Econ Financial Services Corp Makes New $602,000 Investment in Lyft, Inc. $LYFT

Econ Financial Services Corp bought a new position in shares of Lyft, Inc. (NASDAQ:LYFT) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 38,178 shares of the ride-sharing company’s stock, valued at approximately $602,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LYFT. Rakuten Group Inc. acquired a new stake in Lyft during the 1st quarter worth $130,434,000. Ameriprise Financial Inc. boosted its stake in Lyft by 26.3% during the 1st quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company’s stock worth $294,978,000 after purchasing an additional 5,178,118 shares during the last quarter. AQR Capital Management LLC boosted its stake in Lyft by 103.3% during the 1st quarter. AQR Capital Management LLC now owns 9,804,782 shares of the ride-sharing company’s stock worth $110,598,000 after purchasing an additional 4,980,876 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Lyft by 83,744.1% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,144,991 shares of the ride-sharing company’s stock worth $37,331,000 after purchasing an additional 3,141,240 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Lyft during the 1st quarter worth $31,143,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Insider Buying and Selling at Lyft

In other Lyft news, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $15.24, for a total value of $228,600.00. Following the completion of the transaction, the chief financial officer directly owned 540,759 shares of the company’s stock, valued at $8,241,167.16. The trade was a 2.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO John David Risher bought 5,926 shares of the company’s stock in a transaction on Wednesday, September 3rd. The stock was purchased at an average cost of $16.88 per share, with a total value of $100,030.88. Following the completion of the transaction, the chief executive officer owned 11,797,266 shares in the company, valued at $199,137,850.08. This represents a 0.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 74,427 shares of company stock valued at $1,252,686 in the last three months. 3.07% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Canaccord Genuity Group lifted their price target on Lyft from $11.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, September 18th. Wells Fargo & Company lifted their price target on Lyft from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Friday, September 5th. Morgan Stanley lifted their price target on Lyft from $19.00 to $20.50 and gave the stock an “equal weight” rating in a report on Thursday, September 11th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Lyft in a report on Wednesday, October 8th. Finally, Susquehanna reduced their price target on Lyft from $18.00 to $14.00 and set a “neutral” rating on the stock in a report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $19.45.

Lyft Stock Down 2.9%

Shares of LYFT opened at $20.03 on Wednesday. The firm has a market cap of $8.14 billion, a P/E ratio of 83.46, a price-to-earnings-growth ratio of 3.71 and a beta of 2.40. Lyft, Inc. has a 12-month low of $9.66 and a 12-month high of $23.50. The company’s 50-day moving average price is $19.62 and its 200 day moving average price is $16.33. The company has a current ratio of 0.70, a quick 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 (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.17). The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.24 earnings per share. On average, sell-side analysts forecast that Lyft, Inc. will post 0.22 earnings per share for the current year.

Lyft Company 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.