SouthState Corp Increases Position in Lyft, Inc. $LYFT

SouthState Corp boosted its position in Lyft, Inc. (NASDAQ:LYFT) by 17.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,264 shares of the ride-sharing company’s stock after acquiring an additional 4,427 shares during the quarter. SouthState Corp’s holdings in Lyft were worth $477,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Lyft in the 2nd quarter worth about $62,000. Bryce Point Capital LLC purchased a new position in shares of Lyft during the 2nd quarter valued at about $172,000. Machina Capital S.A.S. bought a new stake in Lyft in the 2nd quarter worth approximately $202,000. Castlekeep Investment Advisors LLC bought a new stake in Lyft in the 2nd quarter worth approximately $1,385,000. Finally, Versor Investments LP purchased a new stake in Lyft in the second quarter worth approximately $955,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Insider Activity at Lyft

In related news, CEO John David Risher acquired 5,926 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The stock was acquired at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the acquisition, the chief executive officer owned 11,797,266 shares of the company’s stock, valued at $199,137,850.08. This trade represents a 0.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Erin Brewer sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $15.24, for a total transaction of $228,600.00. Following the completion of the sale, the chief financial officer directly owned 540,759 shares of the company’s stock, valued at approximately $8,241,167.16. This represents a 2.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 74,427 shares of company stock worth $1,252,686 over the last quarter. 3.07% of the stock is owned by corporate insiders.

Lyft Stock Performance

Lyft stock opened at $22.04 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.70 and a debt-to-equity ratio of 1.76. The firm has a market cap of $8.96 billion, a P/E ratio of 58.00, a P/E/G ratio of 3.72 and a beta of 2.36. Lyft, Inc. has a 1-year low of $9.66 and a 1-year high of $23.50. The firm has a 50-day moving average of $20.29 and a 200-day moving average of $16.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.17). Lyft had a net margin of 2.40% and a return on equity of 18.29%. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the prior year, the firm earned $0.29 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. Sell-side analysts expect that Lyft, Inc. will post 0.22 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on LYFT. Royal Bank Of Canada lifted their price target on shares of Lyft from $21.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday. Cowen reiterated a “buy” rating on shares of Lyft in a research report on Thursday. Wells Fargo & Company boosted their price target on shares of Lyft from $16.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Thursday. Bank of America raised their price objective on Lyft from $12.00 to $14.00 and gave the company an “underperform” rating in a research note on Thursday, September 18th. Finally, Susquehanna lifted their price objective on Lyft from $14.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Lyft has an average rating of “Hold” and an average target price of $22.42.

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.