Van ECK Associates Corp Purchases 56,630 Shares of Lyft, Inc. (NASDAQ:LYFT)

Van ECK Associates Corp grew its position in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 19.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 349,742 shares of the ride-sharing company's stock after purchasing an additional 56,630 shares during the quarter. Van ECK Associates Corp owned approximately 0.09% of Lyft worth $4,777,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new stake in Lyft in the 1st quarter valued at about $41,000. Brown Brothers Harriman & Co. bought a new stake in Lyft during the 2nd quarter valued at $35,000. International Assets Investment Management LLC purchased a new stake in shares of Lyft in the 2nd quarter worth $35,000. Quarry LP raised its holdings in shares of Lyft by 4,032.6% in the second quarter. Quarry LP now owns 3,554 shares of the ride-sharing company's stock valued at $50,000 after acquiring an additional 3,468 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its stake 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 worth $75,000 after acquiring an additional 3,154 shares during the period. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LYFT. Melius Research initiated coverage on shares of Lyft in a research report on Monday, July 22nd. They issued a "hold" rating and a $15.00 price target for the company. BMO Capital Markets raised their price objective on Lyft from $13.00 to $18.00 and gave the company a "market perform" rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Lyft from $15.00 to $11.00 and set a "hold" rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald raised their price target on shares of Lyft from $13.00 to $16.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Piper Sandler restated an "overweight" rating and issued a $23.00 target price (up from $17.00) on shares of Lyft in a research note on Thursday. Twenty-eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $17.23.

Insider Activity

In related news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction on Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the completion of the sale, the director now owns 929,638 shares of the company's stock, valued at approximately $10,523,502.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Lyft news, insider Lindsay Catherine Llewellyn sold 4,243 shares of Lyft stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.00, for a total transaction of $50,916.00. Following the transaction, the insider now directly owns 760,089 shares in the company, valued at approximately $9,121,068. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the 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 transaction, the director now owns 929,638 shares of the company's stock, valued at approximately $10,523,502.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,664 shares of company stock worth $380,048 over the last 90 days. 3.07% of the stock is currently owned by company insiders.

Lyft Trading Up 0.5 %

LYFT stock traded up $0.09 on Friday, hitting $17.78. 28,925,410 shares of the company were exchanged, compared to its average volume of 13,179,118. The stock has a market capitalization of $7.29 billion, a price-to-earnings ratio of -111.13 and a beta of 2.04. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $20.82. The business's fifty day moving average is $12.96 and its two-hundred day moving average is $13.54. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.05. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. Lyft had a negative return on equity of 1.67% and a negative net margin of 1.19%. The firm's revenue for the quarter was up 40.6% on a year-over-year basis. During the same period last year, the company earned ($0.14) earnings per share. As a group, research analysts forecast that Lyft, Inc. will post -0.06 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.