Canada Pension Plan Investment Board Buys 167,400 Shares of Lyft, Inc. (NASDAQ:LYFT)

Canada Pension Plan Investment Board lifted its stake in Lyft, Inc. (NASDAQ:LYFT) by 11.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,601,400 shares of the ride-sharing company’s stock after purchasing an additional 167,400 shares during the period. Canada Pension Plan Investment Board owned 0.40% of Lyft worth $22,580,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in LYFT. Private Advisor Group LLC boosted its position in shares of Lyft by 19.9% in the 4th quarter. Private Advisor Group LLC now owns 14,476 shares of the ride-sharing company’s stock worth $217,000 after purchasing an additional 2,403 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in Lyft during the 4th quarter worth $175,000. Janney Montgomery Scott LLC acquired a new stake in Lyft during the 4th quarter worth $796,000. Beacon Pointe Advisors LLC acquired a new stake in Lyft during the 4th quarter worth $292,000. Finally, Norges Bank acquired a new stake in Lyft during the 4th quarter worth $94,687,000. 83.07% of the stock is currently owned by institutional investors.

Lyft Stock Performance

Shares of LYFT opened at $12.47 on Monday. The stock has a market capitalization of $5.03 billion, a P/E ratio of -26.53 and a beta of 2.04. The firm’s fifty day simple moving average is $11.54 and its two-hundred day simple moving average is $14.66. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.00. Lyft, Inc. has a 12 month low of $8.85 and a 12 month high of $20.82.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.39 billion. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The business’s revenue was up 40.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.14) EPS. As a group, analysts predict that Lyft, Inc. will post -0.16 EPS for the current year.

Insider Transactions at Lyft

In other news, President Kristin Sverchek sold 3,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $13.81, for a total transaction of $41,430.00. Following the transaction, the president now owns 47,778 shares of the company’s stock, valued at approximately $659,814.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, President Kristin Sverchek sold 3,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $13.81, for a total transaction of $41,430.00. Following the transaction, the president now owns 47,778 shares of the company’s stock, valued at approximately $659,814.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Logan Green sold 10,323 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total transaction of $119,953.26. Following the completion of the sale, the director now owns 330,790 shares in the company, valued at approximately $3,843,779.80. The disclosure for this sale can be found here. Insiders have sold 39,164 shares of company stock valued at $470,513 in the last 90 days. 3.07% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wedbush dropped their price objective on Lyft from $19.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Vertical Research raised Lyft to a “strong-buy” rating in a research note on Friday, June 7th. Nomura Securities raised Lyft from a “strong sell” rating to a “hold” rating in a research note on Friday, August 23rd. Susquehanna lowered their target price on Lyft from $18.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Finally, Bank of America upgraded Lyft from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $15.00 to $20.00 in a report on Friday, June 7th. Twenty-six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $15.65.

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.