Range Financial Group LLC Purchases Shares of 24,284 Lyft, Inc. (NASDAQ:LYFT)

Range Financial Group LLC acquired a new stake in shares of Lyft, Inc. (NASDAQ:LYFT) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 24,284 shares of the ride-sharing company’s stock, valued at approximately $470,000.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Lyft by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 32,116,655 shares of the ride-sharing company’s stock valued at $481,429,000 after acquiring an additional 659,133 shares during the period. Norges Bank acquired a new position in shares of Lyft during the fourth quarter valued at approximately $94,687,000. Jacobs Levy Equity Management Inc. increased its stake in shares of Lyft by 5.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 5,619,470 shares of the ride-sharing company’s stock valued at $59,229,000 after acquiring an additional 300,982 shares during the period. Invesco Ltd. increased its stake in shares of Lyft by 21.3% during the third quarter. Invesco Ltd. now owns 4,425,740 shares of the ride-sharing company’s stock valued at $46,647,000 after acquiring an additional 778,563 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Lyft by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,630,432 shares of the ride-sharing company’s stock valued at $54,420,000 after acquiring an additional 141,823 shares during the period. Institutional investors and hedge funds own 83.07% of the company’s stock.

Lyft Trading Up 1.0 %

Lyft stock opened at $13.58 on Tuesday. The firm has a fifty day moving average price of $15.92 and a two-hundred day moving average price of $15.77. The company has a debt-to-equity ratio of 1.92, a current ratio of 0.82 and a quick ratio of 0.82. Lyft, Inc. has a fifty-two week low of $8.85 and a fifty-two week high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Tuesday, May 7th. The ride-sharing company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.17 billion. Lyft had a negative net margin of 3.94% and a negative return on equity of 23.77%. On average, research analysts anticipate that Lyft, Inc. will post -0.19 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on LYFT shares. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Friday, June 7th. Wells Fargo & Company lifted their price target on shares of Lyft from $15.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Monday, April 8th. Piper Sandler restated an “overweight” rating and issued a $24.00 price target (up previously from $23.00) on shares of Lyft in a research report on Friday, June 7th. Barclays lifted their price target on shares of Lyft from $17.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 8th. Finally, The Goldman Sachs Group lifted their price target on shares of Lyft from $19.00 to $21.00 and gave the stock a “neutral” rating in a research report on Friday, June 7th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.04.

Insider Activity

In other news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $15.67, for a total transaction of $142,330.61. Following the completion of the transaction, the chief accounting officer now owns 351,853 shares of the company’s stock, valued at $5,513,536.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, President Kristin Sverchek sold 6,500 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $15.77, for a total value of $102,505.00. Following the sale, the president now owns 54,278 shares of the company’s stock, valued at $855,964.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,083 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $15.67, for a total transaction of $142,330.61. Following the completion of the sale, the chief accounting officer now directly owns 351,853 shares in the company, valued at approximately $5,513,536.51. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,833 shares of company stock valued at $590,509. Insiders own 3.07% of the company’s stock.

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.