By Lyft Inc.’s lead independent director, Sean Aggarwal, has made a notable purchase of Lyft stock. This comes shortly after Chief Executive David Risher’s similar purchase earlier this month. Aggarwal, who was also an early investor in Lyft, acquired 96,900 shares at an average price of $10.337. Expressing his confidence in the company, Aggarwal stated, “I made a great investment in Lyft as the first investor… I am doubling down and view this as another great investment opportunity.”
Aggarwal holds these newly acquired shares in a trust shared with his spouse, which currently owns about 971,000 Lyft shares. In addition to that, he also reports two separate trusts holding 283,000 and 200,000 shares respectively. Furthermore, Aggarwal directly owns just over 59,700 shares, although some of these are restricted stock units.
David Risher, a board member and the CEO of Airbnb Inc., also invested $1.15 million in Lyft shares in mid-August. Board member Dave Stephenson, who serves as the CFO of Airbnb Inc., purchased $100,000 worth of Lyft stock around the same time.
These insider purchases at Lyft come in contrast to a recent $4.5 million stock sale by Nelson Chai, the outgoing CFO of Uber Technologies Inc.
Opinion: It is worth noting that Uber shares have outperformed Lyft shares this year. While Uber’s stock trades slightly above its IPO price of $45, Lyft shares have seen an 85% decrease from their IPO price of $72. With this information, it is clear that a ride-share price war is underway, and this could potentially bring bad news for Lyft shareholders.
For more information, read:
Comments