OP Asset Management Ltd Acquires Shares of 74,571 Lyft, Inc. $LYFT

OP Asset Management Ltd acquired a new stake in Lyft, Inc. (NASDAQ:LYFT) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 74,571 shares of the ride-sharing company’s stock, valued at approximately $992,000.

Several other institutional investors have also modified their holdings of the company. Empowered Funds LLC increased its holdings in Lyft by 13.7% in the first quarter. Empowered Funds LLC now owns 24,213 shares of the ride-sharing company’s stock valued at $287,000 after buying an additional 2,921 shares during the last quarter. Focus Partners Wealth lifted its holdings in Lyft by 44.0% during the 1st quarter. Focus Partners Wealth now owns 51,102 shares of the ride-sharing company’s stock worth $607,000 after buying an additional 15,621 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in Lyft during the 2nd quarter worth about $470,000. Invesco Ltd. boosted its position in shares of Lyft by 87.5% during the 2nd quarter. Invesco Ltd. now owns 1,064,930 shares of the ride-sharing company’s stock worth $16,783,000 after acquiring an additional 497,118 shares in the last quarter. Finally, California Public Employees Retirement System boosted its position in shares of Lyft by 12.6% during the 2nd quarter. California Public Employees Retirement System now owns 709,188 shares of the ride-sharing company’s stock worth $11,177,000 after acquiring an additional 79,634 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Lyft

In related news, CFO Erin Brewer sold 15,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $13.59, for a total transaction of $203,850.00. Following the transaction, the chief financial officer owned 705,979 shares of the company’s stock, valued at $9,594,254.61. This trade represents a 2.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,093 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total value of $28,799.68. Following the completion of the transaction, the director owned 30,092 shares in the company, valued at $414,065.92. This trade represents a 6.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 69,196 shares of company stock worth $992,371 over the last three months. 0.92% of the stock is currently owned by corporate insiders.

Lyft Stock Up 6.9%

LYFT stock opened at $15.25 on Tuesday. The company has a market cap of $5.79 billion, a price-to-earnings ratio of 2.23, a price-to-earnings-growth ratio of 0.85 and a beta of 1.82. The company has a fifty day moving average price of $14.03 and a 200 day moving average price of $15.32. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.58 and a quick ratio of 0.58. Lyft, Inc. has a 12 month low of $12.46 and a 12 month high of $25.54.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data on Thursday, May 7th. The ride-sharing company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.26). The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The company’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.01 earnings per share. Sell-side analysts expect that Lyft, Inc. will post 0.69 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on LYFT. Mizuho cut their target price on Lyft from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. William Blair downgraded Lyft to a “market perform” rating in a report on Wednesday, June 17th. JPMorgan Chase & Co. increased their price target on shares of Lyft from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Tigress Financial reissued a “buy” rating and set a $28.00 price objective on shares of Lyft in a report on Wednesday, June 24th. Finally, Sanford C. Bernstein assumed coverage on shares of Lyft in a research report on Wednesday, June 17th. They set an “underperform” rating for the company. Thirteen analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $19.40.

Lyft Profile

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.