Engine Capital Management LP Boosts Stock Holdings in Lyft, Inc. $LYFT

Key Points

• Engine Capital Management LP significantly increased its stake in Lyft, Inc. by 206.5% in Q1 2023, owning approximately 3.3 million shares valued at $39.59 million.
• Other institutional investors also expanded their positions, with AQR Capital Management growing its stake by 103.3%, now holding nearly 9.8 million shares worth about $110.6 million.
• Despite a revenue increase of 10.6% year-over-year, Lyft reported earnings per share of $0.10 for the quarter, falling short of analyst expectations of $0.27.

Engine Capital Management LP boosted its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 206.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,335,675 shares of the ride-sharing company's stock after purchasing an additional 2,247,475 shares during the quarter. Lyft accounts for about 7.5% of Engine Capital Management LP's portfolio, making the stock its 6th largest holding. Engine Capital Management LP owned approximately 0.80% of Lyft worth $39,594,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of LYFT. Spurstone Advisory Services LLC acquired a new stake in Lyft in the 4th quarter worth about $25,000. GAMMA Investing LLC raised its stake in Lyft by 81.4% in the 1st quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company's stock worth $33,000 after purchasing an additional 1,237 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in Lyft in the 1st quarter worth about $35,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Lyft in the 1st quarter worth about $35,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Lyft by 79.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,982 shares of the ride-sharing company's stock worth $46,000 after purchasing an additional 1,769 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.

Insiders Place Their Bets

In other Lyft news, 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 cost of $16.88 per share, with a total value of $100,030.88. Following the acquisition, the chief executive officer directly owned 11,797,266 shares of the company's stock, valued at $199,137,850.08. The trade was a 0.05% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Erin Brewer sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $17.24, for a total transaction of $258,600.00. Following the sale, the chief financial officer directly owned 525,759 shares in the company, valued at $9,064,085.16. The trade was a 2.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,821 shares of company stock valued at $960,566 in the last ninety days. 3.07% of the stock is currently owned by insiders.

Lyft Price Performance

LYFT stock traded down $0.13 during trading on Friday, reaching $16.66. 15,556,121 shares of the company were exchanged, compared to its average volume of 19,581,628. The company has a 50-day moving average of $15.28 and a two-hundred day moving average of $14.04. The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of 69.42, a P/E/G ratio of 2.72 and a beta of 2.33. Lyft, Inc. has a twelve month low of $9.66 and a twelve month high of $19.07. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.70 and a quick ratio of 0.70.

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 business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. The company's revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts predict that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on LYFT shares. Canaccord Genuity Group dropped their price objective on shares of Lyft from $14.00 to $11.00 and set a "hold" rating for the company in a research note on Thursday, August 7th. TD Cowen upgraded shares of Lyft from a "hold" rating to a "buy" rating and boosted their target price for the company from $16.00 to $21.00 in a research report on Tuesday, June 24th. Needham & Company LLC restated a "hold" rating on shares of Lyft in a research report on Friday, May 9th. JPMorgan Chase & Co. boosted their target price on shares of Lyft from $14.00 to $16.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, Oppenheimer dropped their target price on shares of Lyft from $20.00 to $17.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Nine analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $16.87.

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.