Private Advisor Group LLC Sells 50,415 Shares of Lyft, Inc. (NASDAQ:LYFT)

Private Advisor Group LLC reduced its stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 72.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,282 shares of the ride-sharing company's stock after selling 50,415 shares during the period. Private Advisor Group LLC's holdings in Lyft were worth $246,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of LYFT. Vanguard Group Inc. grew its position in shares of Lyft by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company's stock worth $636,603,000 after buying an additional 782,736 shares during the last quarter. Primecap Management Co. CA grew its position in shares of Lyft by 1.5% in the 2nd quarter. Primecap Management Co. CA now owns 6,256,080 shares of the ride-sharing company's stock worth $88,211,000 after buying an additional 94,710 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Lyft by 1.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company's stock valued at $113,126,000 after purchasing an additional 63,461 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Lyft by 39.5% during the second quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company's stock valued at $40,475,000 after purchasing an additional 812,926 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Lyft by 11.7% during the second quarter. Canada Pension Plan Investment Board now owns 1,601,400 shares of the ride-sharing company's stock valued at $22,580,000 after purchasing an additional 167,400 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LYFT. Raymond James started coverage on Lyft in a research report on Tuesday, September 24th. They set a "market perform" rating on the stock. Jefferies Financial Group boosted their target price on Lyft from $10.50 to $13.00 and gave the stock a "hold" rating in a report on Tuesday, October 22nd. Truist Financial boosted their target price on Lyft from $13.00 to $20.00 and gave the stock a "hold" rating in a report on Thursday. Nomura Securities raised Lyft from a "strong sell" rating to a "hold" rating in a report on Friday, August 23rd. Finally, Needham & Company LLC reissued a "hold" rating on shares of Lyft in a report on Thursday. Twenty-eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $17.23.

Lyft Price Performance

Shares of NASDAQ LYFT traded up $0.09 during mid-day trading on Friday, reaching $17.78. The company's stock had a trading volume of 28,803,876 shares, compared to its average volume of 15,121,569. 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, Inc. has a 52 week low of $8.93 and a 52 week high of $20.82. The stock has a fifty day moving average of $12.96 and a two-hundred day moving average of $13.54. The firm has a market capitalization of $7.29 billion, a PE ratio of -111.13 and a beta of 2.04.

Lyft (NASDAQ:LYFT - Get Free Report) last released its earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.05. Lyft had a negative return on equity of 8.57% and a negative net margin of 1.27%. The firm had revenue of $1.44 billion during the quarter, compared to analysts' expectations of $1.39 billion. During the same quarter last year, the business posted ($0.14) earnings per share. The firm's revenue was up 40.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Lyft, Inc. will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 completion of the sale, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Lyft news, insider Lindsay Catherine Llewellyn sold 8,486 shares of the firm's stock in a transaction that occurred on 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 transaction, the insider now owns 764,332 shares in the company, valued at $8,988,544.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the firm's stock in a transaction that occurred 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 transaction, the director now owns 929,638 shares of the company's stock, valued at $10,523,502.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,664 shares of company stock worth $380,048. 3.07% of the stock is owned by corporate insiders.

About Lyft

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.