Texas Capital Bank Wealth Management Services Inc. Sells 15,000 Shares of Lyft, Inc. (NASDAQ:LYFT)

Texas Capital Bank Wealth Management Services Inc. lessened its holdings in Lyft, Inc. (NASDAQ:LYFT) by 50.0% in the second quarter, HoldingsChannel reports. The fund owned 15,000 shares of the ride-sharing company’s stock after selling 15,000 shares during the period. Texas Capital Bank Wealth Management Services Inc.’s holdings in Lyft were worth $144,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Canada Pension Plan Investment Board bought a new stake in shares of Lyft in the second quarter valued at approximately $5,189,000. Kennicott Capital Management LLC bought a new stake in shares of Lyft during the 2nd quarter valued at $33,000. Swiss National Bank grew its holdings in shares of Lyft by 5.8% during the 2nd quarter. Swiss National Bank now owns 724,000 shares of the ride-sharing company’s stock worth $6,943,000 after purchasing an additional 39,600 shares in the last quarter. Rhumbline Advisers increased its position in shares of Lyft by 10.0% in the second quarter. Rhumbline Advisers now owns 417,104 shares of the ride-sharing company’s stock worth $4,000,000 after purchasing an additional 37,962 shares during the period. Finally, Commerce Bank acquired a new position in Lyft in the second quarter valued at about $258,000. Institutional investors own 71.63% of the company’s stock.

Insider Activity

In other news, Director John Patrick Zimmer sold 20,919 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $10.88, for a total value of $227,598.72. Following the transaction, the director now owns 1,437,904 shares in the company, valued at approximately $15,644,395.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Lyft news, Director Logan Green sold 7,862 shares of Lyft stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $11.44, for a total value of $89,941.28. Following the completion of the sale, the director now directly owns 472,970 shares of the company’s stock, valued at $5,410,776.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John Patrick Zimmer sold 20,919 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $10.88, for a total transaction of $227,598.72. Following the transaction, the director now directly owns 1,437,904 shares in the company, valued at approximately $15,644,395.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,733 shares of company stock valued at $486,348. Company insiders own 3.16% of the company’s stock.

Lyft Price Performance

Shares of NASDAQ:LYFT opened at $10.51 on Wednesday. Lyft, Inc. has a 12-month low of $7.85 and a 12-month high of $18.36. The business has a fifty day simple moving average of $10.43 and a 200 day simple moving average of $10.41. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.78.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LYFT. Credit Suisse Group reduced their price objective on shares of Lyft from $23.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 9th. Jefferies Financial Group boosted their price objective on shares of Lyft from $9.00 to $11.00 and gave the company a “hold” rating in a research report on Tuesday, July 25th. Truist Financial upped their target price on Lyft from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Thursday, November 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $12.00 price target on shares of Lyft in a research note on Tuesday, September 5th. Finally, Wells Fargo & Company upped their price objective on Lyft from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 9th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $13.23.

Lyft Profile

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company operates multimodal transportation networks that offer riders personalized and on-demand access to various mobility options. It provides Ridesharing Marketplace, which connects drivers with riders; Express Drive, a flexible car rentals program for drivers; Lyft Rentals that provides vehicles for long-distance trips; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.