Harbor Capital Advisors Inc. Makes New $659,000 Investment in Lyft, Inc. (NASDAQ:LYFT)

Harbor Capital Advisors Inc. acquired a new stake in shares of Lyft, Inc. (NASDAQ:LYFT) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 46,719 shares of the ride-sharing company’s stock, valued at approximately $659,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. FinTrust Capital Advisors LLC lifted its holdings in Lyft by 277.8% during the first quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after purchasing an additional 1,000 shares in the last quarter. Allworth Financial LP grew its position in shares of Lyft by 685.2% during the fourth quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock worth $29,000 after purchasing an additional 1,672 shares in the last quarter. a16z Perennial Management L.P. bought a new stake in Lyft during the 4th quarter valued at approximately $34,000. Kapitalo Investimentos Ltda purchased a new position in Lyft in the 4th quarter worth approximately $34,000. Finally, C M Bidwell & Associates Ltd. bought a new position in Lyft in the 4th quarter worth approximately $40,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on LYFT shares. TD Cowen upped their target price on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, June 7th. Gordon Haskett raised shares of Lyft from a “hold” rating to a “buy” rating and increased their price objective for the company from $17.00 to $20.00 in a report on Friday, June 7th. Tigress Financial boosted their target price on Lyft from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. The Goldman Sachs Group raised their price target on Lyft from $19.00 to $21.00 and gave the company a “neutral” rating in a report on Friday, June 7th. Finally, DA Davidson upped their price objective on Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $18.04.

Insider Buying and Selling at Lyft

In other news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total transaction of $142,330.61. Following the transaction, the chief accounting officer now directly owns 351,853 shares of the company’s stock, valued at $5,513,536.51. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Lisa Blackwood-Kapral sold 9,083 shares of Lyft stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $15.67, for a total transaction of $142,330.61. Following the completion of the sale, the chief accounting officer now directly owns 351,853 shares in the company, valued at $5,513,536.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John Patrick Zimmer sold 7,923 shares of Lyft stock in a transaction dated 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 directly owns 924,621 shares of the company’s stock, valued at approximately $15,293,231.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,333 shares of company stock valued at $518,714. 3.07% of the stock is currently owned by insiders.

Lyft Stock Down 17.3 %

Lyft stock traded down $1.90 during midday trading on Wednesday, hitting $9.07. 71,929,500 shares of the company’s stock were exchanged, compared to its average volume of 15,747,786. The firm has a 50-day moving average of $13.51 and a two-hundred day moving average of $15.46. Lyft, Inc. has a 12 month low of $8.85 and a 12 month high of $20.82. The company has a market cap of $3.66 billion, a PE ratio of -19.64 and a beta of 2.06. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.82 and a current ratio of 0.82.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The firm had revenue of $1.28 billion during 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%. As a group, analysts expect that Lyft, Inc. will post -0.18 earnings per share for the current fiscal year.

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.