Invenomic Capital Management LP Has $42.58 Million Stake in Lyft, Inc. $LYFT

Key Points

• Invenomic Capital Management LP increased its stake in Lyft, Inc. by 75.2% during the first quarter, now holding approximately 3.6 million shares valued at over $42 million.
• Lyft's quarterly earnings report showed an EPS of $0.10, missing expectations, alongside a revenue of $1.59 billion, which was below analyst estimates.
• Multiple institutional investors have adjusted their positions in Lyft, with 83.07% of the company's stock now held by institutional investors.

Invenomic Capital Management LP raised its position in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 75.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,587,553 shares of the ride-sharing company's stock after purchasing an additional 1,539,388 shares during the quarter. Lyft accounts for approximately 2.1% of Invenomic Capital Management LP's holdings, making the stock its 5th largest holding. Invenomic Capital Management LP owned 0.86% of Lyft worth $42,584,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Spurstone Advisory Services LLC acquired a new stake in shares of Lyft in the fourth quarter valued at about $25,000. GAMMA Investing LLC increased its position in shares of Lyft by 81.4% in the first quarter. GAMMA Investing LLC now owns 2,756 shares of the ride-sharing company's stock valued at $33,000 after acquiring an additional 1,237 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of Lyft in the first quarter valued at about $35,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Lyft in the first quarter valued at about $35,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Lyft by 79.9% during the first 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 during the period. Institutional investors and hedge funds own 83.07% of the company's stock.

Lyft Price Performance

Shares of LYFT stock traded up $0.68 during trading on Tuesday, hitting $18.39. The company had a trading volume of 23,066,393 shares, compared to its average volume of 18,337,619. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market capitalization of $7.47 billion, a P/E ratio of 76.63, a price-to-earnings-growth ratio of 2.72 and a beta of 2.33. The stock's 50-day moving average price is $15.32 and its 200 day moving average price is $14.08. Lyft, Inc. has a one year low of $9.66 and a one year high of $19.07.

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

Insider Activity at Lyft

In other Lyft news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the company's stock in a transaction 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 completion of the sale, the insider directly owned 850,388 shares in the company, valued at $13,478,649.80. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John David Risher bought 5,926 shares of the business's stock in a transaction on Wednesday, September 3rd. The shares were acquired at an average price of $16.88 per share, with a total value of $100,030.88. Following the completion of the purchase, the chief executive officer directly owned 11,797,266 shares of the company's stock, valued at approximately $199,137,850.08. The trade was a 0.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 59,821 shares of company stock worth $960,566. Company insiders own 3.07% of the company's stock.

Analyst Upgrades and Downgrades

LYFT has been the subject of a number of research analyst reports. Wall Street Zen upgraded Lyft from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. Sanford C. Bernstein lifted their price target on Lyft from $16.00 to $18.00 and gave the stock a "market perform" rating in a report on Monday, July 21st. BMO Capital Markets reiterated a "market perform" rating and set a $16.00 price target (up previously from $15.00) on shares of Lyft in a report on Thursday, August 7th. Tigress Financial reiterated a "buy" rating and set a $28.00 price target (up previously from $26.00) on shares of Lyft in a report on Wednesday, May 21st. Finally, Oppenheimer reduced their price target on Lyft from $20.00 to $17.00 and set an "outperform" rating for the company in a 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. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $16.87.

Lyft Company 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.