Treasurer of the State of North Carolina lifted its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 1.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 92,335 shares of the ride-sharing company’s stock after purchasing an additional 1,480 shares during the quarter. Treasurer of the State of North Carolina’s holdings in Lyft were worth $2,544,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of LYFT. Jackson Square Partners LLC grew its holdings in Lyft by 48.9% during the second quarter. Jackson Square Partners LLC now owns 3,933,180 shares of the ride-sharing company’s stock worth $129,834,000 after buying an additional 1,292,500 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in shares of Lyft by 35,942.7% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 866,106 shares of the ride-sharing company’s stock valued at $28,590,000 after purchasing an additional 863,703 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Lyft by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 18,658,697 shares of the ride-sharing company’s stock valued at $615,924,000 after purchasing an additional 527,550 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of Lyft by 15.4% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,621,493 shares of the ride-sharing company’s stock valued at $119,545,000 after purchasing an additional 482,209 shares during the last quarter. Finally, Columbus Hill Capital Management L.P. bought a new position in shares of Lyft during the 2nd quarter valued at about $10,002,000. 67.59% of the stock is currently owned by institutional investors.
In other news, CAO Lisa Blackwood-Kapral sold 4,753 shares of the stock in a transaction on Monday, November 9th. The stock was sold at an average price of $35.14, for a total transaction of $167,020.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Kristin Sverchek sold 3,000 shares of the stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $25.01, for a total value of $75,030.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,926 shares of company stock valued at $1,257,976. Company insiders own 22.86% of the company’s stock.
Lyft (NASDAQ:LYFT) last announced its earnings results on Tuesday, November 10th. The ride-sharing company reported ($0.89) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.33) by $0.44. Lyft had a negative return on equity of 50.10% and a negative net margin of 50.64%. The business had revenue of $499.70 million for the quarter, compared to analysts’ expectations of $489.26 million. During the same quarter last year, the firm earned ($0.41) EPS. The business’s revenue for the quarter was down 47.7% on a year-over-year basis. On average, equities analysts predict that Lyft, Inc. will post -4.54 earnings per share for the current fiscal year.
Several research firms recently issued reports on LYFT. DA Davidson raised their price target on Lyft from $37.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays raised their target price on Lyft from $33.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday. BidaskClub upgraded Lyft from a “sell” rating to a “hold” rating in a research note on Monday, November 2nd. Stifel Nicolaus lowered their target price on Lyft from $34.00 to $30.00 and set a “hold” rating for the company in a research note on Thursday, August 13th. Finally, Truist lowered their target price on Lyft from $49.00 to $44.00 in a research note on Tuesday, November 10th. Thirteen investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $45.94.
Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company offers riders, personalized and on-demand access to various transportation options. It provides Ridesharing Marketplace, which enable drivers to provide their transportation services to riders.
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