Havemeyer Place LP Acquires New Position in Lyft, Inc. $LYFT

Havemeyer Place LP acquired a new stake in Lyft, Inc. (NASDAQ:LYFT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 66,561 shares of the ride-sharing company’s stock, valued at approximately $1,289,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. AQR Capital Management LLC grew its position in Lyft by 7.4% in the 3rd quarter. AQR Capital Management LLC now owns 25,783,363 shares of the ride-sharing company’s stock valued at $567,492,000 after acquiring an additional 1,773,438 shares in the last quarter. Norges Bank acquired a new position in shares of Lyft during the fourth quarter worth about $109,987,000. Swedbank AB acquired a new position in shares of Lyft during the fourth quarter worth about $108,472,000. Jacobs Levy Equity Management Inc. grew its position in shares of Lyft by 1.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 4,914,553 shares of the ride-sharing company’s stock worth $108,169,000 after buying an additional 84,375 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Lyft by 9.6% during the third quarter. Dimensional Fund Advisors LP now owns 4,336,110 shares of the ride-sharing company’s stock worth $95,459,000 after buying an additional 381,461 shares in the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Lyft Stock Performance

Lyft stock opened at $13.65 on Monday. The stock has a market cap of $5.18 billion, a PE ratio of 1.99, a P/E/G ratio of 0.85 and a beta of 1.82. The stock has a 50-day moving average price of $13.83 and a 200 day moving average price of $16.12. Lyft, Inc. has a 52 week low of $12.46 and a 52 week high of $25.54. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.33.

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

Lyft announced that its Board of Directors has initiated a share repurchase program on Tuesday, February 10th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the ride-sharing company to purchase up to 15.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Lindsay Catherine Llewellyn sold 11,491 shares of Lyft stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $15.00, for a total transaction of $172,365.00. Following the completion of the sale, the insider owned 853,731 shares in the company, valued at approximately $12,805,965. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen W. Hope sold 5,460 shares of Lyft stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total value of $75,129.60. Following the sale, the chief accounting officer owned 335,463 shares of the company’s stock, valued at approximately $4,615,970.88. This represents a 1.60% 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 sold 54,196 shares of company stock worth $788,521. 0.92% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

LYFT has been the subject of a number of analyst reports. Evercore set a $21.00 price objective on Lyft in a research report on Wednesday, February 11th. TD Cowen reaffirmed a “buy” rating on shares of Lyft in a report on Wednesday, February 11th. Roth Mkm reiterated a “buy” rating and issued a $23.00 price objective on shares of Lyft in a research note on Friday, May 8th. Wedbush reduced their price objective on Lyft from $16.00 to $13.00 and set an “underperform” rating for the company in a research note on Wednesday, February 11th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lyft in a research note on Wednesday, February 11th. Eight analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Lyft presently has an average rating of “Hold” and an average target price of $18.83.

About Lyft

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.