HITE Hedge Asset Management LLC Takes $1.87 Million Position in Lyft, Inc. $LYFT

Key Points

• HITE Hedge Asset Management disclosed a new fourth-quarter stake in Lyft, buying 96,631 shares valued at about $1.87 million.
• Institutional interest in Lyft remains high, with several other funds increasing positions; the article notes that 83.07% of Lyft’s stock is owned by institutional investors.
• Analyst sentiment is mixed: Lyft has a Hold consensus rating with a consensus price target of $18.83, while the company also reported mixed quarterly results by missing EPS estimates but beating revenue expectations.

HITE Hedge Asset Management LLC acquired a new stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 96,631 shares of the ride-sharing company's stock, valued at approximately $1,872,000.

Several other hedge funds also recently modified their holdings of the business. Advisors Asset Management Inc. boosted its position in shares of Lyft by 62.6% in the fourth quarter. Advisors Asset Management Inc. now owns 39,997 shares of the ride-sharing company's stock valued at $775,000 after acquiring an additional 15,396 shares during the period. Empire Financial Management Company LLC boosted its position in shares of Lyft by 2.1% in the fourth quarter. Empire Financial Management Company LLC now owns 98,500 shares of the ride-sharing company's stock valued at $1,908,000 after acquiring an additional 2,000 shares during the period. Federation des caisses Desjardins du Quebec boosted its position in shares of Lyft by 7,023.3% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 34,548 shares of the ride-sharing company's stock valued at $669,000 after acquiring an additional 34,063 shares during the period. Hohimer Wealth Management LLC boosted its position in shares of Lyft by 7.4% in the fourth quarter. Hohimer Wealth Management LLC now owns 258,100 shares of the ride-sharing company's stock valued at $4,999,000 after acquiring an additional 17,830 shares during the period. Finally, Orion Porfolio Solutions LLC bought a new stake in shares of Lyft in the fourth quarter valued at approximately $224,000. 83.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

LYFT has been the subject of several research reports. Oppenheimer set a $20.00 price objective on Lyft in a research report on Friday, May 8th. Zacks Research upgraded Lyft from a "strong sell" rating to a "hold" rating in a research note on Wednesday, May 20th. Royal Bank Of Canada lowered their price target on Lyft from $22.00 to $18.00 and set an "outperform" rating on the stock in a research note on Friday, May 8th. Truist Financial boosted their price target on Lyft from $15.00 to $16.00 and gave the company a "hold" rating in a research note on Friday, May 8th. Finally, Canaccord Genuity Group lowered their price target on Lyft from $16.00 to $15.00 and set a "hold" rating on the stock in a research note on Friday, May 8th. Nine investment analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Lyft has a consensus rating of "Hold" and a consensus target price of $18.83.

Insider Buying and Selling

In related news, insider Lindsay Catherine Llewellyn sold 23,661 shares of the firm's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $15.00, for a total value of $354,915.00. Following the completion of the transaction, the insider directly owned 916,022 shares of the company's stock, valued at $13,740,330. This trade represents a 2.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,093 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total value of $28,799.68. Following the completion of the transaction, the director directly owned 30,092 shares of the company's stock, valued at approximately $414,065.92. This trade represents a 6.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 54,196 shares of company stock valued at $788,521 over the last ninety days. 0.92% of the stock is owned by company insiders.

Lyft Stock Down 1.2%

Shares of LYFT stock opened at $13.54 on Friday. The stock has a market cap of $5.14 billion, a P/E ratio of 1.98, a price-to-earnings-growth ratio of 0.81 and a beta of 1.82. Lyft, Inc. has a one year low of $12.46 and a one year high of $25.54. The stock has a fifty day moving average price of $13.90 and a 200 day moving average price of $15.91. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.58 and a quick ratio of 0.58.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its 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). The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The firm's revenue for the quarter was up 17.2% compared to the same quarter last year. During the same period last year, the business earned $0.01 earnings per share. Analysts predict that Lyft, Inc. will post 0.69 earnings per share for the current year.

Lyft Company Profile

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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