Insider Alert: Lyft Director Buys Nearly 97,000 Shares After Earnings

Shares of Lyft Inc LYFT are trading higher Tuesday after a Form-4 was filed with the SEC showing a Lyft insider purchased stock. Here's what you need to know.

What Happened: Prashant "Sean" Aggarwal, a lead independent director at the San Francisco-based ride share company, purchased 96,900 shares at an average price of $10.34 per share for a total transaction valued at more than $1 million.

Aggarwal has been on Lyft's board of directors since 2016 and was appointed as lead independent director in April of this year. The last insider transaction at Lyft was reported on Aug. 22, when co-founder and vice chair Patrick Zimmer sold 20,092 of the 24,640 shares he was granted in mid-June. See Lyft’s insider trades here.

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Aggarwal's purchase comes shortly after Lyft issued its second quarter earnings in early August, reporting quarterly sales of $1.02 billion — meeting the consensus estimate — a 3.05% increase over sales of $990.75 million the same period last year.

Lyft also issued guidance in its report, saying it anticipates third-quarter revenue in the range of $1.13 billion and $1.15 billion, versus the $1.09-billion estimate.

LYFT Price Action: Shares of Lyft are trading 1.02% higher in the after hours session to $10.88, according to Benzinga Pro.

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