Miracle Mile Advisors LLC Buys 1,277 Shares of Lyft, Inc. (NASDAQ:LYFT)

Miracle Mile Advisors LLC boosted its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 11.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,864 shares of the ride-sharing company’s stock after acquiring an additional 1,277 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Lyft were worth $166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of LYFT. True Wealth Design LLC purchased a new position in shares of Lyft in the third quarter valued at about $27,000. ORG Wealth Partners LLC bought a new stake in shares of Lyft in the fourth quarter worth about $31,000. Brown Brothers Harriman & Co. purchased a new position in Lyft during the 2nd quarter valued at about $35,000. Capital Performance Advisors LLP bought a new position in Lyft during the 3rd quarter valued at approximately $38,000. Finally, Quarry LP lifted its holdings in Lyft by 4,032.6% in the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock worth $50,000 after buying an additional 3,468 shares during the period. 83.07% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on LYFT. 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. DA Davidson upped their price objective on shares of Lyft from $11.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Evercore ISI raised their target price on shares of Lyft from $17.00 to $19.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Bank of America increased their target price on Lyft from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Thursday, November 7th. Twenty-seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Lyft has a consensus rating of “Hold” and a consensus price target of $17.84.

Lyft Stock Down 1.4 %

Shares of Lyft stock opened at $13.41 on Friday. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $20.82. 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’s 50 day moving average is $15.21 and its 200 day moving average is $13.41. The company has a market cap of $5.56 billion, a price-to-earnings ratio of -83.81, a price-to-earnings-growth ratio of 1.72 and a beta of 2.14.

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 the consensus estimate of $0.20 by $0.09. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The firm had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the firm earned ($0.02) EPS. The company’s revenue was up 31.6% compared to the same quarter last year. Research analysts anticipate that Lyft, Inc. will post 0.06 EPS for the current year.

Insiders Place Their Bets

In other news, Director Logan Green sold 10,919 shares of the stock in a transaction that occurred 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 transaction, the director now owns 314,492 shares in the company, valued at $5,424,987. This represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the firm’s 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 transaction, the chief accounting officer now directly owns 332,243 shares in the company, valued at approximately $5,987,018.86. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,242 shares of company stock valued at $427,330. Insiders own 3.07% of the company’s stock.

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.