QRG Capital Management Inc. Boosts Stock Position in Lyft, Inc. $LYFT

QRG Capital Management Inc. raised its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 11.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,166 shares of the ride-sharing company’s stock after purchasing an additional 3,119 shares during the quarter. QRG Capital Management Inc.’s holdings in Lyft were worth $475,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB grew its stake in Lyft by 162.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company’s stock valued at $31,000 after purchasing an additional 1,203 shares during the last quarter. Atwood & Palmer Inc. purchased a new stake in Lyft during the 2nd quarter valued at about $32,000. GAMMA Investing LLC boosted its stake in shares of Lyft by 81.4% in the first quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company’s stock worth $33,000 after buying an additional 1,237 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Lyft in the first quarter worth about $35,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Lyft in the first quarter worth about $35,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Wall Street Analyst Weigh In

LYFT has been the topic of a number of recent research reports. Wall Street Zen downgraded Lyft from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 13th. Morgan Stanley increased their price target on Lyft from $19.00 to $20.50 and gave the company an “equal weight” rating in a report on Thursday, September 11th. Benchmark raised their target price on Lyft from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Mizuho initiated coverage on Lyft in a research note on Tuesday, September 30th. They issued a “neutral” rating and a $24.00 price objective for the company. Finally, Sanford C. Bernstein lifted their price objective on Lyft from $16.00 to $18.00 and gave the company a “market perform” rating in a research note on Monday, July 21st. Ten research analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $19.02.

Lyft Stock Performance

Shares of LYFT stock opened at $19.25 on Friday. The stock has a market capitalization of $7.82 billion, a PE ratio of 80.21, a price-to-earnings-growth ratio of 3.09 and a beta of 2.40. Lyft, Inc. has a 52-week low of $9.66 and a 52-week high of $23.50. The stock’s 50-day moving average price is $18.26 and its 200 day moving average price is $15.53. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.72.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.17). The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 EPS. As a group, equities research analysts forecast that Lyft, Inc. will post 0.22 EPS for the current year.

Insider Buying and Selling at Lyft

In other Lyft news, CEO John David Risher acquired 5,926 shares of the stock in a transaction on Wednesday, September 3rd. The shares were bought at an average price of $16.88 per share, with a total value 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 14,606 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $20.00, for a total value of $292,120.00. Following the sale, the insider directly owned 835,782 shares in the company, valued at $16,715,640. This trade represents a 1.72% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,427 shares of company stock valued at $1,252,686. 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.