Engine Capital Management LP Sells 447,635 Shares of Lyft, Inc. (NASDAQ:LYFT)

Engine Capital Management LP decreased its holdings in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 29.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 portfolio, making the stock its 14th largest position. Engine Capital Management LP owned approximately 0.26% of Lyft worth $14,038,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in LYFT. Everence Capital Management Inc. bought a new stake in shares of Lyft during the fourth quarter valued at approximately $171,000. Nordea Investment Management AB increased its position in shares of Lyft by 59.6% during the fourth quarter. Nordea Investment Management AB now owns 382,463 shares of the ride-sharing company's stock valued at $5,006,000 after acquiring an additional 142,880 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in shares of Lyft during the fourth quarter valued at approximately $31,000. Miracle Mile Advisors LLC increased its position in shares of Lyft by 11.0% during the fourth quarter. Miracle Mile Advisors LLC now owns 12,864 shares of the ride-sharing company's stock valued at $166,000 after acquiring an additional 1,277 shares in the last quarter. Finally, Pallas Capital Advisors LLC increased its position in shares of Lyft by 42.8% during the fourth quarter. Pallas Capital Advisors LLC now owns 31,181 shares of the ride-sharing company's stock valued at $402,000 after acquiring an additional 9,342 shares in the last quarter. Institutional investors own 83.07% of the company's stock.

Insider Buying and Selling at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft stock in a transaction on 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of Lyft stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $12.45, for a total transaction of $283,063.20. Following the completion of the sale, the insider now owns 959,697 shares in the company, valued at approximately $11,948,227.65. This represents a 2.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,143 shares of company stock worth $486,841. Insiders own 3.07% of the company's stock.

Lyft Price Performance

Shares of LYFT traded up $0.56 during trading hours on Monday, reaching $17.21. 45,531,718 shares of the stock traded hands, compared to its average volume of 15,955,195. 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 52-week low of $8.93 and a 52-week high of $19.07. The company's 50-day moving average price is $11.84 and its two-hundred day moving average price is $13.59. The company has a market cap of $7.19 billion, a P/E ratio of 286.83, a price-to-earnings-growth ratio of 1.90 and a beta of 2.14.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share (EPS) 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 the consensus estimate of $1.47 billion. Lyft had a net margin of 0.39% and a return on equity of 8.03%. The business's revenue was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.15 earnings per share. On average, analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current year.

Lyft announced that its board has authorized a share repurchase program on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Barclays raised their price target on shares of Lyft from $19.00 to $20.00 and gave the company an "equal weight" rating in a research report on Friday. JPMorgan Chase & Co. lifted their target price on shares of Lyft from $14.00 to $16.00 and gave the stock a "neutral" rating in a research report on Friday. Oppenheimer reaffirmed an "outperform" rating and issued a $17.00 target price (up previously from $15.00) on shares of Lyft in a research report on Friday. Evercore ISI cut their target price on shares of Lyft from $19.00 to $15.00 and set an "in-line" rating for the company in a research report on Wednesday, February 12th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $18.00 target price (down previously from $23.00) on shares of Lyft in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Lyft presently has a consensus rating of "Hold" and a consensus price target of $16.56.

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.