Pallas Capital Advisors LLC Grows Position in Lyft, Inc. (NASDAQ:LYFT)

Pallas Capital Advisors LLC boosted its stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 105.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,127 shares of the ride-sharing company's stock after purchasing an additional 32,946 shares during the period. Pallas Capital Advisors LLC's holdings in Lyft were worth $761,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in LYFT. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Lyft during the 4th quarter valued at $29,000. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Lyft during the fourth quarter valued at about $445,000. Empowered Funds LLC boosted its holdings in shares of Lyft by 6.9% during the fourth quarter. Empowered Funds LLC now owns 21,292 shares of the ride-sharing company's stock worth $275,000 after purchasing an additional 1,382 shares during the period. Savant Capital LLC bought a new stake in shares of Lyft in the fourth quarter worth about $1,034,000. Finally, Summit Trail Advisors LLC increased its holdings in Lyft by 4.5% during the 4th quarter. Summit Trail Advisors LLC now owns 27,249 shares of the ride-sharing company's stock valued at $352,000 after purchasing an additional 1,182 shares during the period. Hedge funds and other institutional investors own 83.07% of the company's stock.

Wall Street Analyst Weigh In

LYFT has been the topic of a number of recent analyst reports. Bank of America lowered Lyft from a "buy" rating to an "underperform" rating and set a $10.50 price objective on the stock. in a research report on Thursday, April 3rd. Wall Street Zen cut shares of Lyft from a "buy" rating to a "hold" rating in a report on Friday, June 6th. Morgan Stanley decreased their price objective on shares of Lyft from $17.00 to $15.00 and set an "equal weight" rating for the company in a report on Thursday, April 17th. Loop Capital reduced their price target on shares of Lyft from $23.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, March 18th. Finally, BMO Capital Markets decreased their price target on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, twenty-six have assigned a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, Lyft presently has an average rating of "Hold" and an average price target of $16.40.

Insider Activity

In other news, insider Lindsay Catherine Llewellyn sold 22,736 shares of Lyft stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $12.45, for a total transaction of $283,063.20. Following the transaction, the insider now directly owns 959,697 shares of the company's stock, valued at $11,948,227.65. The trade was a 2.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 sale, the director now directly owns 879,498 shares in the company, valued at $13,896,068.40. This trade represents a 0.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,732 shares of company stock valued at $347,159 in the last quarter. 3.07% of the stock is currently owned by insiders.

Lyft Stock Performance

Shares of LYFT stock traded down $0.12 during trading hours on Thursday, reaching $15.44. The company had a trading volume of 9,056,261 shares, compared to its average volume of 16,120,872. The firm has a market cap of $6.45 billion, a PE ratio of 257.33, a price-to-earnings-growth ratio of 1.90 and a beta of 2.22. The business has a fifty day moving average price of $13.73 and a 200-day moving average price of $13.65. Lyft, Inc. has a one year low of $8.93 and a one year high of $19.07. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.47 billion. Lyft had a net margin of 0.39% and a return on equity of 8.03%. Lyft's quarterly revenue was up 13.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.15 earnings per share. Sell-side 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.