Quantitative Investment Management LLC Purchases 106,480 Shares of Lyft, Inc. $LYFT

Quantitative Investment Management LLC grew its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 708.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 121,508 shares of the ride-sharing company’s stock after buying an additional 106,480 shares during the period. Quantitative Investment Management LLC’s holdings in Lyft were worth $2,674,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC raised its stake in Lyft by 144.9% in the 2nd quarter. AQR Capital Management LLC now owns 24,009,925 shares of the ride-sharing company’s stock valued at $378,396,000 after acquiring an additional 14,205,143 shares during the period. Victory Capital Management Inc. boosted its position in Lyft by 479.1% during the third quarter. Victory Capital Management Inc. now owns 3,580,564 shares of the ride-sharing company’s stock worth $78,808,000 after purchasing an additional 2,962,266 shares during the period. Norges Bank purchased a new position in shares of Lyft in the second quarter worth about $44,209,000. Marshall Wace LLP increased its stake in shares of Lyft by 75.7% in the second quarter. Marshall Wace LLP now owns 5,464,934 shares of the ride-sharing company’s stock worth $86,127,000 after purchasing an additional 2,353,769 shares in the last quarter. Finally, Hennessy Advisors Inc. bought a new stake in shares of Lyft in the third quarter valued at approximately $41,381,000. Institutional investors own 83.07% of the company’s stock.

Insider Transactions at Lyft

In other news, Director Jill Beggs sold 2,093 shares of the company’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $13.89, for a total value of $29,071.77. Following the completion of the sale, the director owned 32,185 shares of the company’s stock, valued at approximately $447,049.65. This represents a 6.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Stephen W. Hope sold 5,284 shares of the stock in a transaction on Friday, February 27th. The shares were sold at an average price of $13.83, for a total transaction of $73,077.72. Following the transaction, the chief accounting officer directly owned 300,570 shares in the company, valued at approximately $4,156,883.10. This represents a 1.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 31,038 shares of company stock worth $416,841. 3.07% of the stock is currently owned by insiders.

Lyft Stock Down 2.7%

Shares of NASDAQ LYFT opened at $12.95 on Friday. Lyft, Inc. has a one year low of $9.66 and a one year high of $25.54. 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 firm’s 50 day simple moving average is $16.07 and its two-hundred day simple moving average is $18.85. The stock has a market capitalization of $5.16 billion, a P/E ratio of 1.90, a PEG ratio of 0.80 and a beta of 1.92.

Lyft declared that its board has approved a stock buyback program on Tuesday, February 10th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the ride-sharing company to buy up to 15.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Trending Headlines about Lyft

Here are the key news stories impacting Lyft this week:

• Positive Sentiment: Safety and demand initiatives: Lyft partnered with road-safety groups and regional programs (including Nevada discounts for St. Patrick’s Day) to promote safe rides and drive incremental trip volume and PR goodwill. Zero Fatalities, Lyft team up to promote road safety
• Positive Sentiment: EV driver earnings edge: Reports show EV drivers on rideshare platforms have seen relative gains as gas prices rise, which may help Lyft retain or attract drivers and limit supply-side service degradation. EV Owners On Uber, Lyft Benefited From Rising Gas Prices
• Neutral Sentiment: Legal settlement leads to nationwide policy change: After a Minnesota suit over a blind passenger denied a ride with her service dog, Lyft agreed to a settlement and will guarantee service-animal rides across the U.S., improving compliance and reducing litigation risk but likely adding operational/training costs. Lyft settles MN complaint over denied rides
• Negative Sentiment: LAX surcharge could reduce ride volume/demand: Los Angeles International Airport approved a substantial per-trip rideshare fee (reports cite up to a $12 surcharge) that will likely push fares higher for riders to/from LAX, potentially reducing trip volume and hurting revenue growth in a key market. Uber and Lyft fees to LAX are going up
• Negative Sentiment: Near-term margin and sentiment pressure: Coverage notes Lyft is still unprofitable and the stock has moved lower since its last earnings — investors are focused on when operating leverage will meaningfully improve amid higher fuel costs and potential incremental compliance expenses. Lyft (LYFT) Down 4.9% Since Last Earnings Report
• Negative Sentiment: Driver behavior and fuel-cost headwinds: Rising gas prices are causing some ICE vehicle drivers to ration trips, which can reduce supply and raise per-trip driver costs or lead to higher incentives from Lyft to maintain availability. Drivers rethinking trips amid soaring gas prices

Analyst Upgrades and Downgrades

LYFT has been the topic of a number of recent research reports. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research note on Wednesday, February 11th. DA Davidson lowered their target price on shares of Lyft from $22.00 to $19.00 and set a “neutral” rating on the stock in a report on Wednesday, February 11th. Canaccord Genuity Group dropped their target price on Lyft from $19.00 to $16.00 and set a “hold” rating on the stock in a research report on Wednesday, February 11th. Evercore set a $21.00 price target on Lyft in a report on Wednesday, February 11th. Finally, Wells Fargo & Company reduced their price target on Lyft from $26.00 to $18.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 11th. Ten analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $19.63.

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.