Pacer Advisors Inc. Invests $90.60 Million in Lyft, Inc. (NASDAQ:LYFT)

Pacer Advisors Inc. acquired a new stake in Lyft, Inc. (NASDAQ:LYFT) during the third quarter, according to its most recent 13F filing with the SEC. The fund acquired 7,106,218 shares of the ride-sharing company’s stock, valued at approximately $90,604,000.

Several other institutional investors have also added to or reduced their stakes in LYFT. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Lyft by 430.9% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,886 shares of the ride-sharing company’s stock valued at $75,000 after purchasing an additional 3,154 shares in the last quarter. CWM LLC increased its position in shares of Lyft by 26.4% during the second quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after buying an additional 1,457 shares during the period. Comerica Bank lifted its holdings in shares of Lyft by 310.3% in the first quarter. Comerica Bank now owns 102,576 shares of the ride-sharing company’s stock worth $1,985,000 after buying an additional 77,578 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of Lyft in the second quarter valued at approximately $388,000. Finally, Vanguard Group Inc. boosted its position in shares of Lyft by 2.4% in the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after acquiring an additional 782,736 shares during the period. 83.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on LYFT shares. BMO Capital Markets raised their price target on shares of Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. Canaccord Genuity Group boosted their target price on Lyft from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Cantor Fitzgerald raised their price target on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Barclays boosted their price objective on Lyft from $14.00 to $20.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Lyft in a research note on Thursday, November 7th. Twenty-eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.55.

Insider Buying and Selling at Lyft

In other Lyft news, Director Logan Green sold 10,323 shares of Lyft stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the transaction, the director now directly owns 330,790 shares of the company’s stock, valued at approximately $3,843,779.80. The trade was a 3.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred 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 sale, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. The trade was a 0.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,799 shares of company stock valued at $537,082. Corporate insiders own 3.07% of the company’s stock.

Lyft Trading Down 2.7 %

LYFT opened at $16.31 on Friday. The stock has a market cap of $6.77 billion, a PE ratio of -101.94, a PEG ratio of 4.81 and a beta of 2.04. The business has a 50 day moving average of $14.06 and a 200-day moving average of $13.61. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $20.82. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88.

Lyft (NASDAQ:LYFT) last announced its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The company’s quarterly revenue was up 31.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.02) EPS. Equities 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.