Teachers Retirement System of The State of Kentucky Purchases Shares of 98,000 Lyft, Inc. $LYFT

Teachers Retirement System of The State of Kentucky purchased a new position in Lyft, Inc. (NASDAQ:LYFT) during the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 98,000 shares of the ride-sharing company’s stock, valued at approximately $1,304,000.

A number of other institutional investors have also recently made changes to their positions in LYFT. Norges Bank purchased a new stake in shares of Lyft in the fourth quarter worth about $109,987,000. Swedbank AB purchased a new position in Lyft during the 4th quarter valued at approximately $108,472,000. Contour Asset Management LLC purchased a new position in Lyft during the 4th quarter valued at approximately $75,870,000. Prevatt Capital Ltd bought a new stake in Lyft in the 1st quarter worth approximately $25,270,000. Finally, Ensign Peak Advisors Inc increased its stake in Lyft by 2,441.2% in the 4th quarter. Ensign Peak Advisors Inc now owns 1,857,593 shares of the ride-sharing company’s stock worth $35,982,000 after acquiring an additional 1,784,494 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Lyft Price Performance

Lyft stock opened at $16.23 on Thursday. The firm has a 50-day moving average price of $14.28 and a 200-day moving average price of $14.95. The firm has a market capitalization of $6.16 billion, a PE ratio of 2.37, a price-to-earnings-growth ratio of 0.93 and a beta of 1.80. 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, Inc. has a 12-month low of $12.46 and a 12-month high of $25.54.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.26). Lyft had a net margin of 43.82% and a negative return on equity of 2.09%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company posted $0.01 earnings per share. The business’s revenue for the quarter was up 17.2% on a year-over-year basis. As a group, equities research analysts forecast that Lyft, Inc. will post 0.69 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on LYFT. Morgan Stanley upgraded Lyft from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 17th. Citigroup initiated coverage on shares of Lyft in a research report on Wednesday, June 17th. They issued a “buy” rating on the stock. Guggenheim reaffirmed a “buy” rating on shares of Lyft in a research note on Wednesday, June 10th. Oppenheimer began coverage on shares of Lyft in a research note on Wednesday, June 17th. They issued an “outperform” rating for the company. Finally, Truist Financial boosted their target price on shares of Lyft from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, May 8th. Thirteen investment analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $19.40.

Insiders Place Their Bets

In other news, CAO Stephen W. Hope sold 5,460 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total transaction 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 approximately $4,615,970.88. The trade was a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,093 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total transaction of $28,799.68. Following the completion of the transaction, the director owned 30,092 shares in the company, valued at approximately $414,065.92. The trade was a 6.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 69,196 shares of company stock worth $992,371. Insiders own 0.92% of the company’s stock.

Lyft Company Profile

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.