HITE Hedge Asset Management LLC Acquires Shares of 96,631 Lyft, Inc. $LYFT

HITE Hedge Asset Management LLC acquired a new stake in shares of Lyft, Inc. (NASDAQ:LYFT) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 96,631 shares of the ride-sharing company’s stock, valued at approximately $1,872,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Brown Brothers Harriman & Co. grew its position in shares of Lyft by 23.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,399 shares of the ride-sharing company’s stock valued at $75,000 after purchasing an additional 639 shares during the period. CI Investments Inc. grew its position in shares of Lyft by 39.1% in the 3rd quarter. CI Investments Inc. now owns 2,321 shares of the ride-sharing company’s stock valued at $51,000 after purchasing an additional 653 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Lyft by 5.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 12,808 shares of the ride-sharing company’s stock valued at $248,000 after purchasing an additional 681 shares during the period. Allegiance Financial Group Advisory Services LLC grew its position in shares of Lyft by 4.3% in the 4th quarter. Allegiance Financial Group Advisory Services LLC now owns 18,153 shares of the ride-sharing company’s stock valued at $352,000 after purchasing an additional 756 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in shares of Lyft by 0.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,399 shares of the ride-sharing company’s stock valued at $3,684,000 after purchasing an additional 771 shares during the period. 83.07% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Lyft news, insider Lindsay Catherine Llewellyn sold 23,661 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $15.00, for a total transaction of $354,915.00. Following the completion of the transaction, the insider owned 916,022 shares of the company’s stock, valued at $13,740,330. This represents a 2.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen W. Hope sold 5,460 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total value of $75,129.60. Following the transaction, the chief accounting officer directly owned 335,463 shares of the company’s stock, valued at approximately $4,615,970.88. This trade represents a 1.60% 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 a total of 54,196 shares of company stock valued at $788,521 in the last quarter. 0.92% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on LYFT shares. Oppenheimer set a $20.00 price objective on Lyft in a research report on Friday, May 8th. Zacks Research upgraded Lyft from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 20th. DA Davidson decreased their price objective on Lyft from $19.00 to $14.50 and set a “neutral” rating for the company in a research report on Monday, May 18th. Guggenheim reiterated a “buy” rating on shares of Lyft in a research report on Wednesday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Lyft in a research report on Wednesday, May 6th. Nine 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $18.83.

Lyft Trading Down 1.2%

NASDAQ:LYFT opened at $13.54 on Friday. Lyft, Inc. has a twelve month low of $12.46 and a twelve month high of $25.54. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.33. The business has a 50 day moving average price of $13.90 and a two-hundred day moving average price of $15.91. The company has a market cap of $5.14 billion, a P/E ratio of 1.98, a price-to-earnings-growth ratio of 0.81 and a beta of 1.82.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.26). Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the company earned $0.01 EPS. The company’s revenue was up 17.2% compared to the same quarter last year. As a group, analysts expect that Lyft, Inc. will post 0.69 EPS for the current fiscal year.

Lyft Company 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.