Northwestern Mutual Wealth Management Co. Sells 3,587,895 Shares of Lyft, Inc. $LYFT

Northwestern Mutual Wealth Management Co. trimmed its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 98.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 50,008 shares of the ride-sharing company’s stock after selling 3,587,895 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Lyft were worth $969,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in shares of Lyft during the fourth quarter worth approximately $40,000. Huntington National Bank raised its position in shares of Lyft by 171.8% during the fourth quarter. Huntington National Bank now owns 2,174 shares of the ride-sharing company’s stock worth $42,000 after purchasing an additional 1,374 shares during the period. Abich Financial Wealth Management LLC acquired a new position in shares of Lyft during the third quarter worth approximately $50,000. CI Investments Inc. raised its position in shares of Lyft by 39.1% during the third quarter. CI Investments Inc. now owns 2,321 shares of the ride-sharing company’s stock worth $51,000 after purchasing an additional 653 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in shares of Lyft by 410.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,217 shares of the ride-sharing company’s stock worth $51,000 after purchasing an additional 2,587 shares during the period. 83.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on LYFT. Canaccord Genuity Group lowered their target price on Lyft from $16.00 to $15.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. Zacks Research raised Lyft from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 20th. Jefferies Financial Group lowered their target price on Lyft from $20.00 to $15.50 and set a “hold” rating on the stock in a research report on Wednesday, February 11th. Deutsche Bank Aktiengesellschaft lowered their target price on Lyft from $25.00 to $16.00 and set a “hold” rating on the stock in a research report on Wednesday, February 11th. Finally, Cantor Fitzgerald lowered their target price on Lyft from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 11th. Eight equities research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $18.83.

Insider Activity at Lyft

In related news, insider Lindsay Catherine Llewellyn sold 11,491 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $15.00, for a total value of $172,365.00. Following the completion of the sale, the insider directly owned 853,731 shares of the company’s stock, valued at approximately $12,805,965. This represents a 1.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen W. Hope sold 5,460 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total value of $75,129.60. Following the completion of the sale, the chief accounting officer directly owned 335,463 shares of the company’s stock, valued at $4,615,970.88. The trade was a 1.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 54,196 shares of company stock valued at $788,521. 0.92% of the stock is owned by insiders.

Lyft Trading Up 2.7%

NASDAQ LYFT opened at $14.02 on Tuesday. The firm has a market capitalization of $5.32 billion, a P/E ratio of 2.05, a PEG ratio of 0.85 and a beta of 1.82. The business has a fifty day simple moving average of $13.85 and a 200 day simple moving average of $16.06. Lyft, Inc. has a 12 month low of $12.46 and a 12 month high of $25.54. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.33.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.26). The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Lyft had a net margin of 43.82% and a negative return on equity of 2.09%. The company’s quarterly revenue was up 17.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.01 earnings per share. On average, analysts predict that Lyft, Inc. will post 0.66 EPS for the current fiscal year.

Lyft announced that its board has approved a share repurchase plan on Tuesday, February 10th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the ride-sharing company to repurchase up to 15.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

About Lyft

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.