Principal Financial Group Inc. Acquires 187,078 Shares of Lyft, Inc. (NASDAQ:LYFT)

Principal Financial Group Inc. lifted its stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 525.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 222,685 shares of the ride-sharing company's stock after buying an additional 187,078 shares during the quarter. Principal Financial Group Inc. owned approximately 0.06% of Lyft worth $4,309,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Gainplan LLC purchased a new position in Lyft during the first quarter worth approximately $487,000. Activest Wealth Management purchased a new position in Lyft during the first quarter worth approximately $65,000. Spire Wealth Management boosted its position in Lyft by 26.4% during the first quarter. Spire Wealth Management now owns 13,867 shares of the ride-sharing company's stock worth $268,000 after purchasing an additional 2,900 shares in the last quarter. TriaGen Wealth Management LLC acquired a new position in shares of Lyft during the first quarter valued at approximately $440,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Lyft during the first quarter valued at approximately $41,000. Hedge funds and other institutional investors own 83.07% of the company's stock.

Insider Activity at Lyft

In related news, President Kristin Sverchek sold 3,500 shares of Lyft stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $17.50, for a total value of $61,250.00. Following the completion of the transaction, the president now directly owns 60,778 shares in the company, valued at $1,063,615. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, President Kristin Sverchek sold 3,500 shares of Lyft stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $17.50, for a total value of $61,250.00. Following the completion of the transaction, the president now directly owns 60,778 shares in the company, valued at $1,063,615. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Patrick Zimmer sold 3,327 shares of the firm's stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $15.74, for a total value of $52,366.98. Following the completion of the sale, the director now owns 921,294 shares in the company, valued at $14,501,167.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,333 shares of company stock worth $680,974. Company insiders own 3.07% of the company's stock.

Lyft Stock Down 0.4 %

NASDAQ:LYFT traded down $0.06 during midday trading on Friday, reaching $13.33. The company had a trading volume of 9,552,776 shares, compared to its average volume of 13,244,586. The firm has a market capitalization of $5.38 billion, a price-to-earnings ratio of -28.36 and a beta of 2.06. The stock's fifty day simple moving average is $15.34 and its 200-day simple moving average is $15.68. Lyft, Inc. has a 12-month low of $8.85 and a 12-month high of $20.82. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.92.

Lyft (NASDAQ:LYFT - Get Free Report) last released its earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.09. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.17 billion. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. On average, sell-side analysts anticipate that Lyft, Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on LYFT shares. Piper Sandler reissued an "overweight" rating and set a $24.00 target price (up previously from $23.00) on shares of Lyft in a report on Friday, June 7th. Canaccord Genuity Group reissued a "buy" rating and set a $23.00 target price on shares of Lyft in a report on Friday, June 7th. Tigress Financial increased their target price on Lyft from $22.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, April 18th. Sanford C. Bernstein increased their target price on Lyft from $15.00 to $19.00 and gave the company a "market perform" rating in a report on Wednesday, May 8th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $24.00 price target on shares of Lyft in a report on Friday, June 7th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $18.00.

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.