Shellback Capital LP Purchases Shares of 150,000 Lyft, Inc. (NASDAQ:LYFT)

Shellback Capital LP acquired a new position in Lyft, Inc. (NASDAQ:LYFT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 150,000 shares of the ride-sharing company’s stock, valued at approximately $1,935,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sherbrooke Park Advisers LLC grew its position in shares of Lyft by 39.6% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 111,105 shares of the ride-sharing company’s stock valued at $1,433,000 after buying an additional 31,500 shares during the last quarter. Point72 Italy S.r.l. bought a new stake in Lyft in the fourth quarter valued at approximately $2,450,000. Quantinno Capital Management LP acquired a new stake in Lyft during the 4th quarter valued at approximately $157,000. Nuveen Asset Management LLC raised its holdings in Lyft by 8.1% during the 4th quarter. Nuveen Asset Management LLC now owns 1,458,557 shares of the ride-sharing company’s stock worth $18,815,000 after purchasing an additional 109,434 shares during the last quarter. Finally, Numerai GP LLC acquired a new position in shares of Lyft in the 4th quarter worth approximately $135,000. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

LYFT has been the subject of a number of analyst reports. Cantor Fitzgerald lowered their target price on shares of Lyft from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, February 12th. JPMorgan Chase & Co. lifted their price objective on Lyft from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. UBS Group upped their target price on Lyft from $12.00 to $14.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Loop Capital lowered their price objective on shares of Lyft from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Finally, BMO Capital Markets cut their target price on shares of Lyft from $18.00 to $15.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, twenty-five have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $16.56.

Lyft Stock Performance

Shares of Lyft stock opened at $16.23 on Friday. The firm has a market capitalization of $6.78 billion, a P/E ratio of 270.50, a price-to-earnings-growth 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. The business’s fifty day simple moving average is $12.22 and its 200 day simple moving average is $13.68. Lyft, Inc. has a 12 month low of $8.93 and a 12 month high of $19.07.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.19). The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.47 billion. Lyft had a return on equity of 8.03% and a net margin of 0.39%. Lyft’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same period last year, the firm posted $0.15 earnings per share. As a group, analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft declared that its board has authorized a stock repurchase program on Tuesday, February 11th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Lyft

In related news, insider Lindsay Catherine Llewellyn sold 22,736 shares of Lyft stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $12.45, for a total value of $283,063.20. Following the completion of the sale, the insider now owns 959,697 shares of the company’s stock, valued at approximately $11,948,227.65. This trade represents a 2.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Logan Green sold 11,411 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $13.34, for a total value of $152,222.74. Following the completion of the sale, the director now owns 297,640 shares in the company, valued at $3,970,517.60. This represents a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,143 shares of company stock worth $486,841 over the last three months. 3.07% of the stock is currently owned by insiders.

Lyft Company Profile

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.