West Tower Group LLC Boosts Stock Holdings in Lyft, Inc. (NASDAQ:LYFT)

West Tower Group LLC lifted its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 17.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,000 shares of the ride-sharing company’s stock after acquiring an additional 6,000 shares during the quarter. Lyft accounts for about 1.1% of West Tower Group LLC’s portfolio, making the stock its 23rd largest position. West Tower Group LLC’s holdings in Lyft were worth $523,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Qsemble Capital Management LP grew its stake in shares of Lyft by 99.6% during the third quarter. Qsemble Capital Management LP now owns 21,524 shares of the ride-sharing company’s stock worth $274,000 after purchasing an additional 10,743 shares in the last quarter. Pitcairn Co. acquired a new position in shares of Lyft during the third quarter worth $140,000. Algert Global LLC grew its stake in shares of Lyft by 23.7% during the third quarter. Algert Global LLC now owns 263,509 shares of the ride-sharing company’s stock worth $3,360,000 after purchasing an additional 50,470 shares in the last quarter. Cerity Partners LLC acquired a new position in shares of Lyft during the third quarter worth $1,057,000. Finally, Pacer Advisors Inc. acquired a new position in shares of Lyft during the third quarter worth $90,604,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on LYFT shares. Truist Financial boosted their target price on shares of Lyft from $13.00 to $20.00 and gave the stock a “hold” rating in a research note on Thursday, November 7th. Cantor Fitzgerald upped their price objective on shares of Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Susquehanna raised their price objective on Lyft from $10.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Piper Sandler reaffirmed an “overweight” rating and set a $23.00 price objective (up previously from $17.00) on shares of Lyft in a report on Thursday, November 7th. Finally, Royal Bank of Canada dropped their price objective on Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Twenty-eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $17.55.

Lyft Price Performance

Shares of NASDAQ:LYFT opened at $17.89 on Tuesday. 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 company has a market cap of $7.42 billion, a P/E ratio of -111.81, a PEG ratio of 4.87 and a beta of 2.04. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $20.82. The company has a 50-day moving average price of $14.30 and a 200 day moving average price of $13.56.

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 analysts’ consensus estimates of $0.20 by $0.09. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The company had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period last year, the firm earned ($0.02) EPS. The company’s revenue for the quarter was up 31.6% on a year-over-year basis. Research analysts predict that Lyft, Inc. will post 0.08 earnings per share for the current year.

Insider Buying and Selling

In related news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $11.32, for a total transaction of $27,439.68. Following the completion of the transaction, the director now directly owns 929,638 shares in the company, valued at $10,523,502.16. The trade was a 0.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of Lyft stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $18.02, for a total transaction of $163,639.62. Following the completion of the sale, the chief accounting officer now directly owns 332,243 shares of the company’s stock, valued at $5,987,018.86. The trade was a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,990 shares of company stock worth $317,333 in the last ninety days. Insiders own 3.07% of the company’s stock.

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.