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

West Tower Group LLC boosted its position in Lyft, Inc. (NASDAQ:LYFT) by 17.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 41,000 shares of the ride-sharing company’s stock after acquiring an additional 6,000 shares during the period. Lyft comprises approximately 1.1% of West Tower Group LLC’s holdings, making the stock its 23rd biggest holding. West Tower Group LLC’s holdings in Lyft were worth $523,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new stake in Lyft in the 2nd quarter worth approximately $35,000. International Assets Investment Management LLC purchased a new stake in shares of Lyft during the 2nd quarter valued at $35,000. Capital Performance Advisors LLP purchased a new stake in shares of Lyft during the 3rd quarter valued at $38,000. Quarry LP grew its stake in shares of Lyft by 4,032.6% during the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after buying an additional 3,468 shares during the period. Finally, Benjamin Edwards Inc. purchased a new stake in shares of Lyft during the 2nd quarter valued at $72,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Lyft

In other Lyft news, CAO Lisa Blackwood-Kapral sold 9,081 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $18.02, for a total value of $163,639.62. Following the completion of the transaction, the chief accounting officer now owns 332,243 shares in the company, valued at approximately $5,987,018.86. This represents a 2.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction dated 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 owns 929,638 shares of the company’s stock, valued at approximately $10,523,502.16. This trade represents a 0.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,990 shares of company stock valued at $317,333 in the last quarter. Insiders own 3.07% of the company’s stock.

Lyft Stock Performance

Shares of Lyft stock opened at $17.89 on Tuesday. The firm has a market cap of $7.42 billion, a PE ratio of -111.81, a price-to-earnings-growth ratio of 4.87 and a beta of 2.04. The firm’s 50-day simple moving average is $14.30 and its 200-day simple moving average is $13.56. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. Lyft, Inc. has a 1 year low of $8.93 and a 1 year high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share 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 business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the prior year, the firm earned ($0.02) EPS. The company’s revenue for the quarter was up 31.6% compared to the same quarter last year. Equities analysts forecast that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

LYFT has been the subject of several research reports. Susquehanna boosted their price objective on shares of Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. UBS Group boosted their price objective on shares of Lyft from $13.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Evercore ISI boosted their price objective on shares of Lyft from $17.00 to $19.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Piper Sandler restated an “overweight” rating and set a $23.00 target price (up previously from $17.00) on shares of Lyft in a report on Thursday, November 7th. Finally, Morgan Stanley lifted their target price on shares of Lyft from $16.50 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Twenty-eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Lyft currently has a consensus rating of “Hold” and a consensus target price of $17.55.

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.