Joule Financial LLC Purchases New Position in Lyft, Inc. $LYFT

Joule Financial LLC acquired a new position in shares of Lyft, Inc. (NASDAQ:LYFT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 48,225 shares of the ride-sharing company’s stock, valued at approximately $760,000.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in Lyft by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 38,049,250 shares of the ride-sharing company’s stock worth $451,645,000 after acquiring an additional 2,046,639 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Lyft by 26.3% during the first quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company’s stock worth $294,978,000 after purchasing an additional 5,178,118 shares during the last quarter. Rakuten Group Inc. purchased a new position in shares of Lyft during the first quarter worth about $130,434,000. AQR Capital Management LLC increased its position in shares of Lyft by 103.3% during the first quarter. AQR Capital Management LLC now owns 9,804,782 shares of the ride-sharing company’s stock worth $110,598,000 after purchasing an additional 4,980,876 shares in the last quarter. Finally, Invenomic Capital Management LP lifted its holdings in shares of Lyft by 75.2% in the 1st quarter. Invenomic Capital Management LP now owns 3,587,553 shares of the ride-sharing company’s stock valued at $42,584,000 after purchasing an additional 1,539,388 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on LYFT shares. Deutsche Bank Aktiengesellschaft raised their price target on Lyft from $16.00 to $21.00 and gave the stock a “hold” rating in a research note on Thursday, September 18th. Wells Fargo & Company raised their target price on shares of Lyft from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday, September 5th. Bank of America upped their price target on shares of Lyft from $12.00 to $14.00 and gave the company an “underperform” rating in a research report on Thursday, September 18th. Oppenheimer increased their price target on shares of Lyft from $17.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 17th. Finally, Wall Street Zen lowered shares of Lyft from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 13th. Ten investment analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell 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 $19.02.

Insider Buying and Selling at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 14,606 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $20.00, for a total value of $292,120.00. Following the sale, the insider directly owned 835,782 shares in the company, valued at $16,715,640. This represents a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $17.24, for a total value of $258,600.00. Following the transaction, the chief financial officer owned 525,759 shares of the company’s stock, valued at $9,064,085.16. This represents a 2.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,427 shares of company stock valued at $1,252,686 over the last quarter. Corporate insiders own 3.07% of the company’s stock.

Lyft Stock Performance

NASDAQ LYFT opened at $21.99 on Monday. The business has a 50 day moving average price of $17.60 and a 200 day moving average price of $15.29. The company has a market capitalization of $8.94 billion, a P/E ratio of 91.63, a PEG ratio of 3.44 and a beta of 2.40. Lyft, Inc. has a 1-year low of $9.66 and a 1-year high of $23.50. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.70 and a quick ratio of 0.70.

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

About Lyft

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.