Shares in Lyft, Inc. (NASDAQ: LYFT) jumped over 6 percent during the early hours of trading on Wednesday. This uptick follows a Lyft insider’s stock purchase, as revealed in a Form-4 filing with the SEC.
Prashant “Sean” Aggarwal, a lead independent director at the San Francisco-based ride-share company, acquired 96,900 shares at an average price of $10.34. The total transaction amounted to more than $1 million.
Aggarwal has held a position on Lyft’s board of directors since 2016 and assumed the role of lead independent director in April of this year. Aggarwal’s recent purchase follows insider activity at Lyft reported on August 22, wherein Patrick Zimmer, co-founder and vice chair, sold 20,092 out of the 24,640 shares granted to him in mid-June.
Aggarwal’s acquisition comes shortly after Lyft released its financial results for the second quarter in early August. The company declared a quarterly revenue of $1.02 billion, in line with the consensus estimate. This marks a notable 3.05% increase over sales of $990.75 million in the same period last year.
Lyft, Inc. (NASDAQ: LYFT) also issued guidance in its report, outlining its expectation of third-quarter revenue ranging between $1.13 billion and $1.15 billion versus the $1.09 billion estimate.
As of press time, Lyft stock was trading at $11.49, up 6.82% over the last trading session. The trading volume of the session stands at $7,565,015 ($7.56 million).