Lyft, Inc. (NASDAQ:LYFT) Shares Bought by SouthState Corp

SouthState Corp increased its position in Lyft, Inc. (NASDAQ:LYFT) by 27.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,207 shares of the ride-sharing company’s stock after buying an additional 4,631 shares during the period. SouthState Corp’s holdings in Lyft were worth $299,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of LYFT. FinTrust Capital Advisors LLC grew its stake in Lyft by 277.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after acquiring an additional 1,000 shares during the period. Kapitalo Investimentos Ltda acquired a new position in Lyft in the fourth quarter valued at $34,000. International Assets Investment Management LLC purchased a new position in Lyft during the second quarter worth about $35,000. C M Bidwell & Associates Ltd. acquired a new stake in Lyft in the 4th quarter worth about $40,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Lyft in the 1st quarter valued at about $41,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Lyft Stock Performance

Lyft stock opened at $11.25 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. The stock has a 50 day moving average of $11.92 and a 200-day moving average of $15.06. The stock has a market cap of $4.54 billion, a P/E ratio of -23.94 and a beta of 2.04. Lyft, Inc. has a 52 week low of $8.85 and a 52 week high of $20.82.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.39 billion. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The firm’s revenue was up 40.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.14) EPS. On average, analysts expect that Lyft, Inc. will post -0.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Lyft news, Director Logan Green sold 10,323 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the sale, the director now owns 330,790 shares in the company, valued at $3,843,779.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, President Kristin Sverchek sold 3,500 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $14.01, for a total value of $49,035.00. Following the transaction, the president now directly owns 50,778 shares in the company, valued at approximately $711,399.78. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Logan Green sold 10,323 shares of Lyft stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total transaction of $119,953.26. Following the completion of the transaction, the director now directly owns 330,790 shares of the company’s stock, valued at $3,843,779.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,497 shares of company stock worth $392,157. Corporate insiders own 3.07% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on LYFT shares. Fox Advisors raised shares of Lyft from an “equal weight” rating to an “overweight” rating and set a $20.00 target price on the stock in a research report on Friday, June 7th. The Goldman Sachs Group lifted their price target on shares of Lyft from $19.00 to $21.00 and gave the company a “neutral” rating in a report on Friday, June 7th. Morgan Stanley upped their price objective on Lyft from $17.00 to $18.00 and gave the stock an “equal weight” rating in a report on Friday, June 7th. Wedbush reduced their target price on Lyft from $19.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, Susquehanna dropped their price target on Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Twenty-six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Lyft presently has an average rating of “Hold” and an average price target of $15.65.

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.