares valued at approximately $9.15 million.
• Several hedge funds, including Ameriprise Financial Inc. and AQR Capital Management LLC, significantly increased their stakes in Lyft during the first quarter, showcasing strong institutional interest in the stock.
• Lyft's recent earnings report revealed a miss on EPS estimates, with reported earnings of $0.10 compared to the consensus of $0.27, despite a revenue increase of 10.6% year-over-year.

Nordea Investment Management AB boosted its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 6.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 575,665 shares of the ride-sharing company's stock after buying an additional 33,794 shares during the quarter. Nordea Investment Management AB owned approximately 0.14% of Lyft worth $9,147,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Rakuten Group Inc. bought a new stake in shares of Lyft in the 1st quarter valued at about $130,434,000. Ameriprise Financial Inc. boosted its holdings in Lyft by 26.3% in the first quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock valued at $294,978,000 after acquiring an additional 5,178,118 shares during the last quarter. AQR Capital Management LLC increased its position in Lyft by 103.3% during the 1st quarter. AQR Capital Management LLC now owns 9,804,782 shares of the ride-sharing company's stock valued at $110,598,000 after purchasing an additional 4,980,876 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Lyft by 83,744.1% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,144,991 shares of the ride-sharing company's stock valued at $37,331,000 after purchasing an additional 3,141,240 shares during the period. Finally, Nuveen LLC bought a new position in Lyft during the 1st quarter worth approximately $31,143,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group increased their price objective on shares of Lyft from $15.00 to $22.00 and gave the stock a "hold" rating in a research report on Thursday, September 18th. Susquehanna cut their price target on Lyft from $18.00 to $14.00 and set a "neutral" rating on the stock in a report on Monday, August 11th. Wells Fargo & Company boosted their price objective on Lyft from $15.00 to $16.00 and gave the company an "equal weight" rating in a report on Friday, September 5th. Benchmark upped their target price on Lyft from $20.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Finally, Oppenheimer increased their target price on Lyft from $17.00 to $24.00 and gave the stock an "outperform" rating in a report on Wednesday, September 17th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Lyft has a consensus rating of "Hold" and a consensus price target of $19.12.

Insider Buying and Selling at Lyft

In other Lyft news, CFO Erin Brewer sold 15,000 shares of the company's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $17.24, for a total value of $258,600.00. Following the transaction, the chief financial officer directly owned 525,759 shares in the company, valued at $9,064,085.16. This represents a 2.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John David Risher bought 5,926 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was bought at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the completion of the purchase, the chief executive officer directly owned 11,797,266 shares of the company's stock, valued at $199,137,850.08. This represents a 0.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 74,427 shares of company stock valued at $1,252,686 in the last 90 days. 3.07% of the stock is currently owned by company insiders.

Lyft Stock Up 3.5%

LYFT stock opened at $20.21 on Tuesday. The stock has a market cap of $8.21 billion, a P/E ratio of 84.21, a P/E/G ratio of 3.52 and a beta of 2.40. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.72. The stock's fifty day simple moving average is $18.98 and its two-hundred day simple moving average is $15.92. Lyft, Inc. has a 1-year low of $9.66 and a 1-year high of $23.50.

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 analysts' consensus estimates of $0.27 by ($0.17). Lyft had a net margin of 1.51% and a return on equity of 14.32%. The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same quarter in the previous year, the firm earned $0.24 earnings per share. The firm's revenue was up 10.6% compared to the same quarter last year. 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.

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