Mackenzie Financial Corp Buys 1,192,754 Shares of Lyft, Inc. $LYFT

Mackenzie Financial Corp boosted its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 879.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,328,352 shares of the ride-sharing company’s stock after purchasing an additional 1,192,754 shares during the period. Mackenzie Financial Corp’s holdings in Lyft were worth $20,935,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. PNC Financial Services Group Inc. increased its holdings in Lyft by 42.1% in the 1st 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 lifted its stake in shares of Lyft by 320.4% during the 1st quarter. Maxi Investments CY Ltd now owns 945,933 shares of the ride-sharing company’s stock valued at $11,228,000 after buying an additional 720,933 shares in the last quarter. Joule Financial LLC purchased a new position in shares of Lyft during the 2nd quarter valued at $760,000. Ashton Thomas Private Wealth LLC bought a new position in Lyft in the 1st quarter worth $607,000. Finally, Polar Asset Management Partners Inc. purchased a new stake in Lyft in the 1st quarter worth $2,191,000. Institutional investors own 83.07% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on LYFT shares. Oppenheimer set a $26.00 price objective on Lyft and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Lyft from $21.00 to $25.00 and gave the stock a “hold” rating in a report on Friday, November 7th. Cantor Fitzgerald upped their target price on shares of Lyft from $19.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Benchmark reissued a “buy” rating on shares of Lyft in a research note on Tuesday, October 28th. Finally, Mizuho lifted their price objective on Lyft from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 12th. Eleven investment analysts have rated the stock with 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, the company presently has a consensus rating of “Hold” and a consensus target price of $22.85.

Insider Activity

In related news, CFO Erin Brewer sold 15,000 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $17.24, for a total transaction of $258,600.00. Following the transaction, the chief financial officer directly owned 525,759 shares in the company, valued at approximately $9,064,085.16. This represents a 2.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $20.00, for a total transaction of $292,120.00. Following the completion of the sale, the insider directly owned 835,782 shares in the company, valued at $16,715,640. This trade represents a 1.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 3.07% of the company’s stock.

Lyft Price Performance

Shares of Lyft stock opened at $21.44 on Tuesday. The stock has a market cap of $8.56 billion, a price-to-earnings ratio of 56.42, a price-to-earnings-growth ratio of 2.09 and a beta of 1.99. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a 50 day moving average price of $21.08 and a 200-day moving average price of $17.77. Lyft, Inc. has a one year low of $9.66 and a one year high of $25.54.

Lyft (NASDAQ:LYFT) last released 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 company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Lyft had a net margin of 2.40% and a return on equity of 18.29%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.29 EPS. Equities analysts expect that Lyft, Inc. will post 0.22 EPS 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.