True Wealth Design LLC Buys New Position in Lyft, Inc. (NASDAQ:LYFT)

True Wealth Design LLC purchased a new position in shares of Lyft, Inc. (NASDAQ:LYFT) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,149 shares of the ride-sharing company’s stock, valued at approximately $27,000.

Several other hedge funds also recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Lyft by 0.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company’s stock valued at $230,174,000 after acquiring an additional 80,675 shares in the last quarter. Pacer Advisors Inc. bought a new position in Lyft in the third quarter valued at approximately $90,604,000. Primecap Management Co. CA increased its position in shares of Lyft by 3.8% during the 3rd quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company’s stock worth $82,768,000 after purchasing an additional 235,510 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Lyft by 39.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock worth $40,475,000 after purchasing an additional 812,926 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of Lyft by 11.7% in the second quarter. Canada Pension Plan Investment Board now owns 1,601,400 shares of the ride-sharing company’s stock valued at $22,580,000 after buying an additional 167,400 shares in the last quarter. 83.07% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the completion of the transaction, the director now directly owns 929,638 shares in the company, valued at approximately $10,523,502.16. This represents a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $12.00, for a total value of $50,916.00. Following the completion of the transaction, the insider now owns 760,089 shares of the company’s stock, valued at $9,121,068. The trade was a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,909 shares of company stock valued at $505,686. 3.07% of the stock is currently owned by corporate insiders.

Lyft Stock Performance

NASDAQ LYFT opened at $17.17 on Tuesday. Lyft, Inc. has a 1 year low of $8.93 and a 1 year high of $20.82. The firm has a market capitalization of $7.12 billion, a price-to-earnings ratio of -107.31, a P/E/G ratio of 5.04 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. The firm’s 50 day simple moving average is $14.78 and its 200 day simple moving average is $13.56.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter last year, the company posted ($0.02) EPS. The company’s revenue for the quarter was up 31.6% compared to the same quarter last year. As a group, research analysts expect that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Citigroup dropped their price target on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Evercore ISI upped their target price on shares of Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Barclays lifted their price target on Lyft from $14.00 to $20.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Raymond James initiated coverage on Lyft in a research note on Tuesday, September 24th. They issued a “market perform” rating on the stock. Finally, Bank of America lifted their target price on Lyft from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Twenty-eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $17.55.

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.