PNC Financial Services Group Inc. Buys 2,871 Shares of Lyft, Inc. $LYFT

PNC Financial Services Group Inc. grew its stake in Lyft, Inc. (NASDAQ:LYFT) by 42.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,689 shares of the ride-sharing company’s stock after purchasing an additional 2,871 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Lyft were worth $115,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Meridiem Capital Partners LP bought a new position in shares of Lyft in the fourth quarter valued at approximately $11,571,000. Capital World Investors lifted its holdings in Lyft by 49.4% during the fourth quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company’s stock worth $87,404,000 after acquiring an additional 2,240,478 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Lyft by 70.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 146,038 shares of the ride-sharing company’s stock worth $1,733,000 after acquiring an additional 60,438 shares during the period. RD Finance Ltd bought a new stake in Lyft during the first quarter worth $393,000. Finally, 111 Capital bought a new stake in Lyft during the fourth quarter worth $268,000. Institutional investors own 83.07% of the company’s stock.

Insider Buying and Selling

In other Lyft news, CEO John David Risher bought 6,538 shares of Lyft stock in a transaction that occurred on Thursday, May 29th. The stock was acquired at an average cost of $15.29 per share, for a total transaction of $99,966.02. Following the completion of the transaction, the chief executive officer directly owned 11,791,340 shares in the company, valued at $180,289,588.60. This represents a 0.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jill Beggs sold 1,572 shares of the business’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $16.41, for a total value of $25,796.52. Following the transaction, the director owned 20,467 shares of the company’s stock, valued at approximately $335,863.47. The trade was a 7.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.07% of the stock is owned by company insiders.

Lyft Price Performance

Shares of NASDAQ LYFT opened at $15.57 on Wednesday. The stock has a market cap of $6.33 billion, a PE ratio of 64.88, a price-to-earnings-growth ratio of 2.61 and a beta of 2.26. Lyft, Inc. has a fifty-two week low of $9.66 and a fifty-two week high of $19.07. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a fifty day moving average of $14.94 and a 200-day moving average of $13.81.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share 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 analysts’ expectations of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. Lyft’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 earnings per share. Equities research analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current year.

Analysts Set New Price Targets

LYFT has been the topic of a number of recent analyst reports. Oppenheimer dropped their price target on Lyft from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Citigroup reiterated a “hold” rating and set a $14.00 price target (down from $22.00) on shares of Lyft in a report on Friday, June 27th. Needham & Company LLC reiterated a “hold” rating on shares of Lyft in a report on Friday, May 9th. Tigress Financial reiterated a “buy” rating and set a $28.00 price target (up from $26.00) on shares of Lyft in a report on Wednesday, May 21st. Finally, Canaccord Genuity Group dropped their price target on Lyft from $14.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, August 7th. Nine investment analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Lyft has a consensus rating of “Hold” and an average target price of $16.70.

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.