Los Angeles Capital Management LLC Sells 1,951,502 Shares of Lyft, Inc. $LYFT

Key Points

• Los Angeles Capital Management cut its Lyft stake by 48.9% in the fourth quarter, selling 1,951,502 shares and leaving it with about 2.04 million shares valued at roughly $40.2 million.
• Lyft reported mixed quarterly results: revenue of $1.65 billion beat estimates, but earnings per share of $0.04 missed expectations of $0.30. Revenue rose 17.2% year over year.
• The company has an authorized $1 billion share repurchase program, while analysts currently rate the stock a Hold on average with a consensus price target of $18.83.

Los Angeles Capital Management LLC reduced its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 48.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,035,460 shares of the ride-sharing company's stock after selling 1,951,502 shares during the quarter. Los Angeles Capital Management LLC owned about 0.51% of Lyft worth $40,200,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in LYFT. Empowered Funds LLC grew its position in shares of Lyft by 13.7% in the first quarter. Empowered Funds LLC now owns 24,213 shares of the ride-sharing company's stock valued at $287,000 after purchasing an additional 2,921 shares during the last quarter. Focus Partners Wealth grew its position in shares of Lyft by 44.0% in the first quarter. Focus Partners Wealth now owns 51,102 shares of the ride-sharing company's stock valued at $607,000 after purchasing an additional 15,621 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Lyft in the second quarter valued at about $470,000. Invesco Ltd. grew its position in shares of Lyft by 87.5% in the second quarter. Invesco Ltd. now owns 1,064,930 shares of the ride-sharing company's stock valued at $16,783,000 after purchasing an additional 497,118 shares during the last quarter. Finally, California Public Employees Retirement System grew its position in shares of Lyft by 12.6% in the second quarter. California Public Employees Retirement System now owns 709,188 shares of the ride-sharing company's stock valued at $11,177,000 after purchasing an additional 79,634 shares during the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Lyft Price Performance

LYFT stock opened at $13.65 on Monday. Lyft, Inc. has a twelve month low of $12.46 and a twelve month high of $25.54. The company has a market cap of $5.18 billion, a PE ratio of 1.99, a price-to-earnings-growth ratio of 0.85 and a beta of 1.82. The business's 50-day simple moving average is $13.83 and its 200 day simple moving average is $16.12. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.33.

Lyft (NASDAQ:LYFT - Get Free Report) last released its earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.30 by ($0.26). Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the business earned $0.01 earnings per share. The firm's quarterly revenue was up 17.2% compared to the same quarter last year. On average, research analysts anticipate that Lyft, Inc. will post 0.66 earnings per share for the current year.

Lyft announced that its board has authorized a share repurchase plan on Tuesday, February 10th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the ride-sharing company to purchase up to 15.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on LYFT shares. DA Davidson lowered their price target on Lyft from $19.00 to $14.50 and set a "neutral" rating on the stock in a research report on Monday, May 18th. Evercore set a $21.00 price target on Lyft in a research report on Wednesday, February 11th. Roth Mkm reaffirmed a "buy" rating and issued a $23.00 price target on shares of Lyft in a research report on Friday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lyft in a research report on Wednesday, February 11th. Finally, Cantor Fitzgerald lowered their price target on Lyft from $21.00 to $14.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 11th. Eight equities research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $18.83.

Insider Buying and Selling

In related news, CAO Stephen W. Hope sold 5,460 shares of Lyft stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $13.76, for a total transaction of $75,129.60. Following the sale, the chief accounting officer directly owned 335,463 shares of the company's stock, valued at $4,615,970.88. This trade represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing 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, insider Lindsay Catherine Llewellyn sold 11,491 shares of Lyft stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $15.00, for a total value of $172,365.00. Following the sale, the insider directly owned 853,731 shares in the company, valued at approximately $12,805,965. This trade represents a 1.33% 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 have sold a total of 54,196 shares of company stock valued at $788,521 over the last three months. 0.92% of the stock is owned by corporate insiders.

About Lyft

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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