Steel Grove Capital Advisors LLC Sells 6,414 Shares of Lyft, Inc. (NASDAQ:LYFT)

Steel Grove Capital Advisors LLC lessened its position in Lyft, Inc. (NASDAQ:LYFT) by 38.7% in the fourth quarter, HoldingsChannel reports. The firm owned 10,174 shares of the ride-sharing company’s stock after selling 6,414 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in Lyft were worth $153,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in Lyft by 42.7% during 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 period. Invesco Ltd. boosted its stake in Lyft by 21.3% during the third quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock worth $46,647,000 after acquiring an additional 778,563 shares in the last quarter. Jericho Capital Asset Management L.P. purchased a new stake in Lyft in the second quarter worth about $34,942,000. Vanguard Group Inc. increased its stake in shares of Lyft by 3.7% during 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 purchasing an additional 1,135,036 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of Lyft in the 3rd quarter worth approximately $1,224,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Insider Activity

In other Lyft news, Director John Patrick Zimmer sold 193,200 shares of Lyft stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.04, for a total value of $3,871,728.00. Following the completion of the transaction, the director now directly owns 932,544 shares of the company’s stock, valued at approximately $18,688,181.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, President Kristin Sverchek sold 16,000 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.00, for a total transaction of $320,000.00. Following the sale, the president now owns 80,978 shares in the company, valued at approximately $1,619,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Patrick Zimmer sold 193,200 shares of Lyft stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.04, for a total transaction of $3,871,728.00. Following the transaction, the director now directly owns 932,544 shares of the company’s stock, valued at $18,688,181.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 276,195 shares of company stock worth $5,276,044. 3.16% of the stock is currently owned by insiders.

Lyft Stock Performance

Shares of LYFT stock traded down $0.03 during trading hours on Thursday, reaching $19.45. 6,666,249 shares of the company traded hands, compared to its average volume of 17,923,789. The company has a market cap of $7.78 billion, a P/E ratio of -21.89 and a beta of 1.95. Lyft, Inc. has a 12-month low of $7.85 and a 12-month high of $20.82. The firm has a 50-day moving average price of $15.65 and a 200 day moving average price of $13.11. 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 posted its earnings results on Tuesday, February 13th. The ride-sharing company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.14. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Lyft had a negative return on equity of 54.80% and a negative net margin of 7.73%. As a group, sell-side analysts predict that Lyft, Inc. will post -0.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Royal Bank of Canada raised Lyft from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $17.00 to $23.00 in a research report on Monday, March 4th. Piper Sandler lifted their target price on shares of Lyft from $17.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. Wedbush reissued a “neutral” rating and set a $15.00 price target (up previously from $14.00) on shares of Lyft in a research report on Wednesday, February 14th. Nomura cut Lyft from a “neutral” rating to a “reduce” rating and upped their price objective for the company from $11.70 to $13.00 in a research report on Friday, December 29th. Finally, TD Cowen boosted their price target on Lyft from $10.00 to $12.00 and gave the stock a “market perform” rating in a research note on Monday, January 22nd. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $14.40.

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.