Lyft, Inc. $LYFT Position Trimmed by New York State Teachers Retirement System

New York State Teachers Retirement System decreased its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 33.7% in the 2nd quarter, Holdings Channel reports. The firm owned 22,332 shares of the ride-sharing company’s stock after selling 11,372 shares during the quarter. New York State Teachers Retirement System’s holdings in Lyft were worth $352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB increased its stake in Lyft by 162.6% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company’s stock valued at $31,000 after purchasing an additional 1,203 shares during the last quarter. Atwood & Palmer Inc. bought a new position in Lyft in the 2nd quarter worth about $32,000. GAMMA Investing LLC grew its position in Lyft by 81.4% in the 1st quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company’s stock worth $33,000 after purchasing an additional 1,237 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich bought a new position in Lyft in the 1st quarter worth about $35,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Lyft by 79.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,982 shares of the ride-sharing company’s stock worth $46,000 after purchasing an additional 1,769 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

Insider Buying and Selling

In related news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $15.85, for a total value of $449,442.60. Following the transaction, the insider owned 850,388 shares in the company, valued at approximately $13,478,649.80. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO John David Risher acquired 5,926 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was purchased at an average price of $16.88 per share, for a total transaction of $100,030.88. Following the acquisition, the chief executive officer directly owned 11,797,266 shares of the company’s stock, valued at $199,137,850.08. The trade was a 0.05% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 74,427 shares of company stock worth $1,252,686. Insiders own 3.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on LYFT shares. BMO Capital Markets upped their target price on shares of Lyft from $16.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday, September 18th. Roth Capital raised shares of Lyft from a “neutral” rating to a “buy” rating and set a $19.00 price objective for the company in a report on Thursday, August 7th. Bank of America upped their price objective on shares of Lyft from $12.00 to $14.00 and gave the stock an “underperform” rating in a report on Thursday, September 18th. Benchmark upped their price target on shares of Lyft from $20.00 to $26.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Finally, Jefferies Financial Group upped their price target on shares of Lyft from $15.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.25.

Lyft Price Performance

NASDAQ LYFT opened at $20.57 on Friday. The company has a 50 day simple moving average of $19.35 and a 200-day simple moving average of $16.05. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market capitalization of $8.36 billion, a price-to-earnings ratio of 85.71, a price-to-earnings-growth ratio of 3.65 and a beta of 2.40. Lyft, Inc. has a 52-week low of $9.66 and a 52-week high of $23.50.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.17). The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Lyft had a return on equity of 14.32% and a net margin of 1.51%.Lyft’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $0.24 earnings per share. Equities research analysts predict that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

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.