National Bank of Canada FI Sells 969,610 Shares of Lyft, Inc. (NASDAQ:LYFT)

National Bank of Canada FI reduced its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 81.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 223,300 shares of the ride-sharing company’s stock after selling 969,610 shares during the period. National Bank of Canada FI owned about 0.05% of Lyft worth $2,847,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CWM LLC grew its holdings in Lyft by 26.4% during the second quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock worth $98,000 after buying an additional 1,457 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Lyft during the 2nd quarter worth $388,000. New York State Teachers Retirement System bought a new stake in shares of Lyft in the 3rd quarter worth $423,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Lyft in the second quarter valued at about $3,349,000. Finally, Private Advisor Group LLC lifted its position in shares of Lyft by 300.9% during the second quarter. Private Advisor Group LLC now owns 69,697 shares of the ride-sharing company’s stock valued at $983,000 after purchasing an additional 52,311 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Lyft Stock Performance

Lyft stock opened at $14.14 on Friday. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $20.82. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a market cap of $5.87 billion, a P/E ratio of -88.38, a price-to-earnings-growth ratio of 4.47 and a beta of 2.09. The firm’s fifty day moving average price is $15.32 and its 200-day moving average price is $13.59.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results 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. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The company’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) earnings per share. On average, equities research analysts expect that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Lyft news, Director Logan Green sold 10,919 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the sale, the director now directly owns 314,492 shares of the company’s stock, valued at $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $17.76, for a total value of $75,337.92. Following the transaction, the insider now directly owns 755,847 shares in the company, valued at $13,423,842.72. This trade represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,666 shares of company stock worth $454,770 in the last quarter. 3.07% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on LYFT shares. Bank of America increased their price objective on shares of Lyft from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Cantor Fitzgerald increased their price target on Lyft from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Tigress Financial boosted their price objective on Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Susquehanna raised their target price on Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, Wedbush reissued a “neutral” rating and issued a $20.00 price target (up from $12.00) on shares of Lyft in a report on Thursday, November 7th. Twenty-eight research 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 company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.77.

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.