Penserra Capital Management LLC Sells 48,900 Shares of Lyft, Inc. (NASDAQ:LYFT)

Penserra Capital Management LLC decreased its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 18.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 211,907 shares of the ride-sharing company’s stock after selling 48,900 shares during the period. Penserra Capital Management LLC’s holdings in Lyft were worth $2,701,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in Lyft in the 2nd quarter valued at $35,000. Brown Brothers Harriman & Co. bought a new position in shares of Lyft in the second quarter valued at about $35,000. Capital Performance Advisors LLP acquired a new position in Lyft during the 3rd quarter worth about $38,000. Quarry LP grew its holdings in Lyft by 4,032.6% during the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after acquiring an additional 3,468 shares during the last quarter. Finally, Benjamin Edwards Inc. acquired a new stake in Lyft in the 2nd quarter valued at about $72,000. Institutional investors own 83.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on LYFT shares. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a research report on Thursday, November 7th. Piper Sandler reaffirmed an “overweight” rating and set a $23.00 price objective (up previously from $17.00) on shares of Lyft in a report on Thursday, November 7th. BMO Capital Markets increased their price objective on Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Truist Financial boosted their target price on Lyft from $13.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Finally, Wells Fargo & Company reiterated a “market perform” rating on shares of Lyft in a report on Friday, October 18th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $17.55.

Insider Transactions at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the firm’s 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 in the company, valued at $10,523,502.16. This trade represents a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $12.00, for a total value of $50,916.00. Following the sale, the insider now owns 760,089 shares in the company, valued at approximately $9,121,068. This represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,990 shares of company stock valued at $317,333 in the last ninety days. 3.07% of the stock is currently owned by corporate insiders.

Lyft Price Performance

Shares of NASDAQ LYFT opened at $17.89 on Tuesday. The company has a fifty day moving average price of $14.30 and a 200 day moving average price of $13.56. The firm has a market cap of $7.42 billion, a PE ratio of -111.81, a PEG ratio of 4.87 and a beta of 2.04. 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 1-year low of $8.93 and a 1-year high of $20.82.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share 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 analysts’ expectations of $1.44 billion. During the same period in the prior year, the firm earned ($0.02) earnings per share. Lyft’s revenue for the quarter was up 31.6% compared to the same quarter last year. Research analysts predict that Lyft, Inc. will post 0.08 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.