The Vanguard Group, Inc. recently announced the acquisition of new stake in Lyft Inc. (NASDAQ:LYFT). The institutional investor has increased its shareholding in the Technology company by 2.78% to 18.37 million shares with purchase of 0.5 million shares. This fresh investment now brings its stake to 6.16% valued currently at $536.96 million. In addition, JPMorgan Investment Management, I. raised its holdings by 4.86 million to 12.19 million shares. And Baillie Gifford & Co. has lifted its position by 195.00% or 7.27 million shares – to 10.99 million shares.
With over 6.04 million Lyft Inc. (LYFT) shares trading Monday and a closing price of $28.98 on the day, the dollar volume was approximately $174.96 million. The shares have shown a positive weekly performance of 6.66% and its price on 08/24/20 gained nearly 0.17%. Currently, there are 309.21M common shares owned by the public and among those 243.61M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 38 analysts who have offered their price forecasts for LYFT have a consensus price objective of $40.91. The analysts have set the share’s price value over the next 12 months at a high of $66.00 and a low of $18.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Lyft Inc. stock is 2.20 for the next 12 months. The average price target is 28.73% above its last price level and an upside to the estimated low will see the stock lose -61.0% over that period. But an upside of 56.09% will see the stock hit the forecast high price target while mean target price for the stock is $40.00.
Insiders at the company have transacted a total of 72 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 989,535 shares. Insider sales of the common stock occurred on 53 occasions, with total insider shares sold totaling 2,902,995 shares.
The top 3 mutual fund holders in Lyft Inc. are Fidelity Blue Chip Growth Fund, Vanguard Total Stock Market Index, and Vanguard Mid Cap Index Fund. Fidelity Blue Chip Growth Fund owns 15.24 million shares of the company’s stock, all valued at over $445.55 million. The company sold -0.83 million shares recently to bring their total holdings to about 5.12% of the shares outstanding. Vanguard Total Stock Market Index sold 2851.0 shares to see its total holdings shrink to 5.96 million shares valued at over $174.07 million and representing 2.00% of the shares outstanding. Vanguard Mid Cap Index Fund sold 30807.0 shares to bring its total holdings to over 5.13 million shares at a value of $149.87 million. Vanguard Mid Cap Index Fund now owns shares totaling to 1.72% of the shares outstanding.
Shares of Lyft Inc. (NASDAQ: LYFT) opened at $29.05, up $0.12 from a prior closing price of $28.93. However, the script later closed the day at $28.98, up 0.17%. The company’s stock has a 5-day price change of 6.66% and -10.75% over the past three months. LYFT shares are trading -32.64% year to date (YTD), with the 12-month market performance down to -40.99% lower. It has a 12-month low price of $14.56 and touched a high of $54.50 over the same period. Currently, 6.04 million shares have been traded, compared to an average intraday trading volume of 9.47 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.18%, -7.31%, and -20.64% respectively.
Institutional ownership of Lyft Inc. (NASDAQ: LYFT) shares accounts for 69.20% of the company’s 309.21M shares outstanding. Mutual fund holders own 33.13%, while other institutional holders and individual stakeholders account for 34.29% and 32.99% respectively.
It has a market capitalization of $9.30B. The earnings-per-share (ttm) stands at -$5.48. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.36% over the week and 4.98% over the month.
Analysts forecast that Lyft Inc. (LYFT) will achieve an EPS of -$0.88 for the current quarter, -$0.66 for the next quarter and -$1.36 for 2021. The lowest estimate earnings-per-share for the quarter is -$1.15 while analysts give the company a high EPS estimate of -$0.54. Comparatively, EPS for the current quarter was -$1.57 a year ago. Earnings per share for the fiscal year are expected to decrease by -258.80%, and 50.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 38 brokerage firm advisors rate Lyft Inc. (LYFT) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 22 Wall Street analysts polled rate the stock as a buy, while 14 of the 38 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the LYFT, a number of firms have released research notes about the stock. Raymond James stated their Mkt Perform rating for the stock in a research note on July 22, 2020, with the firm’s price target at. Northcoast coverage for the Lyft Inc. (LYFT) stock in a research note released on July 14, 2020 offered a Neutral rating with a price target of. BTIG Research was of a view on June 11, 2020 that the stock is Buy, while Stifel gave the stock Hold rating on May 11, 2020, issuing a price target of $38- $35. Piper Sandler on their part issued Neutral rating on May 07, 2020.