Quest Partners LLC Reduces Stock Position in Lyft, Inc. (NASDAQ:LYFT)

Quest Partners LLC lessened its holdings in Lyft, Inc. (NASDAQ:LYFT) by 8.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 22,480 shares of the ride-sharing company’s stock after selling 2,155 shares during the period. Quest Partners LLC’s holdings in Lyft were worth $287,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of LYFT. Price T Rowe Associates Inc. MD grew its holdings in shares of Lyft by 592.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock worth $27,562,000 after purchasing an additional 1,218,620 shares during the last quarter. National Bank of Canada FI boosted its position in Lyft by 27,739.2% in the 2nd quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock valued at $16,665,000 after buying an additional 1,188,625 shares during the period. Bank of New York Mellon Corp grew its stake in Lyft by 39.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock worth $40,475,000 after acquiring an additional 812,926 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Lyft by 401.2% during the second quarter. SG Americas Securities LLC now owns 326,779 shares of the ride-sharing company’s stock worth $4,608,000 after acquiring an additional 261,582 shares during the period. Finally, Huber Capital Management LLC raised its stake in shares of Lyft by 62.1% during the second quarter. Huber Capital Management LLC now owns 631,189 shares of the ride-sharing company’s stock valued at $8,900,000 after acquiring an additional 241,814 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Insider Buying and Selling at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the transaction, the director now directly owns 929,638 shares of the company’s stock, valued at approximately $10,523,502.16. The trade was a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $18.02, for a total transaction of $163,639.62. Following the sale, the chief accounting officer now directly owns 332,243 shares in the company, valued at $5,987,018.86. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,990 shares of company stock valued at $317,333. 3.07% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

LYFT has been the topic of several research reports. Royal Bank of Canada reduced their price objective on Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Cantor Fitzgerald raised their price target on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Roth Mkm upped their price objective on shares of Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Morgan Stanley raised their target price on shares of Lyft from $16.50 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, Piper Sandler reiterated an “overweight” rating and set a $23.00 price objective (up from $17.00) on shares of Lyft in a research note on Thursday, November 7th. Twenty-eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Lyft currently has an average rating of “Hold” and an average target price of $17.55.

Lyft Trading Up 6.6 %

Shares of NASDAQ:LYFT opened at $17.89 on Tuesday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. Lyft, Inc. has a 52-week low of $8.93 and a 52-week high of $20.82. The stock has a market cap of $7.42 billion, a price-to-earnings ratio of -111.81, a PEG ratio of 4.87 and a beta of 2.04. The business has a 50-day moving average price of $14.30 and a 200-day moving average price of $13.56.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.20 by $0.09. The business had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The business’s quarterly revenue was up 31.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.02) EPS. Equities analysts predict that Lyft, Inc. will post 0.08 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.