Los Angeles Capital Management LLC Has $40.20 Million Stock Position in Lyft, Inc. $LYFT

Los Angeles Capital Management LLC trimmed its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 48.9% during the fourth quarter, Holdings Channel reports. The firm owned 2,035,460 shares of the ride-sharing company’s stock after selling 1,951,502 shares during the period. Los Angeles Capital Management LLC’s holdings in Lyft were worth $40,200,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in LYFT. Norges Bank acquired a new stake in Lyft during the fourth quarter valued at approximately $109,987,000. Swedbank AB acquired a new stake in Lyft during the fourth quarter valued at approximately $108,472,000. Victory Capital Management Inc. boosted its holdings 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 valued at $78,808,000 after purchasing an additional 2,962,266 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Lyft by 7.4% during the third quarter. AQR Capital Management LLC now owns 25,783,363 shares of the ride-sharing company’s stock valued at $567,492,000 after purchasing an additional 1,773,438 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Lyft by 134.0% during the third quarter. Invesco Ltd. now owns 2,491,790 shares of the ride-sharing company’s stock valued at $54,844,000 after purchasing an additional 1,426,860 shares in the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Lyft news, insider Lindsay Catherine Llewellyn sold 23,661 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $15.00, for a total transaction of $354,915.00. Following the transaction, the insider owned 916,022 shares of the company’s stock, valued at approximately $13,740,330. This represents a 2.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,093 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total value of $28,799.68. Following the transaction, the director directly owned 30,092 shares in the company, valued at approximately $414,065.92. This represents a 6.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 54,196 shares of company stock valued at $788,521. 0.92% of the stock is currently owned by corporate insiders.

Lyft Stock Performance

NASDAQ:LYFT opened at $13.65 on Monday. Lyft, Inc. has a 1 year low of $12.46 and a 1 year high of $25.54. The firm has a 50 day moving average of $13.83 and a 200-day moving average of $16.12. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $5.18 billion, a P/E ratio of 1.99, a price-to-earnings-growth ratio of 0.85 and a beta of 1.82.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Thursday, May 7th. The ride-sharing company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.26). Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the company posted $0.01 EPS. The firm’s quarterly revenue was up 17.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lyft, Inc. will post 0.66 EPS for the current fiscal year.

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on LYFT shares. Susquehanna reaffirmed a “neutral” rating and set a $15.00 price objective on shares of Lyft in a report on Thursday, February 12th. Canaccord Genuity Group cut their target price on shares of Lyft from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Piper Sandler reiterated an “overweight” rating on shares of Lyft in a research note on Wednesday, February 11th. Guggenheim cut their target price on shares of Lyft from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Lyft in a research note on Wednesday, May 6th. Eight investment analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $18.83.

Lyft 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.