Victory Capital Management Inc. Raises Stock Holdings in Lyft, Inc. (NASDAQ:LYFT)

Key Points

• Victory Capital Management Inc. significantly increased its stock holdings in Lyft by 99.5% in the first quarter, acquiring an additional 174,555 shares to total 350,043 shares, valued at approximately $4.15 million.
• Several hedge funds have also increased their stakes in Lyft, with Renaissance Technologies LLC and Two Sigma Advisers LP boosting their holdings by 282% and 828%, respectively, during the fourth quarter.
• Share analysts currently hold a consensus rating of "Hold" for Lyft stock, with a median price target of approximately $16.95; however, performance fell short as Lyft reported $0.01 earnings per share, missing expectations.

Victory Capital Management Inc. lifted its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 99.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 350,043 shares of the ride-sharing company's stock after buying an additional 174,555 shares during the quarter. Victory Capital Management Inc. owned approximately 0.08% of Lyft worth $4,155,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Renaissance Technologies LLC lifted its holdings in Lyft by 282.0% during the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock valued at $111,240,000 after buying an additional 6,365,727 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in Lyft by 828.5% during the 4th quarter. Two Sigma Advisers LP now owns 6,662,535 shares of the ride-sharing company's stock valued at $85,947,000 after buying an additional 5,945,000 shares in the last quarter. Two Sigma Investments LP lifted its holdings in Lyft by 156.9% during the 4th quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company's stock valued at $103,524,000 after buying an additional 4,901,358 shares in the last quarter. Norges Bank bought a new stake in Lyft during the 4th quarter valued at about $49,599,000. Finally, Capital World Investors lifted its holdings in Lyft by 49.4% during the 4th quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company's stock valued at $87,404,000 after buying an additional 2,240,478 shares in the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on LYFT. Tigress Financial reiterated a "buy" rating and set a $28.00 price objective (up previously from $26.00) on shares of Lyft in a report on Wednesday, May 21st. Needham & Company LLC restated a "hold" rating on shares of Lyft in a report on Friday, May 9th. Wells Fargo & Company boosted their price target on shares of Lyft from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Monday, July 7th. JPMorgan Chase & Co. boosted their price target on shares of Lyft from $14.00 to $16.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Finally, DA Davidson restated a "neutral" rating and issued a $15.00 price target on shares of Lyft in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, twenty-three have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $16.95.

Lyft Trading Down 0.6%

NASDAQ LYFT opened at $14.30 on Monday. The firm has a market cap of $5.98 billion, a PE ratio of 95.33, a price-to-earnings-growth ratio of 2.81 and a beta of 2.20. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $19.07. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.66. The company has a 50 day moving average price of $15.43 and a 200 day moving average price of $13.70.

Lyft (NASDAQ:LYFT - Get Free Report) last released its 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 company had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.47 billion. Lyft had a return on equity of 11.28% and a net margin of 0.95%. The firm's revenue for the quarter was up 13.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 EPS. As a group, sell-side analysts forecast that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Insider Transactions at Lyft

In other news, CEO John David Risher bought 6,538 shares of Lyft stock in a transaction that occurred on Thursday, May 29th. The stock was bought at an average price of $15.29 per share, for a total transaction of $99,966.02. Following the purchase, the chief executive officer directly owned 11,791,340 shares of the company's stock, valued at approximately $180,289,588.60. The trade was a 0.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jill Beggs sold 1,572 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $16.41, for a total value of $25,796.52. Following the completion of the transaction, the director owned 20,467 shares of the company's stock, valued at $335,863.47. This trade represents a 7.13% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,732 shares of company stock worth $347,159. Insiders own 3.07% of the company's stock.

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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