Lyft, Inc. $LYFT Shares Sold by Appaloosa LP

Key Points

• Appaloosa LP reduced its stake in Lyft by 33.3%, selling 4.5 million shares, which now represent approximately 1.3% of its portfolio, making Lyft its 13th biggest holding.
• Several institutional investors have increased their positions in Lyft, with PDT Partners boosting its stake by 123.9% and Canada Pension Plan Investment Board increasing its stake by 48.3% in the first quarter.
• Lyft's stock price has seen a fluctuation, with a recent increase of 3.6%, and its earnings report missed analysts' expectations, posting an EPS of $0.10 compared to the consensus estimate of $0.27.

Appaloosa LP lessened its stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 33.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,000,000 shares of the ride-sharing company's stock after selling 4,500,000 shares during the period. Lyft accounts for approximately 1.3% of Appaloosa LP's investment portfolio, making the stock its 13th biggest position. Appaloosa LP owned approximately 2.15% of Lyft worth $106,830,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. PNC Financial Services Group Inc. raised its holdings in Lyft by 42.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,689 shares of the ride-sharing company's stock valued at $115,000 after acquiring an additional 2,871 shares during the last quarter. Maxi Investments CY Ltd raised its holdings in Lyft by 320.4% in the 1st quarter. Maxi Investments CY Ltd now owns 945,933 shares of the ride-sharing company's stock valued at $11,228,000 after acquiring an additional 720,933 shares during the last quarter. Meridiem Capital Partners LP acquired a new stake in Lyft in the 4th quarter valued at about $11,571,000. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Lyft by 40.2% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 104,314 shares of the ride-sharing company's stock valued at $1,221,000 after acquiring an additional 29,912 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Lyft by 26.3% in the 1st quarter. Ameriprise Financial Inc. now owns 24,849,205 shares of the ride-sharing company's stock valued at $294,978,000 after acquiring an additional 5,178,118 shares during the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.

Insider Activity at Lyft

In related news, CEO John David Risher bought 5,926 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The stock was purchased at an average price of $16.88 per share, for a total transaction of $100,030.88. Following the acquisition, the chief executive officer owned 11,797,266 shares of the company's stock, valued at approximately $199,137,850.08. This trade represents a 0.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Erin Brewer sold 15,000 shares of Lyft stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $17.24, for a total transaction of $258,600.00. Following the completion of the sale, the chief financial officer owned 525,759 shares of the company's stock, valued at $9,064,085.16. This trade represents a 2.77% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,821 shares of company stock worth $960,566. Insiders own 3.07% of the company's stock.

Lyft Trading Down 0.8%

Shares of NASDAQ LYFT traded down $0.13 during midday trading on Friday, reaching $16.66. 15,556,121 shares of the stock were exchanged, compared to its average volume of 19,581,628. The company has a 50 day simple moving average of $15.28 and a 200 day simple moving average of $14.04. The stock has a market capitalization of $6.77 billion, a P/E ratio of 69.42, a PEG ratio of 2.74 and a beta of 2.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.70 and a current ratio of 0.70. Lyft, Inc. has a twelve month low of $9.66 and a twelve month high of $19.07.

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

Analysts Set New Price Targets

LYFT has been the subject of a number of recent research reports. UBS Group increased their price objective on shares of Lyft from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Canaccord Genuity Group cut their price objective on shares of Lyft from $14.00 to $11.00 and set a "hold" rating for the company in a report on Thursday, August 7th. Citigroup reiterated a "hold" rating and issued a $14.00 price objective (down previously from $22.00) on shares of Lyft in a report on Friday, June 27th. Susquehanna cut their price objective on shares of Lyft from $18.00 to $14.00 and set a "neutral" rating for the company in a report on Monday, August 11th. Finally, Oppenheimer cut their price objective on shares of 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 issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Lyft currently has a consensus rating of "Hold" and an average price target 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.