49,800 Lyft, Inc. $LYFT Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. trimmed its holdings in Lyft, Inc. (NASDAQ:LYFT) by 3.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,562,500 shares of the ride-sharing company’s stock after selling 49,800 shares during the quarter. Hennessy Advisors Inc. owned approximately 0.41% of Lyft worth $23,453,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Lyft by 58.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,720,478 shares of the ride-sharing company’s stock worth $89,360,000 after buying an additional 2,467,010 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Lyft by 36.6% during the first quarter. Bank of New York Mellon Corp now owns 2,289,671 shares of the ride-sharing company’s stock valued at $30,453,000 after buying an additional 613,494 shares during the period. West Tower Group LLC increased its stake in shares of Lyft by 207.6% during the first quarter. West Tower Group LLC now owns 138,432 shares of the ride-sharing company’s stock valued at $1,841,000 after buying an additional 93,432 shares during the period. Engineers Gate Manager LP increased its stake in shares of Lyft by 270.3% during the second quarter. Engineers Gate Manager LP now owns 457,534 shares of the ride-sharing company’s stock valued at $6,685,000 after buying an additional 333,977 shares during the period. Finally, Junto Capital Management LP bought a new stake in shares of Lyft in the second quarter valued at about $36,926,000. 83.07% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

LYFT has been the subject of several recent research reports. Guggenheim lowered Lyft from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $22.00 to $16.00 in a research report on Thursday, September 17th. Bank of America raised Lyft from an “underperform” rating to a “buy” rating in a research report on Friday, August 7th. Susquehanna reiterated a “neutral” rating and issued a $18.00 target price on shares of Lyft in a research note on Monday, August 10th. UBS Group boosted their target price on shares of Lyft from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Finally, Canaccord Genuity Group increased their price target on shares of Lyft from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Monday, August 10th. Ten analysts have rated the stock with a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $19.20.

Lyft Price Performance

Shares of NASDAQ:LYFT opened at $16.16 on Monday. Lyft, Inc. has a 52-week low of $12.46 and a 52-week high of $25.54. The stock has a market cap of $6.12 billion, a P/E ratio of 2.35, a PEG ratio of 1.00 and a beta of 2.06. The business has a fifty day moving average of $16.21 and a two-hundred day moving average of $15.16. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.33.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.81 billion. Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.10 EPS. On average, research analysts expect that Lyft, Inc. will post 0.81 earnings per share for the current year.

Insider Activity

In related news, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $14.64, for a total value of $219,600.00. Following the completion of the transaction, the chief financial officer directly owned 837,303 shares in the company, valued at approximately $12,258,115.92. This trade represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen Hope sold 5,982 shares of Lyft stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $17.34, for a total value of $103,727.88. Following the completion of the transaction, the chief accounting officer owned 299,974 shares of the company’s stock, valued at $5,201,549.16. The trade was a 1.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 75,806 shares of company stock worth $1,266,066 over the last 90 days. Company insiders own 0.92% of the company’s stock.

About Lyft

Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.

The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.