Invenomic Capital Management LP Lowers Holdings in Lyft, Inc. (NASDAQ:LYFT)

Invenomic Capital Management LP cut its position in Lyft, Inc. (NASDAQ:LYFT) by 73.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 535,015 shares of the ride-sharing company’s stock after selling 1,447,230 shares during the quarter. Invenomic Capital Management LP owned about 0.13% of Lyft worth $10,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. FinTrust Capital Advisors LLC increased its holdings in shares of Lyft by 277.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock worth $26,000 after buying an additional 1,000 shares during the last quarter. Allworth Financial LP boosted its position in Lyft by 685.2% during the 4th quarter. Allworth Financial LP now owns 1,916 shares of the ride-sharing company’s stock valued at $29,000 after buying an additional 1,672 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Lyft during the 1st quarter valued at $41,000. GAMMA Investing LLC lifted its position in shares of Lyft by 42.9% in the 1st quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock worth $43,000 after purchasing an additional 664 shares during the period. Finally, a16z Perennial Management L.P. purchased a new stake in shares of Lyft in the 4th quarter worth about $34,000. Institutional investors own 83.07% of the company’s stock.

Lyft Price Performance

LYFT stock traded down $0.16 during trading on Tuesday, reaching $11.94. The company’s stock had a trading volume of 10,477,527 shares, compared to its average volume of 15,338,598. Lyft, Inc. has a 1 year low of $8.85 and a 1 year high of $20.82. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.92. The company has a market capitalization of $4.82 billion, a P/E ratio of -25.49 and a beta of 2.06. The company’s fifty day moving average is $14.04 and its 200-day moving average is $15.52.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Tuesday, May 7th. The ride-sharing company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. Lyft had a negative return on equity of 23.77% and a negative net margin of 3.94%. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.17 billion. On average, research analysts expect that Lyft, Inc. will post -0.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

LYFT has been the subject of a number of recent research reports. Melius initiated coverage on shares of Lyft in a research report on Monday, July 22nd. They set a “hold” rating and a $15.00 price target for the company. Gordon Haskett upgraded shares of Lyft from a “hold” rating to a “buy” rating and raised their price objective for the company from $17.00 to $20.00 in a research note on Friday, June 7th. Loop Capital upgraded shares of Lyft from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Friday, June 7th. Melius Research assumed coverage on shares of Lyft in a research note on Monday, July 22nd. They set a “hold” rating and a $15.00 price objective for the company. Finally, Wolfe Research started coverage on shares of Lyft in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. One analyst has rated the stock with a sell rating, twenty have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $18.04.

Insider Activity

In other news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total transaction of $142,330.61. Following the completion of the transaction, the chief accounting officer now owns 351,853 shares in the company, valued at $5,513,536.51. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Lisa Blackwood-Kapral sold 9,083 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $15.67, for a total transaction of $142,330.61. Following the completion of the transaction, the chief accounting officer now owns 351,853 shares in the company, valued at $5,513,536.51. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Patrick Zimmer sold 7,923 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $16.54, for a total value of $131,046.42. Following the transaction, the director now owns 924,621 shares of the company’s stock, valued at approximately $15,293,231.34. The disclosure for this sale can be found here. Insiders sold a total of 43,333 shares of company stock worth $680,974 over the last 90 days. Corporate insiders own 3.07% of the company’s stock.

About Lyft

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.