Connor Clark & Lunn Investment Management Ltd. Sells 299,602 Shares of Lyft, Inc. (NASDAQ:LYFT)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Lyft, Inc. (NASDAQ:LYFT) by 14.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,821,726 shares of the ride-sharing company’s stock after selling 299,602 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Lyft were worth $23,227,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Lyft by 430.9% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,886 shares of the ride-sharing company’s stock worth $75,000 after acquiring an additional 3,154 shares during the last quarter. CWM LLC raised its position in Lyft by 26.4% during the second quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock valued at $98,000 after purchasing an additional 1,457 shares in the last quarter. Comerica Bank lifted its stake in Lyft by 310.3% during the first quarter. Comerica Bank now owns 102,576 shares of the ride-sharing company’s stock worth $1,985,000 after purchasing an additional 77,578 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Lyft in the 2nd quarter worth about $388,000. Finally, Vanguard Group Inc. increased its position in shares of Lyft by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock valued at $636,603,000 after purchasing an additional 782,736 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analyst Upgrades and Downgrades

LYFT has been the subject of several research reports. Royal Bank of Canada cut their target price on Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. DA Davidson boosted 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. Canaccord Genuity Group increased their target price on shares of Lyft from $18.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark reissued a “hold” rating on shares of Lyft in a research note on Thursday, November 7th. Finally, UBS Group raised their price objective on Lyft from $13.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Twenty-eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $17.48.

Lyft Price Performance

Shares of NASDAQ:LYFT opened at $16.77 on Thursday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market cap of $6.96 billion, a price-to-earnings ratio of -104.81, a P/E/G ratio of 5.26 and a beta of 2.04. The firm has a fifty day moving average price of $13.97 and a 200 day moving average price of $13.59. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $20.82.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the previous year, the company posted ($0.02) EPS. The company’s revenue was up 31.6% compared to the same quarter last year. As a group, sell-side analysts expect that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Transactions at Lyft

In other news, CAO Lisa Blackwood-Kapral sold 9,081 shares of Lyft stock in a transaction 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 sale, the chief accounting officer now directly owns 332,243 shares in the company, valued at approximately $5,987,018.86. This trade represents a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the sale, the director now directly owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This represents a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,799 shares of company stock worth $537,082. 3.07% of the stock is currently owned by company insiders.

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.