Russell Investments Group Ltd. Sells 32,462 Shares of Lyft, Inc. (NASDAQ:LYFT)

Russell Investments Group Ltd. lowered its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 2.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,080,135 shares of the ride-sharing company’s stock after selling 32,462 shares during the period. Russell Investments Group Ltd. owned 0.27% of Lyft worth $16,191,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Lyft by 3.7% in the third quarter. Vanguard Group Inc. now owns 31,457,522 shares of the ride-sharing company’s stock valued at $331,562,000 after acquiring an additional 1,135,036 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in Lyft by 5.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 5,619,470 shares of the ride-sharing company’s stock worth $59,229,000 after buying an additional 300,982 shares during the last quarter. Invesco Ltd. raised its stake in Lyft by 21.3% in the third quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock valued at $46,647,000 after buying an additional 778,563 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Lyft by 42.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,488,609 shares of the ride-sharing company’s stock valued at $36,770,000 after buying an additional 1,043,719 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Lyft by 1.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,459,043 shares of the ride-sharing company’s stock worth $25,918,000 after acquiring an additional 27,928 shares during the period. Institutional investors and hedge funds own 83.07% of the company’s stock.

Insider Activity

In other Lyft news, President Kristin Sverchek sold 5,670 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $15.02, for a total transaction of $85,163.40. Following the sale, the president now directly owns 633,950 shares of the company’s stock, valued at approximately $9,521,929. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director John Patrick Zimmer sold 15,724 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $17.51, for a total value of $275,327.24. Following the completion of the sale, the director now owns 1,204,071 shares of the company’s stock, valued at $21,083,283.21. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Kristin Sverchek sold 5,670 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $15.02, for a total transaction of $85,163.40. Following the transaction, the president now owns 633,950 shares of the company’s stock, valued at approximately $9,521,929. The disclosure for this sale can be found here. Insiders sold 280,526 shares of company stock valued at $5,358,031 over the last quarter. 3.16% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

LYFT has been the subject of several research reports. The Goldman Sachs Group downgraded Lyft from a “buy” rating to a “neutral” rating and raised their price target for the company from $12.00 to $15.00 in a report on Thursday, January 11th. BMO Capital Markets initiated coverage on shares of Lyft in a report on Tuesday, January 9th. They issued a “market perform” rating and a $15.00 price target on the stock. Tigress Financial boosted their price objective on Lyft from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. UBS Group increased their target price on Lyft from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. Finally, Piper Sandler boosted their price target on Lyft from $17.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.60.

Lyft Stock Performance

Shares of Lyft stock opened at $17.20 on Friday. The company’s 50 day moving average price is $17.70 and its two-hundred day moving average price is $14.38. The firm has a market capitalization of $6.88 billion, a P/E ratio of -19.33 and a beta of 2.05. Lyft, Inc. has a fifty-two week low of $7.85 and a fifty-two week high of $20.82. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.87 and a quick ratio of 0.87.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Tuesday, February 13th. The ride-sharing company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.14. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. On average, equities analysts forecast that Lyft, Inc. will post -0.35 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.