VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Shares in Lyft, Inc. $LYFT

Key Points

• Virginia Retirement Systems purchased a new stake in Lyft, acquiring 97,600 shares valued at approximately $1.54 million during the second quarter.
• Analysts have increased price targets for Lyft, with Roth Capital rating it a "buy" with a target of $19.00 and Deutsche Bank raising its target to $21.00.
• Lyft reported earnings of $0.10 per share for the last quarter, missing estimates, while revenue was approximately $1.59 billion, showing a 10.6% increase year-over-year.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 97,600 shares of the ride-sharing company's stock, valued at approximately $1,538,000.

A number of other large investors also recently made changes to their positions in the company. Cannon Global Investment Management LLC bought a new position in shares of Lyft during the second quarter valued at about $496,000. Arista Wealth Management LLC bought a new stake in Lyft in the second quarter worth about $205,000. Nordea Investment Management AB raised its position in Lyft by 6.2% in the second quarter. Nordea Investment Management AB now owns 575,665 shares of the ride-sharing company's stock worth $9,147,000 after acquiring an additional 33,794 shares during the period. Allianz Asset Management GmbH raised its position in Lyft by 2,586.5% in the second quarter. Allianz Asset Management GmbH now owns 1,233,107 shares of the ride-sharing company's stock worth $19,434,000 after acquiring an additional 1,187,207 shares during the period. Finally, Rheos Capital Works Inc. bought a new stake in Lyft in the second quarter worth about $37,036,000. 83.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets

LYFT has been the topic of several research reports. Roth Capital raised shares of Lyft from a "neutral" rating to a "buy" rating and set a $19.00 price objective on the stock in a research report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Lyft from $16.00 to $21.00 and gave the stock a "hold" rating in a research report on Thursday, September 18th. Canaccord Genuity Group lifted their price objective on shares of Lyft from $11.00 to $18.00 and gave the stock a "hold" rating in a research report on Thursday, September 18th. Cowen reaffirmed a "buy" rating on shares of Lyft in a research report on Wednesday, September 24th. Finally, Morgan Stanley lifted their price objective on shares of Lyft from $19.00 to $20.50 and gave the stock an "equal weight" rating in a research report on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $19.25.

Insider Activity at Lyft

In related news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the business's stock in a transaction that occurred 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 transaction, the insider owned 850,388 shares of the company's stock, valued at approximately $13,478,649.80. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John David Risher acquired 5,926 shares of Lyft 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 owned 11,797,266 shares of the company's stock, valued at $199,137,850.08. This represents a 0.05% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 74,427 shares of company stock valued at $1,252,686. Corporate insiders own 3.07% of the company's stock.

Lyft Stock Performance

NASDAQ LYFT opened at $20.26 on Thursday. The company's 50 day moving average is $19.23 and its 200-day moving average is $15.98. Lyft, Inc. has a 12-month low of $9.66 and a 12-month high of $23.50. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.72. The firm has a market cap of $8.23 billion, a P/E ratio of 84.42, a price-to-earnings-growth ratio of 3.72 and a beta of 2.40.

Lyft (NASDAQ:LYFT - Get Free Report) last posted 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 during 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%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $0.24 EPS. Sell-side analysts predict that Lyft, Inc. will post 0.22 earnings per share 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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