Lyft, Inc. (NASDAQ:LYFT) Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp lifted its stake in Lyft, Inc. (NASDAQ:LYFT) by 156.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 313,143 shares of the ride-sharing company’s stock after purchasing an additional 191,053 shares during the quarter. Van ECK Associates Corp owned about 0.08% of Lyft worth $6,059,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in LYFT. Allworth Financial LP grew its position in Lyft by 685.2% in the fourth quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock worth $29,000 after acquiring an additional 1,672 shares during the period. a16z Perennial Management L.P. purchased a new position in shares of Lyft during the fourth quarter worth $34,000. Kapitalo Investimentos Ltda purchased a new position in shares of Lyft during the fourth quarter worth $34,000. C M Bidwell & Associates Ltd. purchased a new position in shares of Lyft during the fourth quarter worth $40,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Lyft during the first quarter worth $41,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Lyft

In related news, President Kristin Sverchek sold 6,500 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $15.54, for a total value of $101,010.00. Following the transaction, the president now owns 64,278 shares in the company, valued at approximately $998,880.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Lyft news, Director John Patrick Zimmer sold 7,923 shares of Lyft stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $16.54, for a total value of $131,046.42. Following the sale, the director now owns 924,621 shares of the company’s stock, valued at approximately $15,293,231.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Kristin Sverchek sold 6,500 shares of Lyft stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $15.54, for a total value of $101,010.00. Following the completion of the sale, the president now directly owns 64,278 shares in the company, valued at approximately $998,880.12. The disclosure for this sale can be found here. Insiders have sold 43,333 shares of company stock worth $680,974 in the last quarter. Company insiders own 3.07% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on LYFT. Sanford C. Bernstein raised their price target on Lyft from $15.00 to $19.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 8th. TD Cowen raised their price target on Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, June 7th. Gordon Haskett upgraded Lyft from a “hold” rating to a “buy” rating and raised their price target for the stock from $17.00 to $20.00 in a research report on Friday, June 7th. Truist Financial lifted their target price on Lyft from $15.00 to $18.00 and gave the company a “hold” rating in a report on Wednesday, May 8th. Finally, Citigroup lifted their target price on Lyft from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Lyft presently has an average rating of “Hold” and an average target price of $18.00.

Lyft Stock Performance

Shares of LYFT traded down $0.13 during midday trading on Friday, reaching $13.26. 6,350,152 shares of the stock were exchanged, compared to its average volume of 15,516,261. The business’s 50-day moving average price is $15.40 and its 200 day moving average price is $15.70. The company has a debt-to-equity ratio of 1.92, a current ratio of 0.82 and a quick ratio of 0.82. Lyft, Inc. has a twelve month low of $8.85 and a twelve month high of $20.82. The company has a market capitalization of $5.35 billion, a price-to-earnings ratio of -28.32 and a beta of 2.06.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.09. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. On average, sell-side analysts expect that Lyft, Inc. will post -0.19 EPS for the current fiscal year.

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.