Principal Financial Group Inc. Trims Stock Holdings in Lyft, Inc. (NASDAQ:LYFT)

Principal Financial Group Inc. lessened its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 86.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,958 shares of the ride-sharing company’s stock after selling 192,727 shares during the quarter. Principal Financial Group Inc.’s holdings in Lyft were worth $422,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Lyft in the 4th quarter valued at $94,687,000. Kodai Capital Management LP acquired a new stake in shares of Lyft during the fourth quarter worth about $26,069,000. Bank of Nova Scotia purchased a new position in shares of Lyft in the fourth quarter valued at approximately $21,433,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Lyft by 592.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,424,349 shares of the ride-sharing company’s stock valued at $27,562,000 after purchasing an additional 1,218,620 shares during the period. Finally, Ogborne Capital Management LLC purchased a new stake in Lyft during the 4th quarter worth approximately $14,990,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, President Kristin Sverchek sold 3,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $13.81, for a total transaction of $41,430.00. Following the sale, the president now owns 47,778 shares in the company, valued at $659,814.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Lyft news, President Kristin Sverchek sold 3,000 shares of Lyft stock in a transaction on Monday, July 1st. The shares were sold at an average price of $13.81, for a total value of $41,430.00. Following the transaction, the president now owns 47,778 shares in the company, valued at approximately $659,814.18. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Logan Green sold 10,323 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $11.62, for a total value of $119,953.26. Following the completion of the transaction, the director now directly owns 330,790 shares in the company, valued at $3,843,779.80. The disclosure for this sale can be found here. Insiders sold a total of 32,497 shares of company stock valued at $392,157 over the last 90 days. Insiders own 3.07% of the company’s stock.

Lyft Stock Down 2.3 %

Lyft stock opened at $11.35 on Friday. The firm has a market capitalization of $4.58 billion, a price-to-earnings ratio of -24.15 and a beta of 2.04. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.74 and a current ratio of 0.74. Lyft, Inc. has a fifty-two week low of $8.85 and a fifty-two week high of $20.82. The stock’s fifty day moving average is $11.65 and its two-hundred day moving average is $14.83.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.19 by $0.05. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same period in the prior year, the business earned ($0.14) earnings per share. The company’s quarterly revenue was up 40.6% on a year-over-year basis. Analysts predict that Lyft, Inc. will post -0.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Truist Financial cut their price objective on Lyft from $18.00 to $13.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Canaccord Genuity Group lowered their price objective on Lyft from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Gordon Haskett upgraded shares of Lyft from a “hold” rating to a “buy” rating and lifted their price target for the stock from $17.00 to $20.00 in a research note on Friday, June 7th. Royal Bank of Canada reduced their price objective on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, The Goldman Sachs Group boosted their target price on shares of Lyft from $19.00 to $21.00 and gave the stock a “neutral” rating in a research note on Friday, June 7th. Twenty-six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.65.

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.