74,571 Shares in Lyft, Inc. $LYFT Purchased by OP Asset Management Ltd

Key Points

• OP Asset Management Ltd initiated a new position in Lyft during the first quarter, buying 74,571 shares worth about $992,000.
• Lyft’s latest quarterly results were mixed: revenue rose 17.2% year over year to $1.65 billion, but earnings came in well below expectations at $0.04 EPS versus the $0.30 consensus estimate.
• Analyst sentiment has improved somewhat, with recent upgrades from Rothschild & Co Redburn and BTIG Research to Buy, though the overall consensus rating remains Hold with a $19.40 target price.

OP Asset Management Ltd bought a new stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 74,571 shares of the ride-sharing company's stock, valued at approximately $992,000.

Several other hedge funds have also made changes to their positions in the company. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Lyft during the 4th quarter valued at approximately $26,000. International Assets Investment Management LLC purchased a new position in Lyft in the fourth quarter worth approximately $40,000. Huntington National Bank increased its stake in Lyft by 171.8% during the fourth quarter. Huntington National Bank now owns 2,174 shares of the ride-sharing company's stock worth $42,000 after acquiring an additional 1,374 shares during the last quarter. CI Investments Inc. increased its stake in Lyft by 39.1% during the third quarter. CI Investments Inc. now owns 2,321 shares of the ride-sharing company's stock worth $51,000 after acquiring an additional 653 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in Lyft by 410.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,217 shares of the ride-sharing company's stock worth $51,000 after acquiring an additional 2,587 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company's stock.

Lyft Price Performance

Lyft stock opened at $15.25 on Tuesday. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.33. Lyft, Inc. has a 52-week low of $12.46 and a 52-week high of $25.54. The firm has a market cap of $5.79 billion, a PE ratio of 2.23, a price-to-earnings-growth ratio of 0.85 and a beta of 1.82. The company's 50 day moving average is $14.03 and its two-hundred day moving average is $15.32.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.26). Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm earned $0.01 EPS. The business's revenue was up 17.2% on a year-over-year basis. On average, research analysts expect that Lyft, Inc. will post 0.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jill Beggs sold 2,093 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total transaction of $28,799.68. Following the completion of the transaction, the director directly owned 30,092 shares of the company's stock, valued at $414,065.92. The trade was a 6.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 dated Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total value of $75,129.60. Following the sale, the chief accounting officer owned 335,463 shares in the company, valued at approximately $4,615,970.88. This trade represents a 1.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 69,196 shares of company stock valued at $992,371. 0.92% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LYFT. Rothschild & Co Redburn raised Lyft from a "neutral" rating to a "buy" rating and set a $22.00 price target on the stock in a research note on Wednesday, June 17th. Citigroup started coverage on Lyft in a research report on Wednesday, June 17th. They set a "buy" rating for the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Lyft in a research report on Wednesday, May 6th. William Blair cut shares of Lyft to a "market perform" rating in a research report on Wednesday, June 17th. Finally, BTIG Research raised shares of Lyft from a "neutral" rating to a "buy" rating in a research note on Wednesday, June 17th. Thirteen research analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Lyft currently has a consensus rating of "Hold" and a consensus target price of $19.40.

About Lyft

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.

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