Mirae Asset Global Investments Co. Ltd. Acquires 1,304 Shares of Lyft, Inc. $LYFT

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 32.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 5,286 shares of the ride-sharing company’s stock after buying an additional 1,304 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Lyft were worth $83,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in Lyft by 42.1% during the first quarter. PNC Financial Services Group Inc. now owns 9,689 shares of the ride-sharing company’s stock worth $115,000 after acquiring an additional 2,871 shares in the last quarter. Maxi Investments CY Ltd boosted its stake in Lyft by 320.4% during the first quarter. Maxi Investments CY Ltd now owns 945,933 shares of the ride-sharing company’s stock worth $11,228,000 after acquiring an additional 720,933 shares in the last quarter. Polar Asset Management Partners Inc. bought a new stake in Lyft during the first quarter worth about $2,191,000. Kaufman Rossin Wealth LLC lifted its stake in shares of Lyft by 93.1% in the second quarter. Kaufman Rossin Wealth LLC now owns 32,188 shares of the ride-sharing company’s stock worth $507,000 after buying an additional 15,518 shares in the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in shares of Lyft by 40.2% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 104,314 shares of the ride-sharing company’s stock worth $1,221,000 after buying an additional 29,912 shares in the last quarter. Institutional investors own 83.07% of the company’s stock.

Lyft Stock Down 2.4%

Shares of Lyft stock opened at $19.25 on Monday. The company has a market cap of $7.82 billion, a price-to-earnings ratio of 80.21, a price-to-earnings-growth ratio of 3.01 and a beta of 2.40. The company’s 50 day moving average is $18.26 and its 200 day moving average is $15.58. Lyft, Inc. has a twelve month low of $9.66 and a twelve month high of $23.50. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.72.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.17). The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $0.24 EPS. Research analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

Insider Activity at Lyft

In related news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $15.85, for a total transaction of $449,442.60. Following the transaction, the insider owned 850,388 shares in the company, valued at $13,478,649.80. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John David Risher purchased 5,926 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The stock was acquired at an average price of $16.88 per share, for a total transaction of $100,030.88. Following the completion of the transaction, the chief executive officer directly owned 11,797,266 shares of the company’s stock, valued at approximately $199,137,850.08. This trade represents a 0.05% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 74,427 shares of company stock worth $1,252,686 over the last quarter. Company insiders own 3.07% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Cowen reiterated a “buy” rating on shares of Lyft in a research note on Wednesday, September 24th. Morgan Stanley upped their target price on shares of Lyft from $19.00 to $20.50 and gave the stock an “equal weight” rating in a research note on Thursday, September 11th. Oppenheimer upped their target price on shares of Lyft from $17.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 17th. Roth Capital upgraded shares of Lyft from a “neutral” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Thursday, August 7th. Finally, TD Cowen upped their target price on shares of Lyft from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Ten research analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Lyft presently has a consensus rating of “Hold” and a consensus price target of $19.02.

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.