SouthState Corp Purchases 2,765 Shares of Lyft, Inc. (NASDAQ:LYFT)

SouthState Corp boosted its position in Lyft, Inc. (NASDAQ:LYFT) by 13.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,972 shares of the ride-sharing company’s stock after acquiring an additional 2,765 shares during the period. SouthState Corp’s holdings in Lyft were worth $306,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in LYFT. Price T Rowe Associates Inc. MD boosted its holdings in Lyft by 592.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock worth $27,562,000 after buying an additional 1,218,620 shares during the last quarter. National Bank of Canada FI boosted its holdings in Lyft by 27,739.2% during the second quarter. National Bank of Canada FI now owns 1,192,910 shares of the ride-sharing company’s stock worth $16,665,000 after buying an additional 1,188,625 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Lyft by 39.5% during the second quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock worth $40,475,000 after buying an additional 812,926 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Lyft by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock worth $636,603,000 after buying an additional 782,736 shares during the last quarter. Finally, Quadrature Capital Ltd boosted its holdings in Lyft by 600.2% during the first quarter. Quadrature Capital Ltd now owns 608,430 shares of the ride-sharing company’s stock worth $11,767,000 after buying an additional 521,537 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Raymond James assumed coverage on Lyft in a report on Tuesday, September 24th. They set a “market perform” rating on the stock. Cantor Fitzgerald raised their price target on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Nomura Securities raised Lyft from a “strong sell” rating to a “hold” rating in a research report on Friday, August 23rd. Morgan Stanley raised their price target on Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Finally, Royal Bank of Canada dropped their price target on Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Twenty-eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $17.48.

Lyft Stock Performance

Shares of NASDAQ LYFT opened at $16.57 on Wednesday. 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, Inc. has a 12 month low of $8.93 and a 12 month high of $20.82. The stock has a 50 day moving average of $13.87 and a 200-day moving average of $13.57. The company has a market capitalization of $6.87 billion, a P/E ratio of -103.56, a P/E/G ratio of 5.26 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last issued its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the company posted ($0.02) EPS. The firm’s revenue for the quarter was up 31.6% compared to the same quarter last year. As a group, equities research analysts predict that Lyft, Inc. will post 0.08 EPS for the current year.

Insider Activity at Lyft

In related news, Director Logan Green sold 10,323 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the sale, the director now directly owns 330,790 shares in the company, valued at $3,843,779.80. The trade was a 3.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $11.76, for a total value of $99,795.36. Following the completion of the sale, the insider now owns 764,332 shares of the company’s stock, valued at $8,988,544.32. This trade represents a 1.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,799 shares of company stock worth $537,082 in the last ninety days. 3.07% of the stock is owned by company insiders.

Lyft Company 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.