Main Management ETF Advisors LLC Reduces Holdings in Lyft, Inc. (NASDAQ:LYFT)

Main Management ETF Advisors LLC reduced its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 8.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,368 shares of the ride-sharing company’s stock after selling 5,696 shares during the period. Main Management ETF Advisors LLC’s holdings in Lyft were worth $817,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LYFT. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Lyft during the 4th quarter valued at about $29,000. Plato Investment Management Ltd bought a new stake in Lyft during the 4th quarter worth approximately $35,000. Byrne Asset Management LLC bought a new stake in Lyft during the 4th quarter worth approximately $35,000. Harbour Investments Inc. lifted its holdings in Lyft by 259.7% during the fourth quarter. Harbour Investments Inc. now owns 2,770 shares of the ride-sharing company’s stock valued at $36,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Lyft in the fourth quarter worth approximately $41,000. 83.07% of the stock is owned by hedge funds and other institutional investors.

Lyft Trading Down 1.0%

LYFT opened at $17.03 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.76. The stock’s 50 day moving average price is $12.03 and its 200-day moving average price is $13.64. Lyft, Inc. has a one year low of $8.93 and a one year high of $19.07. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 283.83, a P/E/G ratio of 1.90 and a beta of 2.14.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Thursday, May 8th. The ride-sharing company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.19). Lyft had a net margin of 0.39% and a return on equity of 8.03%. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same period last year, the company earned $0.15 EPS. The business’s revenue was up 13.5% compared to the same quarter last year. On average, equities analysts forecast that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft announced that its board has authorized a share repurchase program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Oppenheimer restated an “outperform” rating and set a $17.00 price objective (up from $15.00) on shares of Lyft in a research report on Friday, May 9th. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Friday, May 9th. Wells Fargo & Company dropped their price objective on Lyft from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, April 3rd. Citigroup reiterated an “overweight” rating on shares of Lyft in a research report on Wednesday, February 12th. Finally, Barclays boosted their price target on Lyft from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, twenty-five have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $16.56.

Insider Transactions at Lyft

In other Lyft news, insider Lindsay Catherine Llewellyn sold 22,736 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $12.45, for a total value of $283,063.20. Following the completion of the sale, the insider now directly owns 959,697 shares in the company, valued at approximately $11,948,227.65. This represents a 2.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Logan Green sold 11,411 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the sale, the director now directly owns 297,640 shares of the company’s stock, valued at approximately $3,970,517.60. This trade represents a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,143 shares of company stock worth $486,841. Insiders own 3.07% of the company’s stock.

Lyft Company 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.