Invenomic Capital Management LP Cuts Stake in Lyft, Inc. $LYFT

Invenomic Capital Management LP cut its holdings in shares of Lyft, Inc. (NASDAQ:LYFT) by 37.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,411,677 shares of the ride-sharing company’s stock after selling 832,638 shares during the period. Lyft accounts for approximately 1.5% of Invenomic Capital Management LP’s investment portfolio, making the stock its 16th biggest holding. Invenomic Capital Management LP owned about 0.35% of Lyft worth $31,071,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in LYFT. Quent Capital LLC purchased a new position in Lyft during the 3rd quarter worth $34,000. Abich Financial Wealth Management LLC purchased a new stake in Lyft in the third quarter valued at about $50,000. CI Investments Inc. boosted its holdings in Lyft by 39.1% in the third quarter. CI Investments Inc. now owns 2,321 shares of the ride-sharing company’s stock worth $51,000 after acquiring an additional 653 shares in the last quarter. Optiver Holding B.V. acquired a new stake in Lyft in the third quarter worth about $54,000. Finally, Compagnie Lombard Odier SCmA purchased a new stake in shares of Lyft during the third quarter worth about $55,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on LYFT. TD Cowen reaffirmed a “buy” rating on shares of Lyft in a research report on Wednesday, February 11th. Morgan Stanley set a $17.00 price target on shares of Lyft in a research note on Wednesday, February 11th. Arete Research set a $20.00 price target on shares of Lyft and gave the stock a “neutral” rating in a report on Wednesday, December 3rd. Wedbush dropped their price objective on shares of Lyft from $16.00 to $13.00 and set an “underperform” rating on the stock in a report on Wednesday, February 11th. Finally, DA Davidson reduced their target price on Lyft from $22.00 to $19.00 and set a “neutral” rating for the company in a research note on Wednesday, February 11th. Ten investment analysts have rated the stock with a Buy rating, twenty-two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Lyft has an average rating of “Hold” and a consensus target price of $19.63.

Lyft Trading Up 0.9%

NASDAQ LYFT opened at $13.07 on Monday. Lyft, Inc. has a 1 year low of $9.66 and a 1 year high of $25.54. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.65 and a quick ratio of 0.65. The company has a market capitalization 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 fifty day moving average of $15.94 and a 200 day moving average of $18.85.

Lyft announced that its board has approved a stock buyback plan on Tuesday, February 10th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the ride-sharing company to buy up to 15.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Lyft

In other Lyft news, Director Jill Beggs sold 2,093 shares of Lyft stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $13.89, for a total transaction of $29,071.77. Following the completion of the transaction, the director owned 32,185 shares in the company, valued at approximately $447,049.65. This trade represents a 6.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 23,661 shares of the business’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $13.30, for a total value of $314,691.30. Following the completion of the transaction, the insider directly owned 696,850 shares of the company’s stock, valued at approximately $9,268,105. This trade represents a 3.28% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 31,038 shares of company stock worth $416,841. Insiders own 3.07% of the company’s stock.

Lyft 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.