Pinnacle Associates Ltd. Buys 232,986 Shares of Lyft, Inc. (NASDAQ:LYFT)

Pinnacle Associates Ltd. grew its stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 243.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 328,744 shares of the ride-sharing company's stock after acquiring an additional 232,986 shares during the quarter. Pinnacle Associates Ltd. owned 0.08% of Lyft worth $3,902,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Lyft by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company's stock valued at $464,434,000 after purchasing an additional 984,907 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Lyft by 15.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company's stock valued at $120,463,000 after purchasing an additional 1,224,056 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Lyft by 282.0% during the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock valued at $111,240,000 after purchasing an additional 6,365,727 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of Lyft by 156.9% during the fourth quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company's stock valued at $103,524,000 after purchasing an additional 4,901,358 shares in the last quarter. Finally, Capital World Investors lifted its holdings in shares of Lyft by 49.4% during the fourth quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company's stock valued at $87,404,000 after purchasing an additional 2,240,478 shares in the last quarter. 83.07% of the stock is owned by institutional investors.

Insider Transactions at Lyft

In related news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $15.80, for a total transaction of $38,299.20. Following the completion of the transaction, the director directly owned 879,498 shares of the company's stock, valued at approximately $13,896,068.40. This represents a 0.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $12.45, for a total value of $283,063.20. Following the transaction, the insider directly owned 959,697 shares of the company's stock, valued at approximately $11,948,227.65. The trade was a 2.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,732 shares of company stock valued at $347,159 in the last ninety days. Corporate insiders own 3.07% of the company's stock.

Analyst Ratings Changes

LYFT has been the subject of a number of research reports. Barclays upped their price objective on Lyft from $19.00 to $20.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Susquehanna upped their price objective on Lyft from $15.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. Oppenheimer upped their price objective on Lyft from $17.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Citigroup reiterated a "hold" rating and set a $14.00 price objective (down previously from $22.00) on shares of Lyft in a research report on Friday, June 27th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $21.00 price objective on shares of Lyft in a research report on Thursday, June 5th. One research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $16.95.

Lyft Stock Performance

NASDAQ:LYFT opened at $14.30 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.66. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $19.07. The stock has a 50-day moving average price of $15.43 and a 200 day moving average price of $13.70. The stock has a market capitalization of $5.98 billion, a P/E ratio of 95.33, a P/E/G ratio of 2.82 and a beta of 2.20.

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

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