Perigon Wealth Management LLC has made a significant investment in Lyft, Inc., purchasing a new stake valued at approximately $570,000 during the third quarter of 2023. The firm acquired 25,881 shares of the ride-sharing company, as disclosed in its recent 13F filing with the Securities and Exchange Commission (SEC). This move highlights a growing trend among institutional investors seeking positions in Lyft, indicating renewed interest in the company’s potential for growth.
Several other institutional investors have also recently adjusted their holdings in Lyft. MassMutual Private Wealth & Trust FSB increased its stake by an impressive 162.6% during the second quarter, bringing its total to 1,943 shares, now valued at $31,000. Additionally, Atwood & Palmer Inc. initiated a new position worth approximately $32,000, while Bogart Wealth LLC raised its holdings by an astonishing 1,242.2%, owning 2,161 shares worth $34,000. Furthermore, Tower Research Capital LLC boosted its position by 410.6%, now holding 3,217 shares valued at $51,000. Overall, institutional investors now control 83.07% of Lyft’s stock.
Lyft’s Current Market Performance
On the market front, shares of Lyft opened at $19.37 on November 10, 2023. The company boasts a current ratio of 0.72, a quick ratio of 0.72, and a debt-to-equity ratio of 1.76. Lyft’s stock has experienced volatility, with a fifty-day simple moving average of $20.77 and a two-hundred-day average of $18.47. Over the past year, the stock has seen a low of $9.66 and a high of $25.54, with a market capitalization of $7.74 billion. The price-to-earnings ratio stands at 50.98, while the price-to-earnings-growth ratio is 1.93. Lyft’s stock beta is 1.94, indicating its volatility in relation to the broader market.
In insider trading news, Jill Beggs, a director at Lyft, sold 1,466 shares on November 28, 2023, at an average price of $20.25, amounting to a transaction total of $29,686.50. Following this transaction, Beggs owns 34,278 shares valued at approximately $694,129.50, reflecting a 4.10% decrease in ownership. Separately, CEO John David Risher purchased 5,030 shares on December 10, 2023, at an average price of $19.80, totaling $99,594.00. Post-transaction, Risher’s holdings consist of 11,802,296 shares, worth around $233.7 million, marking a minor increase of 0.04% in ownership.
Analyst Perspectives and Future Outlook
Analysts have shared varied outlooks on Lyft’s stock, with numerous equity research firms issuing their assessments. Canaccord Genuity Group raised its price target for Lyft from $18.00 to $19.00, maintaining a “hold” rating. Meanwhile, Bank of America adjusted its target from $12.00 to $14.00, designating the stock as “underperform.” In a more optimistic stance, Roth Capital set a target of $25.00 with a “buy” rating. Other firms, including Truist Financial and Morgan Stanley, have similarly boosted their targets, now ranging from $22.50 to $23.00.
Currently, eleven analysts have rated Lyft with a “buy,” twenty-three have issued a “hold,” and two have recommended a “sell,” leading to an average rating of “hold” with a consensus target price of $22.80 according to data from MarketBeat.
Founded in 2012, Lyft operates a peer-to-peer ridesharing platform, connecting passengers with drivers through a mobile application. The company has expanded its services to include bike and electric scooter rentals, along with rental cars and public transit options in select markets. Headquartered in San Francisco, California, Lyft primarily targets urban and suburban areas across the United States and Canada.
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