Lyft, Inc. $LYFT Stock Position Raised by West Tower Group LLC

West Tower Group LLC boosted its stake in Lyft, Inc. (NASDAQ:LYFT) by 207.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 138,432 shares of the ride-sharing company’s stock after purchasing an additional 93,432 shares during the period. Lyft makes up approximately 5.7% of West Tower Group LLC’s holdings, making the stock its 5th largest position. West Tower Group LLC’s holdings in Lyft were worth $1,841,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in LYFT. Norges Bank purchased a new position in Lyft in the fourth quarter worth about $109,987,000. Swedbank AB purchased a new stake in shares of Lyft during the 4th quarter valued at about $108,472,000. Contour Asset Management LLC bought a new position in shares of Lyft in the 4th quarter worth approximately $75,870,000. Prevatt Capital Ltd bought a new position in shares of Lyft in the 1st quarter worth approximately $25,270,000. Finally, Ensign Peak Advisors Inc boosted its holdings in shares of Lyft by 2,441.2% in the fourth quarter. Ensign Peak Advisors Inc now owns 1,857,593 shares of the ride-sharing company’s stock worth $35,982,000 after buying an additional 1,784,494 shares during the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Lyft Stock Up 0.3%

LYFT opened at $15.44 on Wednesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.58 and a current ratio of 0.58. Lyft, Inc. has a fifty-two week low of $12.46 and a fifty-two week high of $25.54. The firm’s fifty day moving average is $14.11 and its 200 day moving average is $15.12. The stock has a market cap of $5.86 billion, a price-to-earnings ratio of 2.25, a price-to-earnings-growth ratio of 0.91 and a beta of 1.80.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.26). Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the company posted $0.01 EPS. The company’s quarterly revenue was up 17.2% on a year-over-year basis. On average, sell-side analysts forecast that Lyft, Inc. will post 0.69 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on LYFT shares. Guggenheim reaffirmed a “buy” rating on shares of Lyft in a report on Wednesday, June 10th. JPMorgan Chase & Co. boosted their price objective on shares of Lyft from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Canaccord Genuity Group reduced their price objective on Lyft from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Rothschild & Co Redburn raised Lyft from a “neutral” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Wednesday, June 17th. Finally, Truist Financial lifted their target price on Lyft from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, May 8th. Thirteen equities research analysts have rated the stock with a Buy rating, twenty-one have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Lyft currently has an average rating of “Hold” and a consensus target price of $19.40.

Insiders Place Their Bets

In other Lyft news, CAO Stephen W. Hope sold 5,460 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total value of $75,129.60. Following the completion of the transaction, the chief accounting officer directly owned 335,463 shares in the company, valued at $4,615,970.88. This represents a 1.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Erin Brewer sold 15,000 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $13.59, for a total transaction of $203,850.00. Following the sale, the chief financial officer directly owned 705,979 shares of the company’s stock, valued at approximately $9,594,254.61. This trade represents a 2.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 69,196 shares of company stock valued at $992,371 in the last 90 days. 0.92% of the stock is currently owned by company insiders.

Lyft Company Profile

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.