SAN FRANCISCO—Llewellyn Lindsay (NYSE:LNN) Catherine, the Chief Legal Officer and Secretary of Lyft , Inc. (NASDAQ:LYFT), reported selling 24,550 shares of the company's Class A Common Stock, according to a recent SEC filing. The shares were sold on December 2, 2024, at a weighted average price of $17.1685 per share, amounting to a total transaction value of approximately $421,486. The transaction comes as Lyft's stock, currently trading at $17.24, shows strong momentum with a 33.65% gain over the past year. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value metrics.
This transaction was carried out under a Rule 10b5-1 trading plan, which was adopted by Lindsay on February 28, 2024. The shares were sold in multiple trades at prices ranging from $17.075 to $17.28. Following this sale, Lindsay retains direct ownership of 707,267 shares, including those held in a living trust and certain restricted stock units. With analyst price targets ranging from $15.21 to $26.00, investors seeking deeper insights can access comprehensive analysis and 12 additional ProTips through InvestingPro's detailed research reports.
The sale reflects a strategic financial decision by Lyft's legal executive, aligning with pre-established trading plans. The company has demonstrated strong performance with 25.41% revenue growth over the last twelve months, maintaining its position in the competitive ride-sharing market.
In other recent news, Lyft has been the focus of several analyst adjustments following robust third-quarter earnings and positive future outlook. Loop Capital, BofA Securities, and Tigress Financial Partners all affirmed Buy ratings on Lyft, with Loop Capital raising its price target to $23, BofA Securities to $21, and Tigress Financial Partners to $26. KeyBanc Capital Markets and Susquehanna maintained their current ratings, but revised their EBITDA estimates and price targets, with Susquehanna increasing its price target from $10 to $18.
Lyft's third-quarter performance showed a 32% year-over-year revenue increase, reaching a record $1.52 billion. Gross bookings were up 16% to $4.1 billion and Active Riders increased by 9% to a record 24.4 million. The company has also been actively expanding into autonomous services through new partnerships with Mobileye, May Mobility, and Nexar.
Despite positive results, Lyft reported a GAAP net loss of $12.4 million, which included restructuring charges. However, the company generated $243 million in free cash flow during the third quarter. Looking ahead, Lyft anticipates gross bookings growth of 15% to 17% year-over-year for the fourth quarter, and adjusted EBITDA is projected to be approximately $100 million to $105 million. The company's revised full-year outlook expects free cash flow to exceed $650 million. These are among the recent developments for Lyft.
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