Great West Life Assurance Co. may be able to increase its holdings in Lyft, Inc. (NASDAQ: LYFT), according to the most recent disclosure that Lyft, Inc. made with the Securities and Exchange Commission during the third quarter of 2018. The company invested approximately $5,940,000 to purchase 452,172 shares of equity in the ridesharing startup. Great West Life Assurance Company of Canada had approximately 0.13% of Lyft’s shares outstanding after the most recent reporting period.
A number of the company’s other institutional investors have made changes in the past few years to the proportion of the company’s stock they own. During the first three months of 2018, Vanguard Group Inc. increased the amount of Lyft stock owned by 1.9%, bringing its total ownership percentage to 31%. After purchasing an additional 483,630 shares of the ridesharing business during the most recent quarter, Vanguard Group Inc. now has a total of 25,428,704 shares of ownership in the company. The value of these shares on the market as of right now is $976,462,000. During the first three months of 2018, Clearbridge Investments LLC bought an additional 46.4% of Lyft, bringing their total ownership to 71.6%. Clearbridge Investments LLC now has a total of 6,470,972 shares of the ridesharing company’s stock, which is currently valued at $248,485,000 following the acquisition of an additional 2,050,430 shares during the most recent quarter. Frontier Capital Management Co. LLC invested approximately $34,868,000 in Lyft during the second quarter of 2018 to acquire a new interest in the company. During the second quarter of the fiscal year, Cavalry Management Group LLC acquired an additional 21.4% of Lyft’s shares, bringing its total interest in Lyft to 33.6%. After making additional purchases totaling 429,876 shares during the most recent quarter, Cavalry Management Group LLC now has 2,440,238 shares of the ridesharing company. These shares have a combined value of $32,406,000. In the first three months of 2018, Northern Trust Corporation increased its holdings by 0.9% by purchasing additional Lyft shares. The Northern Trust Corporation is now the owner of 1,751,907 shares in the ridesharing company. These shares have a value of $67,273,000 and were acquired by the company over the past three months by purchasing an additional 16,008 of the company’s shares. Institutional investors own the company’s stock 79.44%, and these investors have invested in the company.
On Friday, the NASDAQ stock symbol LYFT started trading for $15.40.
Throughout the company’s existence, Lyft, Inc. experienced a 52-week low of $9.66 and a 52-week high of $45.65 in its stock price. There is a debt-to-equity ratio of 1.06, a quick ratio of 0.89, and a current ratio of 0.89. Each of these ratios is also equal to the other. This business has a price-to-earnings ratio of -4.30, a beta of 1.53, and a market capitalization of $5.56 billion. The moving average price of the stock over the past fifty days is $11.68, while the moving average price over the past two hundred days is $13.65.
On November 7th, the most recent earnings report for Lyft, which is publicly traded and can be found under the symbol NASDAQ: LYFT, was made available to the public. The ride-hailing company reported a loss of $0.52 per share for the period, significantly less than the loss of $0.38 per share that industry analysts had predicted the company would report. Lyft’s return on equity was 54.39%, and its net margin was 32.26%; both figures were below 50%, indicating that the company is losing money. The revenue for the quarter came in at $1.05 billion, which was lower than the $1.05 billion analysts in the industry had predicted it would be for the period. The projections of those knowledgeable in this sector indicate that Lyft, Inc. will incur a $1.82 per share loss in 2018.
Recently, Lyft has been the focus of several different brokerage reports. Bank of America stated in a research report published on November 8th that they would be lowering their price objective for Lyft from $14.00 to $11.50 and that this change would take effect immediately. In a research note published on Monday, October 24th, Trust Financial lowered their “buy” recommendation on Lyft and lowered their price objective on the company from $47.00 to $40.00. On Tuesday, November 8th, UBS Group published a research note stating that they had decreased their price objective on Lyft from $16.00 to $12.00, giving the company an overall “neutral” rating. The note also stated that they had given the company an overall “neutral” rating. BTIG Research announced in a research note published on Tuesday, December 6th, that they had decreased their price estimate for Lyft from $25.00 to $15.00. The new price estimate can be found here. Piper Sandler decreased its price objective on Lyft from $37 to $16 in a research note published on Monday, January 9th. Despite this change, the company was given an “overweight” rating. One research analyst suggested purchasing the stock, fifteen other analysts suggested holding onto the stock, fourteen suggested purchasing the stock, and one research analyst suggested selling the stock. Lyft currently has a price target of $23.46, and the overall market consensus for the company is “Hold.” The recommendation given by the market as a whole is “Hold.”
This service is provided by Lyft, Inc., which provides an internet platform for social ridesharing that it offers and manages. Users have access to a network of shared bicycles and scooters, which they can use for shorter excursions and the beginning and end segments of multimodal journeys. Other modes of transportation may also be utilized throughout the journey. Furthermore, it provides users with information about nearby public transportation options and Lyft Rentals, which can be useful when planning any trip.
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