SCS Capital Management LLC Acquires Shares of 90,768 Lyft, Inc. $LYFT

Key Points

• SCS Capital Management LLC acquired 90,768 shares of Lyft, Inc. for approximately $1,077,000, highlighting increased institutional interest in the company.
• Institutional investors now own 83.07% of Lyft's stock, with several firms boosting or initiating their stakes in the ride-sharing company during the first quarter.
• Recently, analyst ratings for Lyft have varied, with a consensus rating of "Hold" and an average target price of $16.87, indicating mixed market sentiment surrounding the stock.

SCS Capital Management LLC acquired a new stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 90,768 shares of the ride-sharing company's stock, valued at approximately $1,077,000.

A number of other institutional investors have also recently bought and sold shares of the business. Empowered Funds LLC boosted its holdings in Lyft by 13.7% in the 1st quarter. Empowered Funds LLC now owns 24,213 shares of the ride-sharing company's stock valued at $287,000 after purchasing an additional 2,921 shares during the period. Ashton Thomas Private Wealth LLC bought a new stake in Lyft in the 1st quarter valued at about $607,000. Petrus Trust Company LTA bought a new stake in shares of Lyft during the 1st quarter worth approximately $129,000. Murchinson Ltd. bought a new stake in shares of Lyft during the 1st quarter worth approximately $3,560,000. Finally, Polar Asset Management Partners Inc. bought a new stake in shares of Lyft during the 1st quarter worth approximately $2,191,000. Institutional investors own 83.07% of the company's stock.

Insider Activity

In other news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $15.85, for a total transaction of $449,442.60. Following the completion of the sale, the insider directly owned 850,388 shares in the company, valued at $13,478,649.80. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John David Risher bought 5,926 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were purchased at an average cost of $16.88 per share, with a total value of $100,030.88. Following the purchase, the chief executive officer directly owned 11,797,266 shares of the company's stock, valued at $199,137,850.08. The trade was a 0.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 59,821 shares of company stock valued at $960,566. Insiders own 3.07% of the company's stock.

Analyst Ratings Changes

LYFT has been the subject of a number of recent analyst reports. Sanford C. Bernstein upped 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. Wall Street Zen raised shares of Lyft from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. Susquehanna cut their price target on shares of Lyft from $18.00 to $14.00 and set a "neutral" rating for the company in a report on Monday, August 11th. Oppenheimer dropped their price objective on shares of Lyft from $20.00 to $17.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $21.00 price objective on shares of Lyft in a research note on Thursday, June 5th. Nine research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $16.87.

Lyft Price Performance

LYFT stock opened at $18.96 on Thursday. The company has a fifty day moving average price of $15.43 and a 200-day moving average price of $14.14. The company has a market capitalization of $7.71 billion, a P/E ratio of 79.00, a PEG ratio of 3.00 and a beta of 2.33. Lyft, Inc. has a 52-week low of $9.66 and a 52-week high of $19.35. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.70 and a current ratio of 0.70.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly 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 business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. Lyft's revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.24 EPS. As a group, equities analysts expect that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft Company 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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