Primecap Management Co. CA Grows Stock Holdings in Lyft, Inc. (NASDAQ:LYFT)

Primecap Management Co. CA raised its holdings in Lyft, Inc. (NASDAQ:LYFT) by 3.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 6,491,590 shares of the ride-sharing company’s stock after acquiring an additional 235,510 shares during the period. Primecap Management Co. CA owned 1.58% of Lyft worth $82,768,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. International Assets Investment Management LLC purchased a new stake in Lyft in the second quarter valued at approximately $35,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Lyft during the 2nd quarter valued at $35,000. Capital Performance Advisors LLP acquired a new stake in shares of Lyft during the 3rd quarter worth $38,000. Quarry LP raised its position in shares of Lyft by 4,032.6% in the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after buying an additional 3,468 shares during the period. Finally, Benjamin Edwards Inc. acquired a new position in Lyft in the second quarter valued at $72,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Nomura Securities upgraded Lyft from a “strong sell” rating to a “hold” rating in a research note on Friday, August 23rd. Citigroup dropped their target price on shares of Lyft from $18.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Cantor Fitzgerald lifted their price target on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Evercore ISI increased their price objective on shares of Lyft from $17.00 to $19.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Finally, DA Davidson raised their target price on shares of Lyft from $11.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $17.55.

Insider Transactions at Lyft

In other Lyft news, Director Logan Green sold 10,323 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the sale, the director now directly owns 330,790 shares of the company’s stock, valued at $3,843,779.80. This trade represents a 3.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $17.76, for a total transaction of $75,337.92. Following the transaction, the insider now directly owns 755,847 shares of the company’s stock, valued at approximately $13,423,842.72. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,799 shares of company stock worth $537,082. 3.07% of the stock is currently owned by insiders.

Lyft Trading Down 2.7 %

Shares of NASDAQ LYFT opened at $16.31 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The stock’s 50 day moving average price is $14.06 and its two-hundred day moving average price is $13.61. Lyft, Inc. has a 52-week low of $8.93 and a 52-week high of $20.82. The stock has a market capitalization of $6.77 billion, a P/E ratio of -101.94, a PEG ratio of 4.81 and a beta of 2.04.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.09. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The business’s revenue was up 31.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.02) EPS. On average, analysts anticipate that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

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.