Lyft, Inc. $LYFT Shares Sold by Invenomic Capital Management LP

Invenomic Capital Management LP cut its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 37.1% during the third quarter, Holdings Channel.com reports. The fund owned 1,411,677 shares of the ride-sharing company’s stock after selling 832,638 shares during the period. Lyft comprises approximately 1.5% of Invenomic Capital Management LP’s holdings, making the stock its 16th biggest position. Invenomic Capital Management LP’s holdings in Lyft were worth $31,071,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. AQR Capital Management LLC grew its holdings in Lyft by 144.9% in the second quarter. AQR Capital Management LLC now owns 24,009,925 shares of the ride-sharing company’s stock valued at $378,396,000 after purchasing an additional 14,205,143 shares during the period. Victory Capital Management Inc. raised 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 acquiring an additional 2,962,266 shares during the period. Norges Bank purchased a new position in Lyft during the second quarter valued at $44,209,000. Marshall Wace LLP lifted its holdings in Lyft by 75.7% during the second quarter. Marshall Wace LLP now owns 5,464,934 shares of the ride-sharing company’s stock valued at $86,127,000 after purchasing an additional 2,353,769 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new stake in shares of Lyft in the third quarter valued at about $41,381,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Lyft in a research note on Thursday, January 22nd. Truist Financial lowered their price objective on Lyft from $23.00 to $18.00 and set a “hold” rating on the stock in a report on Wednesday, February 11th. Evercore set a $21.00 price objective on Lyft in a research note on Wednesday, February 11th. Wedbush reduced their target price on Lyft from $16.00 to $13.00 and set an “underperform” rating for the company in a report on Wednesday, February 11th. Finally, TD Cowen restated a “buy” rating on shares of Lyft in a research report on Wednesday, February 11th. Ten equities research analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.63.

Lyft Price Performance

NASDAQ:LYFT opened at $13.07 on Monday. Lyft, Inc. has a one year low of $9.66 and a one year high of $25.54. The stock has a market cap of $5.20 billion, a PE ratio of 1.92, a P/E/G ratio of 0.79 and a beta of 1.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a 50 day moving average price of $15.94 and a 200 day moving average price of $18.85.

Lyft announced that its board has authorized a stock repurchase plan on Tuesday, February 10th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the ride-sharing company to reacquire up to 15.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Lyft

In other Lyft news, Director Jill Beggs sold 2,093 shares of the firm’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $13.89, for a total value of $29,071.77. Following the completion of the sale, the director directly owned 32,185 shares of the company’s stock, valued at $447,049.65. This trade represents a 6.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 23,661 shares of Lyft stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $13.30, for a total value of $314,691.30. Following the transaction, the insider owned 696,850 shares in the company, valued at approximately $9,268,105. This represents a 3.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,038 shares of company stock worth $416,841 in the last three months. 3.07% of the stock is owned by corporate insiders.

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.