Primecap Management Co. CA Has $82.77 Million Stake in Lyft, Inc. (NASDAQ:LYFT)

Primecap Management Co. CA increased its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 3.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 6,491,590 shares of the ride-sharing company’s stock after buying an additional 235,510 shares during the quarter. Primecap Management Co. CA’s holdings in Lyft were worth $82,768,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in Lyft in the 2nd quarter worth approximately $35,000. Brown Brothers Harriman & Co. acquired a new position in shares of Lyft in the second quarter worth $35,000. Capital Performance Advisors LLP purchased a new stake in shares of Lyft during the third quarter worth $38,000. Quarry LP boosted its position in Lyft by 4,032.6% during the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after purchasing an additional 3,468 shares during the last quarter. Finally, Benjamin Edwards Inc. acquired a new stake in Lyft during the second quarter valued at $72,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on LYFT. Barclays raised their price target on Lyft from $14.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Royal Bank of Canada dropped their price objective on Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Cantor Fitzgerald lifted their target price on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. TD Cowen increased their price target on shares of Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a research note on Thursday, November 7th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $20.00 price objective (up previously from $12.00) on shares of Lyft in a research note on Thursday, November 7th. Twenty-eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $17.55.

Lyft Trading Down 2.7 %

Shares of LYFT opened at $16.31 on Friday. The stock’s 50-day moving average price is $14.06 and its 200 day moving average price is $13.61. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of -101.94, a P/E/G ratio of 4.81 and a beta of 2.04. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $20.82.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. Lyft’s quarterly revenue was up 31.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.02) earnings per share. As a group, research analysts predict that Lyft, Inc. will post 0.08 earnings per share for the current year.

Insider Buying and Selling at Lyft

In other news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the transaction, the director now directly owns 929,638 shares of the company’s stock, valued at approximately $10,523,502.16. This represents a 0.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 directly owns 764,332 shares in the company, valued at approximately $8,988,544.32. This represents a 1.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,799 shares of company stock valued at $537,082 in the last 90 days. 3.07% of the stock is currently 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.