Invenomic Capital Management LP Sells 2,151,795 Shares of Lyft, Inc. (NASDAQ:LYFT)

Invenomic Capital Management LP lessened its stake in Lyft, Inc. (NASDAQ:LYFT) by 51.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,048,165 shares of the ride-sharing company’s stock after selling 2,151,795 shares during the period. Lyft makes up approximately 1.3% of Invenomic Capital Management LP’s holdings, making the stock its 17th largest position. Invenomic Capital Management LP owned about 0.49% of Lyft worth $26,421,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in LYFT. Vanguard Group Inc. increased its position in Lyft by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company’s stock valued at $464,434,000 after acquiring an additional 984,907 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Lyft by 32.4% during the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company’s stock valued at $121,369,000 after purchasing an additional 2,302,248 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Lyft by 15.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 9,338,222 shares of the ride-sharing company’s stock valued at $120,463,000 after purchasing an additional 1,224,056 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Lyft by 282.0% in the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company’s stock worth $111,240,000 after purchasing an additional 6,365,727 shares during the period. Finally, Capital World Investors boosted its holdings in shares of Lyft by 49.4% in the fourth quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company’s stock worth $87,404,000 after buying an additional 2,240,478 shares during the last quarter. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Lyft Stock Performance

Shares of Lyft stock opened at $16.64 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.74. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $19.07. The firm has a market capitalization of $6.96 billion, a P/E ratio of 277.33, a PEG ratio of 1.90 and a beta of 2.14. The company has a 50 day moving average price of $11.84 and a 200 day moving average price of $13.59.

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

Lyft announced that its board has initiated a stock repurchase program on Tuesday, February 11th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares buyback programs are generally an indication 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 Lyft stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction 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 $3,970,517.60. The trade was a 3.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $12.45, for a total transaction of $283,063.20. Following the sale, the insider now directly owns 959,697 shares in the company, valued at $11,948,227.65. This trade represents a 2.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,143 shares of company stock valued at $486,841 over the last quarter. 3.07% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

LYFT has been the subject of a number of research reports. Roth Capital reaffirmed a “neutral” rating on shares of Lyft in a report on Wednesday, February 12th. Wedbush decreased their target price on Lyft from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, February 12th. BMO Capital Markets cut their price target on Lyft from $18.00 to $15.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. Wells Fargo & Company decreased their price objective on Lyft from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 3rd. Finally, Loop Capital lowered their price objective on Lyft from $23.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Lyft presently has a consensus rating of “Hold” and an average target price of $16.47.

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.