SouthState Corp Purchases 4,427 Shares of Lyft, Inc. $LYFT

SouthState Corp increased its position in Lyft, Inc. (NASDAQ:LYFT) by 17.1% in the second quarter, HoldingsChannel reports. The firm owned 30,264 shares of the ride-sharing company’s stock after purchasing an additional 4,427 shares during the quarter. SouthState Corp’s holdings in Lyft were worth $477,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB raised its holdings in Lyft by 162.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company’s stock worth $31,000 after purchasing an additional 1,203 shares in the last quarter. Atwood & Palmer Inc. purchased a new stake in shares of Lyft in the 2nd quarter worth about $32,000. Bogart Wealth LLC increased its stake in shares of Lyft by 1,242.2% in the 2nd quarter. Bogart Wealth LLC now owns 2,161 shares of the ride-sharing company’s stock worth $34,000 after acquiring an additional 2,000 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Lyft by 81.4% in the 1st quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company’s stock worth $33,000 after acquiring an additional 1,237 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in Lyft during the 1st quarter valued at about $35,000. 83.07% of the stock is currently owned by institutional investors.

Lyft Stock Performance

LYFT stock opened at $22.04 on Friday. The stock’s 50 day simple moving average is $20.29 and its 200 day simple moving average is $16.82. The company has a current ratio of 0.72, a quick ratio of 0.70 and a debt-to-equity ratio of 1.76. Lyft, Inc. has a 12-month low of $9.66 and a 12-month high of $23.50. The stock has a market capitalization of $8.96 billion, a PE ratio of 58.00, a price-to-earnings-growth ratio of 3.72 and a beta of 2.36.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.17). The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Lyft had a return on equity of 18.29% and a net margin of 2.40%.The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.29 EPS. As a group, research analysts forecast that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lyft news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the company’s stock in a transaction dated 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 approximately $13,478,649.80. This represents a 3.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John David Risher purchased 5,926 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The shares were bought at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the acquisition, the chief executive officer owned 11,797,266 shares in the company, valued at approximately $199,137,850.08. The trade was a 0.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders sold 74,427 shares of company stock valued at $1,252,686. 3.07% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on LYFT. Truist Financial upped their price objective on shares of Lyft from $16.00 to $23.00 and gave the stock a “hold” rating in a report on Friday. Roth Capital set a $25.00 price target on Lyft and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Jefferies Financial Group raised their price objective on Lyft from $15.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, September 18th. Benchmark reiterated a “buy” rating on shares of Lyft in a research note on Tuesday, October 28th. Finally, TD Cowen boosted their target price on Lyft from $22.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Lyft presently has an average rating of “Hold” and an average price target of $22.42.

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.