First Trust Advisors LP Sells 70,120 Shares of Lyft, Inc. $LYFT

First Trust Advisors LP trimmed its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 10.7% during the first quarter, Holdings Channel reports. The firm owned 584,281 shares of the ride-sharing company’s stock after selling 70,120 shares during the period. First Trust Advisors LP’s holdings in Lyft were worth $7,771,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its holdings in shares of Lyft by 115.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 27,593 shares of the ride-sharing company’s stock worth $367,000 after buying an additional 14,785 shares in the last quarter. Van Berkom & Associates Inc. boosted its stake in Lyft by 54.6% in the 1st quarter. Van Berkom & Associates Inc. now owns 121,217 shares of the ride-sharing company’s stock valued at $1,612,000 after buying an additional 42,800 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Lyft by 58.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company’s stock valued at $89,360,000 after buying an additional 2,467,010 shares in the last quarter. Parallel Advisors LLC grew its position in Lyft by 47.0% in the first quarter. Parallel Advisors LLC now owns 4,650 shares of the ride-sharing company’s stock valued at $62,000 after acquiring an additional 1,487 shares during the period. Finally, Swiss National Bank grew its position in Lyft by 0.4% in the first quarter. Swiss National Bank now owns 764,200 shares of the ride-sharing company’s stock valued at $10,164,000 after acquiring an additional 2,800 shares during the period. 83.07% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $13.59, for a total value of $203,850.00. Following the completion of the transaction, the chief financial officer directly owned 705,979 shares of the company’s stock, valued at $9,594,254.61. The trade was a 2.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lindsay Catherine Llewellyn sold 11,491 shares of Lyft stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $15.00, for a total value of $172,365.00. Following the completion of the transaction, the insider directly owned 853,731 shares of the company’s stock, valued at $12,805,965. This represents a 1.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 45,535 shares of company stock valued at $637,456. 0.92% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on LYFT shares. Citigroup initiated coverage on Lyft in a research note on Wednesday, June 17th. They set a “buy” rating for the company. William Blair lowered shares of Lyft to a “market perform” rating in a report on Wednesday, June 17th. Sanford C. Bernstein assumed coverage on shares of Lyft in a research report on Wednesday, June 17th. They set an “underperform” rating for the company. Canaccord Genuity Group cut their price target on shares of Lyft from $16.00 to $15.00 and set a “hold” rating for the company in a report on Friday, May 8th. Finally, Guggenheim reissued a “buy” rating on shares of Lyft in a report on Wednesday, June 10th. Twelve equities research analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $19.43.

Lyft Trading Up 2.0%

LYFT stock opened at $15.86 on Friday. The business has a fifty day moving average price of $14.66 and a 200 day moving average price of $14.63. Lyft, Inc. has a fifty-two week low of $12.46 and a fifty-two week high of $25.54. The stock has a market capitalization of $6.02 billion, a price-to-earnings ratio of 2.32, a P/E/G ratio of 0.94 and a beta of 1.80. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.58 and a quick ratio of 0.58.

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

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.