Pacer Advisors Inc. Sells 4,706,665 Shares of Lyft, Inc. (NASDAQ:LYFT)

Key Points

• Pacer Advisors Inc. has reduced its stake in Lyft, Inc. by 50%, now owning 4,701,801 shares valued at approximately $55.81 million as of the latest quarter.
• Insiders sold over 26,000 shares of Lyft stock recently, with significant sales by Director John Patrick Zimmer and insider Lindsay Catherine Llewellyn.
• Analysts have varying outlooks on Lyft, with target prices ranging from $10.50 to $18.00 and the consensus rating being "Hold."

Pacer Advisors Inc. reduced its position in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 50.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,701,801 shares of the ride-sharing company's stock after selling 4,706,665 shares during the period. Pacer Advisors Inc. owned about 1.12% of Lyft worth $55,810,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Spurstone Advisory Services LLC acquired a new position in Lyft in the fourth quarter valued at about $25,000. GAMMA Investing LLC grew its stake in shares of Lyft by 81.4% in the 1st 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 period. FNY Investment Advisers LLC bought a new stake in shares of Lyft in the 1st quarter worth $35,000. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Lyft in the 1st quarter worth approximately $35,000. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Lyft in the fourth quarter worth about $41,000. Institutional investors and hedge funds own 83.07% of the company's stock.

Insider Buying and Selling at Lyft

In other news, CEO John David Risher acquired 6,538 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were purchased at an average price of $15.29 per share, for a total transaction of $99,966.02. Following the acquisition, the chief executive officer owned 11,791,340 shares of the company's stock, valued at $180,289,588.60. This represents a 0.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $15.80, for a total value of $38,299.20. Following the completion of the sale, the director directly owned 879,498 shares in the company, valued at $13,896,068.40. This represents a 0.27% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,732 shares of company stock worth $347,159. Company insiders own 3.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on LYFT shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Lyft in a research note on Friday, May 9th. Wells Fargo & Company increased their price objective on Lyft from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Monday, July 7th. Tigress Financial restated a "buy" rating and issued a $28.00 price target (up from $26.00) on shares of Lyft in a research report on Wednesday, May 21st. Susquehanna increased their target price on shares of Lyft from $15.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. Finally, DA Davidson reissued a "neutral" rating and set a $15.00 price target on shares of Lyft in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $16.98.

Lyft Price Performance

Shares of LYFT stock traded down $0.24 during trading hours on Wednesday, hitting $13.80. 5,307,654 shares of the company's stock were exchanged, compared to its average volume of 17,464,963. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $19.07. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of 91.97, a price-to-earnings-growth ratio of 2.78 and a beta of 2.20. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.77 and a quick ratio of 0.77. The stock's 50-day moving average is $15.33 and its 200-day moving average is $13.71.

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

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.