Algert Global LLC Raises Stake in Lyft, Inc. (NASDAQ:LYFT)

Algert Global LLC boosted its holdings in Lyft, Inc. (NASDAQ:LYFT) by 23.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 263,509 shares of the ride-sharing company’s stock after buying an additional 50,470 shares during the period. Algert Global LLC owned approximately 0.06% of Lyft worth $3,360,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new position in shares of Lyft during the 2nd quarter valued at $35,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Lyft in the second quarter worth about $35,000. Capital Performance Advisors LLP acquired a new stake in shares of Lyft in the third quarter valued at about $38,000. Quarry LP grew its stake in shares of Lyft by 4,032.6% in the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after buying an additional 3,468 shares in the last quarter. Finally, Benjamin Edwards Inc. acquired a new position in Lyft during the 2nd quarter worth approximately $72,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on LYFT. Canaccord Genuity Group increased their price objective on shares of Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. BMO Capital Markets raised their price target on shares of Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. Bank of America boosted their price objective on shares of Lyft from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Evercore ISI lifted their target price on Lyft from $17.00 to $19.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Finally, Wedbush reiterated a “neutral” rating and issued a $20.00 price target (up previously from $12.00) on shares of Lyft in a research note on Thursday, November 7th. Twenty-eight investment 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. Based on data from MarketBeat, Lyft currently has a consensus rating of “Hold” and an average price target of $17.55.

Lyft Stock Up 6.6 %

LYFT stock opened at $17.89 on Tuesday. The firm’s 50-day moving average is $14.30 and its two-hundred day moving average is $13.56. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of -111.81, a price-to-earnings-growth ratio of 4.87 and a beta of 2.04. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $20.82. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The firm had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the prior year, the firm posted ($0.02) earnings per share. The firm’s revenue for the quarter was up 31.6% compared to the same quarter last year. On average, analysts forecast that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Activity at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the completion of the transaction, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. This trade represents a 0.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the business’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 completion of the sale, the chief accounting officer now owns 332,243 shares in the company, valued at $5,987,018.86. The trade was a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,990 shares of company stock valued at $317,333 over the last 90 days. 3.07% of the stock is currently owned by corporate insiders.

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.