Voya Investment Management LLC Buys 212,607 Shares of Lyft, Inc. $LYFT

Key Points

• Voya Investment Management LLC increased its stake in Lyft, Inc. by 85.5%, acquiring an additional 212,607 shares, bringing its total ownership to 461,143 shares worth $5,474,000.
• Lyft reported a quarterly earnings miss with $0.10 EPS compared to the expected $0.27, while revenue was slightly below expectations at $1.59 billion.
• Institutional investors and hedge funds now own 83.07% of Lyft's stock, indicating significant institutional interest in the company.

Voya Investment Management LLC grew its stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 85.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 461,143 shares of the ride-sharing company's stock after acquiring an additional 212,607 shares during the period. Voya Investment Management LLC owned 0.11% of Lyft worth $5,474,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in Lyft by 42.1% during the first quarter. PNC Financial Services Group Inc. now owns 9,689 shares of the ride-sharing company's stock valued at $115,000 after purchasing an additional 2,871 shares during the period. Maxi Investments CY Ltd lifted its position in shares of Lyft by 320.4% in the first quarter. Maxi Investments CY Ltd now owns 945,933 shares of the ride-sharing company's stock worth $11,228,000 after purchasing an additional 720,933 shares in the last quarter. Polar Asset Management Partners Inc. bought a new stake in shares of Lyft in the first quarter worth $2,191,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in shares of Lyft by 40.2% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 104,314 shares of the ride-sharing company's stock worth $1,221,000 after purchasing an additional 29,912 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in Lyft by 26.3% during the first quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock worth $294,978,000 after acquiring an additional 5,178,118 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.

Lyft Stock Down 3.9%

Shares of NASDAQ LYFT opened at $21.96 on Friday. Lyft, Inc. has a 12 month low of $9.66 and a 12 month high of $23.50. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $8.93 billion, a price-to-earnings ratio of 91.50, a PEG ratio of 3.57 and a beta of 2.33. The business has a 50-day moving average of $15.96 and a 200-day moving average of $14.45.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its 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 firm had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.61 billion. Lyft had a return on equity of 14.32% and a net margin of 1.51%.The firm's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.24 EPS. Sell-side analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

LYFT has been the topic of several research reports. Royal Bank Of Canada restated an "outperform" rating and issued a $21.00 price target on shares of Lyft in a research note on Thursday, June 5th. UBS Group raised their price objective on shares of Lyft from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Canaccord Genuity Group raised their price objective on shares of Lyft from $11.00 to $18.00 and gave the company a "hold" rating in a report on Thursday. BMO Capital Markets raised their price target on shares of Lyft from $16.00 to $20.00 and gave the stock a "market perform" rating in a report on Thursday. Finally, Morgan Stanley lifted their price target on shares of Lyft from $19.00 to $20.50 and gave the company an "equal weight" rating in a research report on Thursday, September 11th. Nine equities research analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $18.30.

Insider Activity

In other news, CFO Erin Brewer sold 15,000 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $17.24, for a total transaction of $258,600.00. Following the completion of the sale, the chief financial officer owned 525,759 shares of the company's stock, valued at approximately $9,064,085.16. This represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $20.00, for a total value of $292,120.00. Following the sale, the insider directly owned 835,782 shares of the company's stock, valued at approximately $16,715,640. This trade represents a 1.72% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 74,427 shares of company stock valued at $1,252,686. 3.07% of the stock is currently owned by company insiders.

About Lyft

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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