Neo Ivy Capital Management Reduces Stock Holdings in Lyft, Inc. (NASDAQ:LYFT)

Key Points

• Neo Ivy Capital Management significantly reduced its stake in Lyft by 71.8%, selling over 120,000 shares during the first quarter, leaving it with 47,376 shares valued at approximately $562,000.
• Despite a 13.5% year-over-year revenue increase, Lyft reported only $0.01 earnings per share for the last quarter, falling short of analysts' expectations of $0.20.
• Several hedge funds increased their positions in Lyft, with Two Sigma Advisers LP raising its stake by 828.5%, now holding over 6.6 million shares valued at around $85.9 million as of the last quarter.

Neo Ivy Capital Management decreased its holdings in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 71.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 47,376 shares of the ride-sharing company's stock after selling 120,342 shares during the period. Neo Ivy Capital Management's holdings in Lyft were worth $562,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in LYFT. Renaissance Technologies LLC grew its stake in shares of Lyft by 282.0% in the fourth quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock worth $111,240,000 after purchasing an additional 6,365,727 shares during the last quarter. Federated Hermes Inc. boosted its holdings in Lyft by 1,957.5% in the fourth quarter. Federated Hermes Inc. now owns 288,827 shares of the ride-sharing company's stock valued at $3,726,000 after acquiring an additional 274,789 shares in the last quarter. Meridiem Capital Partners LP purchased a new position in Lyft during the 4th quarter valued at $11,571,000. Capital World Investors lifted its position in shares of Lyft by 49.4% in the 4th quarter. Capital World Investors now owns 6,775,478 shares of the ride-sharing company's stock worth $87,404,000 after purchasing an additional 2,240,478 shares during the period. Finally, Prudential Financial Inc. bought a new stake in shares of Lyft during the 4th quarter valued at about $1,221,000. 83.07% of the stock is owned by institutional investors.

Insider Activity

In other Lyft news, insider Lindsay Catherine Llewellyn sold 22,736 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $12.45, for a total transaction of $283,063.20. Following the transaction, the insider owned 959,697 shares in the company, valued at approximately $11,948,227.65. This represents a 2.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $15.80, for a total value of $38,299.20. Following the transaction, the director owned 879,498 shares in the company, valued at $13,896,068.40. This trade represents a 0.27% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,732 shares of company stock worth $347,159. 3.07% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Morgan Stanley cut their price objective on Lyft from $17.00 to $15.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 17th. The Goldman Sachs Group raised shares of Lyft from a "neutral" rating to a "buy" rating and set a $20.00 price objective on the stock in a research note on Friday, May 9th. DA Davidson restated a "neutral" rating and issued a $15.00 price target on shares of Lyft in a research note on Wednesday, April 16th. Oppenheimer lifted their price objective on Lyft from $17.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Tigress Financial reissued a "buy" rating and issued a $28.00 target price (up from $26.00) on shares of Lyft in a research note on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $16.98.

Lyft Stock Performance

NASDAQ LYFT traded down $0.25 on Wednesday, reaching $13.80. 5,307,654 shares of the company's stock traded hands, compared to its average volume of 17,464,963. Lyft, Inc. has a fifty-two week low of $8.93 and a fifty-two week high of $19.07. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market cap of $5.77 billion, a price-to-earnings ratio of 91.97, a P/E/G ratio of 2.78 and a beta of 2.20. The stock has a 50 day moving average price of $15.33 and a 200-day moving average price of $13.71.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.19). The company had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.47 billion. Lyft had a net margin of 0.95% and a return on equity of 11.28%. The firm's revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.15 earnings per share. Equities research analysts predict that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

About Lyft

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.