Nierenberg Investment Management Company Inc. Makes New $671,000 Investment in Lyft, Inc. $LYFT

Nierenberg Investment Management Company Inc. purchased a new stake in Lyft, Inc. (NASDAQ:LYFT) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 42,555 shares of the ride-sharing company’s stock, valued at approximately $671,000. Lyft makes up approximately 0.4% of Nierenberg Investment Management Company Inc.’s investment portfolio, making the stock its 24th largest holding.

Other hedge funds have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its stake in Lyft by 162.6% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,943 shares of the ride-sharing company’s stock valued at $31,000 after acquiring an additional 1,203 shares in the last quarter. Atwood & Palmer Inc. acquired a new stake in shares of Lyft in the second quarter valued at approximately $32,000. Bogart Wealth LLC lifted its position in shares of Lyft by 1,242.2% in the second quarter. Bogart Wealth LLC now owns 2,161 shares of the ride-sharing company’s stock worth $34,000 after purchasing an additional 2,000 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Lyft during the first quarter worth $35,000. Finally, Signaturefd LLC increased its stake in Lyft by 89.5% in the 1st quarter. Signaturefd LLC now owns 4,021 shares of the ride-sharing company’s stock valued at $48,000 after buying an additional 1,899 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on LYFT shares. Zephirin Group increased their price objective on shares of Lyft from $15.00 to $18.00 and gave the stock a “hold” rating in a research note on Thursday, November 6th. Susquehanna increased their price target on Lyft from $14.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Wedbush raised their price target on Lyft from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. Cowen reaffirmed a “buy” rating on shares of Lyft in a research report on Thursday, November 6th. Finally, Barclays increased their price objective on Lyft from $20.00 to $27.00 and gave the company an “equal weight” rating in a report on Friday, November 7th. Eleven research analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Lyft currently has an average rating of “Hold” and an average target price of $22.85.

Lyft Stock Up 0.6%

LYFT opened at $21.70 on Wednesday. The stock’s fifty day simple moving average is $21.15 and its 200 day simple moving average is $17.44. Lyft, Inc. has a 1-year low of $9.66 and a 1-year high of $25.54. The stock has a market cap of $8.67 billion, a PE ratio of 57.11, a price-to-earnings-growth ratio of 2.15 and a beta of 2.36. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 1.76.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Wednesday, November 5th. The ride-sharing company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.17). The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.71 billion. Lyft had a return on equity of 18.29% and a net margin of 2.40%.The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the firm earned $0.29 earnings per share. As a group, research analysts expect that Lyft, Inc. will post 0.22 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Erin Brewer sold 15,000 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $17.24, for a total value of $258,600.00. Following the transaction, the chief financial officer owned 525,759 shares in the company, valued at approximately $9,064,085.16. This represents a 2.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John David Risher purchased 5,926 shares of the stock in a transaction on Wednesday, September 3rd. The stock was bought at an average cost of $16.88 per share, for a total transaction of $100,030.88. Following the completion of the acquisition, the chief executive officer owned 11,797,266 shares in the company, valued at approximately $199,137,850.08. This trade represents a 0.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders sold 59,427 shares of company stock valued at $1,024,086. Company insiders own 3.07% of the company’s stock.

Lyft Profile

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. The company's platform provides a ridesharing marketplace, which connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.