First Republic Investment Management Inc. purchased a new stake in shares of LYFT Inc (NASDAQ:LYFT) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 7,538 shares of the ride-sharing company’s stock, valued at approximately $495,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Creative Financial Designs Inc. ADV bought a new position in LYFT in the second quarter worth approximately $40,000. Calamos Advisors LLC grew its stake in LYFT by 331.5% during the second quarter. Calamos Advisors LLC now owns 64,728 shares of the ride-sharing company’s stock valued at $4,253,000 after acquiring an additional 49,728 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new position in LYFT during the second quarter valued at $9,560,000. Semmax Financial Advisors Inc. purchased a new position in LYFT during the second quarter valued at $120,000. Finally, Parallel Advisors LLC purchased a new position in LYFT during the second quarter valued at $38,000. Institutional investors own 34.61% of the company’s stock.
LYFT stock traded down $0.89 during midday trading on Friday, reaching $46.10. The company’s stock had a trading volume of 4,069,383 shares, compared to its average volume of 6,632,826. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.73 and a current ratio of 1.73. The company’s 50 day simple moving average is $54.23. LYFT Inc has a fifty-two week low of $43.41 and a fifty-two week high of $88.60.
LYFT (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported ($0.68) EPS for the quarter, beating the consensus estimate of ($1.66) by $0.98. The business had revenue of $867.30 million during the quarter, compared to analysts’ expectations of $809.64 million. The business’s revenue for the quarter was up 71.8% on a year-over-year basis. Sell-side analysts predict that LYFT Inc will post -11.38 EPS for the current year.
Several equities analysts have commented on the stock. Deutsche Bank assumed coverage on shares of LYFT in a research report on Thursday, September 5th. They set a “buy” rating and a $70.00 price objective for the company. Cowen lifted their price objective on shares of LYFT from $78.00 to $84.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Atlantic Securities raised shares of LYFT from an “underweight” rating to a “neutral” rating in a research report on Thursday, August 8th. Credit Suisse Group lifted their price objective on shares of LYFT from $95.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, Goldman Sachs Group initiated coverage on shares of LYFT in a research note on Tuesday, June 4th. They set a “neutral” rating and a $65.00 price objective for the company. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $72.28.
In other LYFT news, General Counsel Kristin Sverchek sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $47.97, for a total value of $287,820.00. Following the completion of the sale, the general counsel now owns 206,969 shares in the company, valued at approximately $9,928,302.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ran I. Makavy sold 70,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $52.11, for a total value of $3,647,700.00. The disclosure for this sale can be found here.
LYFT Company Profile
Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders.
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