Engineers Gate Manager LP Boosts Stock Holdings in Lyft, Inc. $LYFT

Engineers Gate Manager LP grew its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 270.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 457,534 shares of the ride-sharing company's stock after purchasing an additional 333,977 shares during the period. Engineers Gate Manager LP owned approximately 0.12% of Lyft worth $6,685,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. University of Texas Texas AM Investment Management Co. bought a new stake in Lyft during the 4th quarter valued at $26,000. Plato Investment Management Ltd bought a new position in shares of Lyft in the second quarter worth $27,000. Boreal Capital Management LLC purchased a new position in shares of Lyft in the first quarter valued at $31,000. Bessemer Group Inc. grew its position in shares of Lyft by 1,851.9% in the first quarter. Bessemer Group Inc. now owns 2,635 shares of the ride-sharing company's stock valued at $35,000 after purchasing an additional 2,500 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Lyft during the 4th quarter valued at $40,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LYFT. Cantor Fitzgerald increased their price objective on Lyft from $14.00 to $17.00 and gave the stock a "neutral" rating in a report on Friday, August 7th. Scotiabank started coverage on Lyft in a report on Wednesday. They set a "sector perform" rating and a $17.00 target price for the company. Zacks Research upgraded Lyft from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 5th. Wells Fargo & Company increased their price target on shares of Lyft from $18.00 to $19.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Finally, Bank of America upgraded shares of Lyft from an "underperform" rating to a "buy" rating in a research report on Friday, August 7th. Thirteen investment analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $19.69.

Lyft News Summary

Here are the key news stories impacting Lyft this week:

• Positive Sentiment: Lyft launched access to Waymo driverless rides in Nashville, allowing riders to request autonomous trips through the Lyft platform. The rollout could expand Lyft’s mobility offerings and generate demand without requiring the company to own and operate an autonomous vehicle fleet. Lyft launches driverless Waymo rides in Nashville
• Positive Sentiment: A technical analysis report says Lyft’s pullback could be short-lived, potentially supporting the stock if momentum improves. This is a trading signal rather than a change in the company’s fundamentals. Lyft Stock Pullback Could Be Short-Lived Says Signal
• Positive Sentiment: Scotiabank initiated coverage with a “hold” rating and a $17 price target, indicating moderate potential upside from the referenced price level, although the neutral rating limits the bullish significance.
• Neutral Sentiment: Lyft named Michael Brous as chief financial officer as Erin Brewer retires. The transition could affect investor confidence, but no new financial outlook was provided. Lyft Names Michael Brous As Chief Financial Officer
• Neutral Sentiment: Lyft presented at the Goldman Sachs Communacopia + Technology Conference. The transcript may provide strategic context, but the supplied report does not identify new guidance or material financial changes. Lyft Goldman Sachs Conference Transcript
• Neutral Sentiment: The reported short-interest data shows zero shares and a zero-day short ratio, which appears inconsistent with the description of a large increase and should not be treated as a reliable trading catalyst.
• Negative Sentiment: California regulators certified a union representing Uber and Lyft drivers after tens of thousands of signatures were gathered. Greater labor representation could increase costs, reduce operational flexibility, or lead to disputes over driver compensation and benefits. California clears the way for Uber and Lyft driver union
• Negative Sentiment: Reports concerning Lyft drivers accused or convicted in alleged abduction and other criminal incidents may weigh on Lyft’s brand, rider trust, and safety-related expenses, although the cases do not establish company liability. Lyft driver accused of abducting two women
• Negative Sentiment: A Seeking Alpha analysis argues Lyft could become primarily a support or “janitorial” platform for Waymo rather than capture the economics of autonomous driving, highlighting concerns about limited upside from the partnership. Lyft Is Becoming Waymo’s Janitor

Lyft Price Performance

Shares of NASDAQ:LYFT opened at $15.32 on Friday. The company's fifty day moving average price is $16.28 and its 200-day moving average price is $14.69. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.59 and a quick ratio of 0.59. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 2.23, a PEG ratio of 1.02 and a beta of 1.83. Lyft, Inc. has a one year low of $12.46 and a one year high of $25.54.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). Lyft had a negative return on equity of 1.20% and a net margin of 42.32%.The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same period in the prior year, the firm posted $0.10 earnings per share. The business's revenue was up 16.1% on a year-over-year basis. On average, equities research analysts anticipate that Lyft, Inc. will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Lyft

In other Lyft news, Director Jill Beggs sold 2,307 shares of the firm's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $17.34, for a total transaction of $40,003.38. Following the sale, the director owned 46,238 shares in the company, valued at $801,766.92. This trade represents a 4.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lindsay Llewellyn sold 13,204 shares of Lyft stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $16.64, for a total value of $219,714.56. Following the sale, the insider directly owned 781,152 shares of the company's stock, valued at approximately $12,998,369.28. This trade represents a 1.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 97,020 shares of company stock valued at $1,630,959. 0.92% of the stock is currently owned by company insiders.

Lyft Profile

Lyft, Inc is a transportation technology company that operates a digital platform connecting passengers with drivers. Its core service is app-based ridesharing, allowing users to request rides, receive estimated fares, track trips and pay electronically. Lyft also offers transportation options such as scheduled rides, airport services and premium ride categories.

In addition to ridesharing, Lyft provides access to bikes and scooters in select markets and offers transportation-management tools through Lyft Business.

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