Primecap Management Co. CA Raises Holdings in Lyft, Inc. (NASDAQ:LYFT)

Primecap Management Co. CA lifted its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 1.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 6,256,080 shares of the ride-sharing company’s stock after purchasing an additional 94,710 shares during the period. Primecap Management Co. CA’s holdings in Lyft were worth $88,211,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the business. Commonwealth Equity Services LLC grew its holdings in shares of Lyft by 15.1% in the 1st quarter. Commonwealth Equity Services LLC now owns 39,613 shares of the ride-sharing company’s stock worth $767,000 after acquiring an additional 5,184 shares during the period. Swiss National Bank grew its holdings in shares of Lyft by 2.0% in the 1st quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock worth $13,218,000 after acquiring an additional 13,300 shares during the period. Corient Private Wealth LLC grew its holdings in Lyft by 163.9% during the 4th quarter. Corient Private Wealth LLC now owns 100,826 shares of the ride-sharing company’s stock valued at $1,511,000 after buying an additional 62,623 shares during the last quarter. Range Financial Group LLC acquired a new stake in Lyft during the 1st quarter valued at $470,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Lyft during the 1st quarter valued at $41,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LYFT has been the topic of a number of analyst reports. Melius initiated coverage on Lyft in a report on Monday, July 22nd. They set a “hold” rating and a $15.00 target price on the stock. Vertical Research upgraded Lyft to a “strong-buy” rating in a report on Friday, June 7th. BMO Capital Markets lowered their target price on Lyft from $19.00 to $13.00 and set a “market perform” rating on the stock in a report on Thursday, August 8th. Royal Bank of Canada lowered their target price on Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, Canaccord Genuity Group lowered their target price on Lyft from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Twenty-six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.65.

Insider Buying and Selling at Lyft

In other news, President Kristin Sverchek sold 3,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $13.81, for a total transaction of $41,430.00. Following the completion of the sale, the president now directly owns 47,778 shares in the company, valued at $659,814.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director John Patrick Zimmer sold 7,188 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $11.40, for a total transaction of $81,943.20. Following the completion of the sale, the director now directly owns 932,062 shares in the company, valued at $10,625,506.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Kristin Sverchek sold 3,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $13.81, for a total value of $41,430.00. Following the sale, the president now owns 47,778 shares of the company’s stock, valued at $659,814.18. The disclosure for this sale can be found here. Insiders have sold 36,740 shares of company stock valued at $443,073 over the last three months. 3.07% of the stock is owned by company insiders.

Lyft Trading Up 4.9 %

NASDAQ:LYFT opened at $12.25 on Wednesday. The business’s 50-day moving average is $11.59 and its two-hundred day moving average is $14.77. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74. Lyft, Inc. has a 12 month low of $8.85 and a 12 month high of $20.82. The firm has a market capitalization of $4.94 billion, a PE ratio of -26.06 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.19 by $0.05. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same period last year, the company posted ($0.14) earnings per share. The firm’s revenue was up 40.6% compared to the same quarter last year. Research analysts predict that Lyft, Inc. will post -0.16 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.