Adage Capital Partners GP L.L.C. Cuts Stock Position in Lyft, Inc. $LYFT

Adage Capital Partners GP L.L.C. lessened its stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 73.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 555,000 shares of the ride-sharing company's stock after selling 1,557,000 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.13% of Lyft worth $6,588,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of LYFT. Rakuten Group Inc. bought a new stake in shares of Lyft in the 1st quarter valued at about $130,434,000. Two Sigma Advisers LP lifted its stake in shares of Lyft by 828.5% in the 4th quarter. Two Sigma Advisers LP now owns 6,662,535 shares of the ride-sharing company's stock valued at $85,947,000 after acquiring an additional 5,945,000 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Lyft by 26.3% in the 1st quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock valued at $294,978,000 after acquiring an additional 5,178,118 shares during the last quarter. Two Sigma Investments LP lifted its stake in shares of Lyft by 156.9% in the 4th quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company's stock valued at $103,524,000 after acquiring an additional 4,901,358 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Lyft by 83,744.1% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,144,991 shares of the ride-sharing company's stock valued at $37,331,000 after acquiring an additional 3,141,240 shares during the last quarter. Institutional investors own 83.07% of the company's stock.

Insiders Place Their Bets

In other Lyft news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $15.85, for a total transaction of $449,442.60. Following the transaction, the insider owned 850,388 shares in the company, valued at approximately $13,478,649.80. This represents a 3.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John David Risher bought 5,926 shares of Lyft stock in a transaction on Wednesday, September 3rd. The shares were purchased at an average price of $16.88 per share, for a total transaction of $100,030.88. Following the acquisition, the chief executive officer directly owned 11,797,266 shares in the company, valued at approximately $199,137,850.08. This trade represents a 0.05% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 59,821 shares of company stock worth $960,566. Company insiders own 3.07% of the company's stock.

Lyft Trading Down 3.0%

LYFT traded down $0.57 during midday trading on Thursday, reaching $18.39. 11,110,673 shares of the company's stock traded hands, compared to its average volume of 18,344,955. Lyft, Inc. has a 52 week low of $9.66 and a 52 week high of $19.35. The firm has a fifty day moving average of $15.43 and a two-hundred day moving average of $14.14. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of 76.69, a P/E/G ratio of 3.00 and a beta of 2.33.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.17). Lyft had a return on equity of 14.32% and a net margin of 1.51%.The firm had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.61 billion. During the same quarter last year, the company posted $0.24 EPS. The firm's revenue was up 10.6% on a year-over-year basis. On average, equities analysts anticipate that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on LYFT. Oppenheimer lowered their target price on Lyft from $20.00 to $17.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Citigroup reaffirmed a "hold" rating and set a $14.00 price target (down previously from $22.00) on shares of Lyft in a research report on Friday, June 27th. TD Cowen raised Lyft from a "hold" rating to a "buy" rating and upped their price target for the company from $16.00 to $21.00 in a research report on Tuesday, June 24th. Wells Fargo & Company upped their price target on Lyft from $15.00 to $16.00 and gave the company an "equal weight" rating in a research report on Friday, September 5th. Finally, Canaccord Genuity Group lowered their price target on Lyft from $14.00 to $11.00 and set a "hold" rating for the company in a research report on Thursday, August 7th. Nine analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $17.07.

Lyft 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.