Engine Capital Management LP Trims Stake in Lyft, Inc. (NASDAQ:LYFT)

Engine Capital Management LP lessened its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 29.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,088,200 shares of the ride-sharing company’s stock after selling 447,635 shares during the period. Lyft accounts for 2.6% of Engine Capital Management LP’s holdings, making the stock its 14th biggest position. Engine Capital Management LP’s holdings in Lyft were worth $14,038,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Van ECK Associates Corp grew its stake in shares of Lyft by 14.0% during the 4th quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company’s stock valued at $5,146,000 after acquiring an additional 49,138 shares during the period. Pacer Advisors Inc. boosted its position in shares of Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock worth $121,369,000 after purchasing an additional 2,302,248 shares during the period. Paragon Capital Management Inc. purchased a new stake in shares of Lyft in the fourth quarter worth $1,681,000. Renaissance Technologies LLC raised its position in shares of Lyft by 282.0% during the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company’s stock valued at $111,240,000 after purchasing an additional 6,365,727 shares during the period. Finally, Federated Hermes Inc. lifted its stake in shares of Lyft by 1,957.5% during the 4th quarter. Federated Hermes Inc. now owns 288,827 shares of the ride-sharing company’s stock valued at $3,726,000 after buying an additional 274,789 shares in the last quarter. Institutional investors own 83.07% of the company’s stock.

Lyft Price Performance

LYFT opened at $13.00 on Friday. The company has a market capitalization of $5.43 billion, a price-to-earnings ratio of 216.67, a PEG ratio of 1.90 and a beta of 2.14. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a 12-month low of $8.93 and a 12-month high of $19.07. The business’s fifty day simple moving average is $11.75 and its 200-day simple moving average is $13.57.

Lyft (NASDAQ:LYFT) last issued its earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.19). Lyft had a return on equity of 8.03% and a net margin of 0.39%. During the same quarter in the prior year, the firm earned $0.15 EPS. The business’s quarterly revenue was up 13.5% compared to the same quarter last year. On average, equities research analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft announced that its board has approved a share buyback plan on Tuesday, February 11th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the ride-sharing company to reacquire up to 8.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Logan Green sold 11,411 shares of the business’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total value of $152,222.74. Following the completion of the transaction, the director now directly owns 297,640 shares of the company’s stock, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $12.52, for a total value of $30,348.48. Following the sale, the director now directly owns 911,922 shares in the company, valued at approximately $11,417,263.44. The trade was a 0.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,143 shares of company stock valued at $486,841 over the last 90 days. Corporate insiders own 3.07% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on LYFT shares. Citigroup restated an “overweight” rating on shares of Lyft in a research report on Wednesday, February 12th. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (down from $23.00) on shares of Lyft in a report on Wednesday, February 12th. Barclays lowered their target price on shares of Lyft from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 12th. Loop Capital cut their price objective on Lyft from $23.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Finally, Oppenheimer initiated coverage on Lyft in a report on Wednesday, April 16th. They set an “outperform” rating and a $15.00 price target for the company. One analyst has rated the stock with a sell rating, twenty-six have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $16.37.

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.