Pallas Capital Advisors LLC Sells 39,985 Shares of Lyft, Inc. $LYFT

Pallas Capital Advisors LLC reduced its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 22.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 141,783 shares of the ride-sharing company’s stock after selling 39,985 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Lyft were worth $3,121,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Empowered Funds LLC lifted its position in Lyft by 13.7% during the first quarter. Empowered Funds LLC now owns 24,213 shares of the ride-sharing company’s stock worth $287,000 after purchasing an additional 2,921 shares during the period. Focus Partners Wealth increased its holdings in Lyft by 44.0% in the 1st quarter. Focus Partners Wealth now owns 51,102 shares of the ride-sharing company’s stock valued at $607,000 after buying an additional 15,621 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Lyft in the 2nd quarter valued at approximately $470,000. IFP Advisors Inc lifted its holdings in shares of Lyft by 316.8% during the 2nd quarter. IFP Advisors Inc now owns 6,835 shares of the ride-sharing company’s stock worth $108,000 after acquiring an additional 5,195 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its position in shares of Lyft by 92.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 34,536 shares of the ride-sharing company’s stock worth $544,000 after acquiring an additional 16,570 shares in the last quarter. Institutional investors own 83.07% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Needham & Company LLC restated a “hold” rating on shares of Lyft in a research report on Wednesday, February 11th. Cantor Fitzgerald decreased their price target on Lyft from $21.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 11th. Mizuho lowered their price target on Lyft from $27.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. Piper Sandler restated an “overweight” rating on shares of Lyft in a research report on Wednesday, February 11th. Finally, BMO Capital Markets lifted their target price on Lyft from $20.00 to $23.00 and gave the company a “market perform” rating in a research report on Thursday, November 6th. Ten investment analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $19.98.

Insider Activity

In other news, Director David Lawee sold 6,578 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $22.55, for a total value of $148,333.90. Following the completion of the transaction, the director owned 104,460 shares of the company’s stock, valued at $2,355,573. This represents a 5.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jill Beggs sold 1,466 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $20.25, for a total transaction of $29,686.50. Following the completion of the transaction, the director owned 34,278 shares of the company’s stock, valued at approximately $694,129.50. This trade represents a 4.10% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 187,443 shares of company stock valued at $4,178,618. 3.07% of the stock is currently owned by company insiders.

Lyft Trading Up 1.7%

NASDAQ LYFT opened at $13.27 on Tuesday. The company has a market cap of $5.30 billion, a price-to-earnings ratio of 1.95, a price-to-earnings-growth ratio of 0.83 and a beta of 1.93. Lyft, Inc. has a twelve month low of $9.66 and a twelve month high of $25.54. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.31. The business’s fifty day moving average is $18.31 and its 200 day moving average is $19.06.

Lyft announced that its Board of Directors has authorized a stock 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 reacquire up to 15.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.