Connor Clark & Lunn Investment Management Ltd. Sells 299,602 Shares of Lyft, Inc. (NASDAQ:LYFT)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 14.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,821,726 shares of the ride-sharing company's stock after selling 299,602 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.44% of Lyft worth $23,227,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of LYFT. Allspring Global Investments Holdings LLC bought a new stake in shares of Lyft during the first quarter worth $41,000. Sei Investments Co. increased its holdings in Lyft by 55.3% in the 1st quarter. Sei Investments Co. now owns 98,676 shares of the ride-sharing company's stock worth $1,909,000 after purchasing an additional 35,146 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in Lyft by 430.9% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,886 shares of the ride-sharing company's stock valued at $75,000 after purchasing an additional 3,154 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Lyft by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company's stock valued at $636,603,000 after purchasing an additional 782,736 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Lyft during the first quarter valued at about $484,000. Institutional investors own 83.07% of the company's stock.

Insider Buying and Selling

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $11.32, for a total transaction of $27,439.68. Following the completion of the transaction, the director now owns 929,638 shares of the company's stock, valued at $10,523,502.16. The trade was a 0.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Lindsay Catherine Llewellyn sold 8,486 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.76, for a total transaction of $99,795.36. Following the completion of the sale, the insider now directly owns 764,332 shares in the company, valued at approximately $8,988,544.32. The trade was a 1.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,799 shares of company stock valued at $537,082. Company insiders own 3.07% of the company's stock.

Lyft Stock Performance

Shares of LYFT opened at $16.77 on Thursday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market cap of $6.96 billion, a PE ratio of -104.81, a PEG ratio of 5.26 and a beta of 2.04. Lyft, Inc. has a 1 year low of $8.93 and a 1 year high of $20.82. The stock's fifty day moving average price is $13.97 and its two-hundred day moving average price is $13.59.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.09. The business had revenue of $1.52 billion for the quarter, compared to analysts' expectations of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The firm's quarterly revenue was up 31.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.02) EPS. On average, equities research analysts forecast that Lyft, Inc. will post 0.08 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on LYFT shares. Bank of America raised their price objective on shares of Lyft from $16.00 to $19.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Cantor Fitzgerald upped their price target on Lyft from $13.00 to $16.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Nomura upgraded Lyft from a "reduce" rating to a "neutral" rating and lowered their price objective for the stock from $15.00 to $13.00 in a research report on Friday, August 23rd. Raymond James initiated coverage on Lyft in a report on Tuesday, September 24th. They issued a "market perform" rating on the stock. Finally, Evercore ISI boosted their price target on shares of Lyft from $17.00 to $19.00 and gave the stock an "in-line" rating in a research report on Thursday, November 7th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $17.48.

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.

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