Teachers Retirement System of The State of Kentucky Decreases Stake in Lyft, Inc. (NASDAQ:LYFT)

Teachers Retirement System of The State of Kentucky reduced its position in Lyft, Inc. (NASDAQ:LYFT) by 22.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 665,718 shares of the ride-sharing company’s stock after selling 191,666 shares during the period. Teachers Retirement System of The State of Kentucky owned 0.16% of Lyft worth $12,882,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Commonwealth Equity Services LLC grew its stake in shares of Lyft by 15.1% during the first quarter. Commonwealth Equity Services LLC now owns 39,613 shares of the ride-sharing company’s stock valued at $767,000 after buying an additional 5,184 shares during the last quarter. Swiss National Bank grew its stake in Lyft by 2.0% in the first quarter. Swiss National Bank now owns 683,100 shares of the ride-sharing company’s stock worth $13,218,000 after purchasing an additional 13,300 shares in the last quarter. Corient Private Wealth LLC grew its stake in Lyft by 163.9% in the fourth quarter. Corient Private Wealth LLC now owns 100,826 shares of the ride-sharing company’s stock worth $1,511,000 after purchasing an additional 62,623 shares in the last quarter. Range Financial Group LLC bought a new position in Lyft in the first quarter worth approximately $470,000. Finally, Allspring Global Investments Holdings LLC bought a new position in Lyft in the first quarter worth approximately $41,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

LYFT has been the topic of several research analyst reports. DA Davidson increased their price objective on Lyft from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. TD Cowen upped their target price on Lyft from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, June 7th. Vertical Research upgraded Lyft to a “strong-buy” rating in a report on Friday, June 7th. Barclays increased their price objective on Lyft from $17.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, May 8th. Finally, The Goldman Sachs Group increased their price objective on Lyft from $19.00 to $21.00 and gave the company a “neutral” rating in a report on Friday, June 7th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $18.04.

Lyft Price Performance

Lyft stock traded down $0.50 during midday trading on Friday, reaching $10.92. The company had a trading volume of 16,353,571 shares, compared to its average volume of 13,499,432. Lyft, Inc. has a 12-month low of $8.85 and a 12-month high of $20.82. The firm’s fifty day simple moving average is $13.71 and its 200-day simple moving average is $15.44. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.92.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.17 billion. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. On average, analysts anticipate that Lyft, Inc. will post -0.18 EPS for the current year.

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 7,923 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $16.54, for a total value of $131,046.42. Following the transaction, the director now directly owns 924,621 shares of the company’s stock, valued at approximately $15,293,231.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, President Kristin Sverchek sold 6,500 shares of Lyft stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $15.77, for a total transaction of $102,505.00. Following the sale, the president now owns 54,278 shares of the company’s stock, valued at approximately $855,964.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John Patrick Zimmer sold 7,923 shares of Lyft stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $16.54, for a total transaction of $131,046.42. Following the sale, the director now directly owns 924,621 shares in the company, valued at approximately $15,293,231.34. The disclosure for this sale can be found here. Insiders have sold 33,333 shares of company stock valued at $518,714 in the last ninety days. 3.07% of the stock is currently owned by corporate insiders.

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.