Vestcor Inc Has $2.35 Million Stake in Lyft, Inc. $LYFT

Key Points

• Vestcor Inc boosted its Lyft stake by 819.1% in the fourth quarter, ending with 121,336 shares valued at about $2.35 million.
• Insider selling continued, with director Jill Beggs and CAO Stephen W. Hope both selling shares in late May; insiders sold 54,196 shares over the last 90 days.
• Lyft reported Q1 earnings of $0.04 per share, missing estimates, while revenue of $1.65 billion slightly beat expectations and rose 17.2% year over year. Analysts currently rate the stock Hold on average with a consensus target price of $18.83.

Vestcor Inc raised its position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 819.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 121,336 shares of the ride-sharing company's stock after acquiring an additional 108,134 shares during the period. Vestcor Inc's holdings in Lyft were worth $2,350,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of LYFT. Empowered Funds LLC lifted its stake in shares of Lyft by 13.7% in the first quarter. Empowered Funds LLC now owns 24,213 shares of the ride-sharing company's stock valued at $287,000 after buying an additional 2,921 shares during the period. Focus Partners Wealth increased its holdings in shares of Lyft by 44.0% during the first quarter. Focus Partners Wealth now owns 51,102 shares of the ride-sharing company's stock worth $607,000 after buying an additional 15,621 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Lyft during the second quarter worth approximately $470,000. Invesco Ltd. increased its holdings in shares of Lyft by 87.5% during the second quarter. Invesco Ltd. now owns 1,064,930 shares of the ride-sharing company's stock worth $16,783,000 after buying an additional 497,118 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in shares of Lyft by 12.6% during the second quarter. California Public Employees Retirement System now owns 709,188 shares of the ride-sharing company's stock worth $11,177,000 after buying an additional 79,634 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Lyft news, Director Jill Beggs sold 2,093 shares of Lyft stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total transaction of $28,799.68. Following the completion of the sale, the director owned 30,092 shares of the company's stock, valued at approximately $414,065.92. The trade was a 6.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen W. Hope sold 5,460 shares of Lyft stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total transaction of $75,129.60. Following the sale, the chief accounting officer directly owned 335,463 shares of the company's stock, valued at $4,615,970.88. This represents a 1.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 54,196 shares of company stock valued at $788,521. Company insiders own 0.92% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on LYFT shares. Truist Financial raised their price objective on shares of Lyft from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Friday, May 8th. Mizuho lowered their price target on shares of Lyft from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Tuesday, March 3rd. Canaccord Genuity Group lowered their price target on shares of Lyft from $16.00 to $15.00 and set a "hold" rating for the company in a report on Friday, May 8th. Zacks Research raised shares of Lyft from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 20th. Finally, JPMorgan Chase & Co. raised their price target on shares of Lyft from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $18.83.

Lyft Price Performance

LYFT opened at $13.65 on Monday. The company has a fifty day moving average price of $13.83 and a two-hundred day moving average price of $16.12. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.58 and a current ratio of 0.58. Lyft, Inc. has a 52 week low of $12.46 and a 52 week high of $25.54. The firm has a market capitalization of $5.18 billion, a PE ratio of 1.99, a P/E/G ratio of 0.85 and a beta of 1.82.

Lyft (NASDAQ:LYFT - Get Free Report) last released its earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.30 by ($0.26). Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the firm posted $0.01 EPS. Lyft's revenue was up 17.2% on a year-over-year basis. As a group, analysts anticipate that Lyft, Inc. will post 0.66 earnings per share for the current year.

Lyft declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 10th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the ride-sharing company to buy up to 15.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its shares are undervalued.

Lyft Profile

Lyft, Inc NASDAQ: LYFT operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft's platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.

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