Bank of New York Mellon Corp Sells 1,124,705 Shares of Lyft, Inc. (NASDAQ:LYFT)

Bank of New York Mellon Corp lowered its position in Lyft, Inc. (NASDAQ:LYFT) by 29.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,753,664 shares of the ride-sharing company’s stock after selling 1,124,705 shares during the quarter. Bank of New York Mellon Corp owned about 0.66% of Lyft worth $32,686,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Lyft by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock worth $464,434,000 after purchasing an additional 984,907 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Lyft by 15.1% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company’s stock valued at $120,463,000 after acquiring an additional 1,224,056 shares during the last quarter. Renaissance Technologies LLC increased its stake in Lyft by 282.0% in the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company’s stock valued at $111,240,000 after acquiring an additional 6,365,727 shares during the last quarter. Two Sigma Investments LP increased its stake in Lyft by 156.9% in the fourth quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company’s stock valued at $103,524,000 after acquiring an additional 4,901,358 shares during the last quarter. Finally, Capital World Investors increased its stake in Lyft by 49.4% in the fourth quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company’s stock valued at $87,404,000 after acquiring an additional 2,240,478 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

Lyft Stock Performance

Shares of LYFT opened at $14.88 on Wednesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.77 and a quick ratio of 0.77. Lyft, Inc. has a one year low of $8.93 and a one year high of $19.07. The company has a 50-day simple moving average of $15.61 and a two-hundred day simple moving average of $13.64. The firm has a market capitalization of $6.22 billion, a PE ratio of 99.20, a price-to-earnings-growth ratio of 2.93 and a beta of 2.20.

Lyft (NASDAQ:LYFT) last released its earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.19). Lyft had a net margin of 0.95% and a return on equity of 11.28%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.47 billion. During the same quarter in the previous year, the business posted $0.15 earnings per share. Lyft’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Insider Activity

In related news, insider Lindsay Catherine Llewellyn sold 22,736 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $12.45, for a total transaction of $283,063.20. Following the completion of the sale, the insider owned 959,697 shares of the company’s stock, valued at $11,948,227.65. This trade represents a 2.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jill Beggs sold 1,572 shares of Lyft stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $16.41, for a total transaction of $25,796.52. Following the completion of the sale, the director directly owned 20,467 shares of the company’s stock, valued at approximately $335,863.47. This trade represents a 7.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,732 shares of company stock worth $347,159 over the last three months. 3.07% of the stock is currently owned by insiders.

Analysts Set New Price Targets

LYFT has been the topic of a number of research analyst reports. KeyCorp reissued a “sector weight” rating on shares of Lyft in a research note on Wednesday, March 26th. The Goldman Sachs Group raised Lyft from a “neutral” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Friday, May 9th. Wall Street Zen raised Lyft from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Wells Fargo & Company increased their target price on Lyft from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Monday, July 7th. Finally, Loop Capital reduced their target price on Lyft from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $16.78.

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.