NorthCrest Asset Manangement LLC Buys 14,849 Shares of Lyft, Inc. $LYFT

Key Points

• NorthCrest Asset Management LLC boosted its stake in Lyft, Inc. by 145.2% during the second quarter, acquiring an additional 14,849 shares for a total of 25,074 shares valued at approximately $405,000.
• Multiple hedge funds have increased their positions in Lyft, including Wealth Enhancement Advisory Services LLC, which raised its stake by 153.5%, owning 370,197 shares valued at roughly $5,979,000.
• Insider trading activity saw Lindsay Catherine Llewellyn and CFO Erin Brewer each sell shares, with significant sales resulting in decreases of 1.72% and 2.77% in their respective holdings.

NorthCrest Asset Manangement LLC lifted its holdings in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 145.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,074 shares of the ride-sharing company's stock after purchasing an additional 14,849 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in Lyft were worth $405,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Lyft by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 38,049,250 shares of the ride-sharing company's stock worth $451,645,000 after acquiring an additional 2,046,639 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Lyft by 26.3% during the 1st quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock worth $294,978,000 after acquiring an additional 5,178,118 shares in the last quarter. Rakuten Group Inc. acquired a new stake in shares of Lyft during the 1st quarter worth approximately $130,434,000. AQR Capital Management LLC boosted its position in shares of 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 worth $110,598,000 after acquiring an additional 4,980,876 shares in the last quarter. Finally, Invenomic Capital Management LP boosted its position in shares of Lyft by 75.2% during the 1st quarter. Invenomic Capital Management LP now owns 3,587,553 shares of the ride-sharing company's stock worth $42,584,000 after acquiring an additional 1,539,388 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.

Insider Buying and Selling at Lyft

In other Lyft news, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction 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 of the company's stock, valued at approximately $9,064,085.16. The trade was a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of Lyft stock in a transaction on Monday, September 15th. The shares were sold at an average price of $20.00, for a total transaction of $292,120.00. Following the completion of the sale, the insider directly owned 835,782 shares of the company's stock, valued at approximately $16,715,640. This trade represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,427 shares of company stock valued at $1,252,686. Corporate insiders own 3.07% of the company's stock.

Lyft Trading Down 1.2%

LYFT stock traded down $0.28 during midday trading on Tuesday, hitting $22.36. The stock had a trading volume of 10,401,269 shares, compared to its average volume of 19,036,391. The firm has a market cap of $9.09 billion, a P/E ratio of 93.11, a price-to-earnings-growth ratio of 3.53 and a beta of 2.33. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.72. Lyft, Inc. has a 1-year low of $9.66 and a 1-year high of $23.50. The business has a fifty day moving average price of $16.27 and a two-hundred day moving average price of $14.63.

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 (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.17). The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. Lyft's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.24 EPS. On average, sell-side analysts predict that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on LYFT shares. Morgan Stanley increased their price target on shares of Lyft from $19.00 to $20.50 and gave the stock an "equal weight" rating in a research report on Thursday, September 11th. Susquehanna cut their price target on shares of Lyft from $18.00 to $14.00 and set a "neutral" rating on the stock in a report on Monday, August 11th. Sanford C. Bernstein lifted their price target 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 upgraded shares of Lyft from a "hold" rating to a "buy" rating and lifted their price target for the stock from $16.00 to $21.00 in a report on Tuesday, June 24th. Finally, Roth Capital upgraded shares of Lyft from a "neutral" rating to a "buy" rating and set a $19.00 price target on the stock in a report on Thursday, August 7th. Nine investment analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Lyft currently has a consensus rating of "Hold" and a consensus price target of $18.52.

About Lyft

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.