Engineers Gate Manager LP Raises Position in Lyft, Inc. $LYFT

Engineers Gate Manager LP boosted its holdings in Lyft, Inc. (NASDAQ:LYFT) by 270.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 457,534 shares of the ride-sharing company’s stock after purchasing an additional 333,977 shares during the period. Engineers Gate Manager LP’s holdings in Lyft were worth $6,685,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System grew its stake in shares of Lyft by 1,333.6% during the second quarter. California State Teachers Retirement System now owns 6,441,315 shares of the ride-sharing company’s stock valued at $94,108,000 after buying an additional 5,992,016 shares during the last quarter. Norges Bank purchased a new stake in Lyft during the 4th quarter valued at about $109,987,000. Swedbank AB purchased a new stake in Lyft during the 4th quarter valued at about $108,472,000. Contour Asset Management LLC purchased a new stake in Lyft during the 4th quarter valued at about $75,870,000. Finally, Principal Financial Group Inc. grew its position in Lyft by 250.0% during the 1st quarter. Principal Financial Group Inc. now owns 4,246,519 shares of the ride-sharing company’s stock worth $56,479,000 after acquiring an additional 3,033,333 shares during the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

LYFT has been the topic of a number of analyst reports. Morgan Stanley lifted their price target on Lyft from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Guggenheim reissued a “buy” rating on shares of Lyft in a research note on Wednesday, June 10th. Susquehanna restated a “neutral” rating and issued a $18.00 target price on shares of Lyft in a report on Monday, August 10th. Citigroup started coverage on shares of Lyft in a research note on Wednesday, June 17th. They issued a “buy” rating on the stock. Finally, Piper Sandler reiterated an “overweight” rating and set a $21.00 price target (up from $20.00) on shares of Lyft in a report on Friday, August 7th. Thirteen equities research analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $19.69.

Lyft Price Performance

Shares of NASDAQ LYFT opened at $15.32 on Friday. Lyft, Inc. has a 1 year low of $12.46 and a 1 year high of $25.54. The stock has a market capitalization of $5.80 billion, a P/E ratio of 2.23, a P/E/G ratio of 1.02 and a beta of 1.83. The company’s 50-day moving average is $16.28 and its 200 day moving average is $14.69. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.59 and a quick ratio of 0.59.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings data on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same period in the previous year, the firm posted $0.10 earnings per share. The business’s revenue was up 16.1% compared to the same quarter last year. On average, sell-side analysts expect that Lyft, Inc. will post 0.73 earnings per share for the current year.

Insider Activity at Lyft

In related news, Director David Lawee sold 4,613 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $17.33, for a total value of $79,943.29. Following the sale, the director directly owned 119,124 shares of the company’s stock, valued at $2,064,418.92. This represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lindsay Llewellyn sold 13,204 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $16.64, for a total value of $219,714.56. Following the transaction, the insider directly owned 781,152 shares of the company’s stock, valued at $12,998,369.28. This represents a 1.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,020 shares of company stock valued at $1,630,959 over the last ninety days. Insiders own 0.92% of the company’s stock.

Key Lyft News

Here are the key news stories impacting Lyft this week:

• Positive Sentiment: Lyft launched access to Waymo driverless rides in Nashville, allowing riders to request autonomous trips through the Lyft platform. The rollout could expand Lyft’s mobility offerings and generate demand without requiring the company to own and operate an autonomous vehicle fleet. Lyft launches driverless Waymo rides in Nashville
• Positive Sentiment: A technical analysis report says Lyft’s pullback could be short-lived, potentially supporting the stock if momentum improves. This is a trading signal rather than a change in the company’s fundamentals. Lyft Stock Pullback Could Be Short-Lived Says Signal
• Positive Sentiment: Scotiabank initiated coverage with a “hold” rating and a $17 price target, indicating moderate potential upside from the referenced price level, although the neutral rating limits the bullish significance.
• Neutral Sentiment: Lyft named Michael Brous as chief financial officer as Erin Brewer retires. The transition could affect investor confidence, but no new financial outlook was provided. Lyft Names Michael Brous As Chief Financial Officer
• Neutral Sentiment: Lyft presented at the Goldman Sachs Communacopia + Technology Conference. The transcript may provide strategic context, but the supplied report does not identify new guidance or material financial changes. Lyft Goldman Sachs Conference Transcript
• Neutral Sentiment: The reported short-interest data shows zero shares and a zero-day short ratio, which appears inconsistent with the description of a large increase and should not be treated as a reliable trading catalyst.
• Negative Sentiment: California regulators certified a union representing Uber and Lyft drivers after tens of thousands of signatures were gathered. Greater labor representation could increase costs, reduce operational flexibility, or lead to disputes over driver compensation and benefits. California clears the way for Uber and Lyft driver union
• Negative Sentiment: Reports concerning Lyft drivers accused or convicted in alleged abduction and other criminal incidents may weigh on Lyft’s brand, rider trust, and safety-related expenses, although the cases do not establish company liability. Lyft driver accused of abducting two women
• Negative Sentiment: A Seeking Alpha analysis argues Lyft could become primarily a support or “janitorial” platform for Waymo rather than capture the economics of autonomous driving, highlighting concerns about limited upside from the partnership. Lyft Is Becoming Waymo’s Janitor

About Lyft

Lyft, Inc is a transportation technology company that operates a digital platform connecting passengers with drivers. Its core service is app-based ridesharing, allowing users to request rides, receive estimated fares, track trips and pay electronically. Lyft also offers transportation options such as scheduled rides, airport services and premium ride categories.

In addition to ridesharing, Lyft provides access to bikes and scooters in select markets and offers transportation-management tools through Lyft Business.