Pallas Capital Advisors LLC Sells 39,985 Shares of Lyft, Inc. $LYFT

Pallas Capital Advisors LLC lessened its position in Lyft, Inc. (NASDAQ:LYFT) by 22.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 141,783 shares of the ride-sharing company’s stock after selling 39,985 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Lyft were worth $3,121,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of LYFT. Nierenberg Investment Management Company Inc. acquired a new stake in Lyft in the second quarter valued at $671,000. Savant Capital LLC raised its holdings in shares of Lyft by 78.1% in the 2nd quarter. Savant Capital LLC now owns 427,813 shares of the ride-sharing company’s stock valued at $6,742,000 after purchasing an additional 187,625 shares during the period. CWM LLC raised its holdings in shares of Lyft by 52.1% in the 3rd quarter. CWM LLC now owns 819,677 shares of the ride-sharing company’s stock valued at $18,041,000 after purchasing an additional 280,886 shares during the period. Abacus FCF Advisors LLC acquired a new stake in Lyft in the 3rd quarter valued at about $6,442,000. Finally, Hussman Strategic Advisors Inc. acquired a new stake in Lyft in the 3rd quarter valued at about $2,080,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Insider Buying and Selling

In other Lyft news, CAO Stephen W. Hope sold 4,800 shares of Lyft stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $22.30, for a total value of $107,040.00. Following the completion of the sale, the chief accounting officer owned 311,909 shares in the company, valued at $6,955,570.70. The trade was a 1.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John David Risher acquired 5,030 shares of the business’s stock in a transaction on Wednesday, December 10th. The stock was acquired at an average cost of $19.80 per share, with a total value of $99,594.00. Following the acquisition, the chief executive officer directly owned 11,802,296 shares in the company, valued at approximately $233,685,460.80. This trade represents a 0.04% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 187,443 shares of company stock valued at $4,178,618 in the last 90 days. 3.07% of the stock is currently owned by corporate insiders.

Lyft Stock Performance

LYFT opened at $13.27 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.65 and a quick ratio of 0.65. The business has a fifty day simple moving average of $18.31 and a 200 day simple moving average of $19.06. Lyft, Inc. has a 1 year low of $9.66 and a 1 year high of $25.54. The company has a market capitalization of $5.30 billion, a PE ratio of 1.95, a price-to-earnings-growth ratio of 0.83 and a beta of 1.93.

Lyft announced that its Board of Directors has initiated a share buyback program on Tuesday, February 10th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the ride-sharing company to reacquire up to 15.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on LYFT shares. Zephirin Group boosted their price target on Lyft from $15.00 to $18.00 and gave the stock a “hold” rating in a research report on Thursday, November 6th. Benchmark reiterated a “buy” rating on shares of Lyft in a research note on Tuesday, October 28th. Royal Bank Of Canada dropped their price target on Lyft from $27.00 to $22.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 11th. Wall Street Zen downgraded Lyft from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, DA Davidson reduced their price objective on shares of Lyft from $22.00 to $19.00 and set a “neutral” rating for the company in a research report on Wednesday, February 11th. Ten equities research analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $19.98.

Lyft Company Profile

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.