PDT Partners LLC Has $8.88 Million Stake in Lyft, Inc. $LYFT

Key Points

• PDT Partners LLC increased its holdings in Lyft, Inc. by 123.9%, owning 747,902 shares valued at approximately $8.88 million.
• Several large investors, including PNC Financial and Maxi Investments, also boosted their stakes, highlighting renewed confidence in Lyft's stock.
• Lyft's recent earnings report showed a 10.6% year-over-year revenue increase, although it missed analysts' EPS expectations by $0.17.

PDT Partners LLC raised its stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 123.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 747,902 shares of the ride-sharing company's stock after purchasing an additional 413,902 shares during the period. Lyft accounts for 0.6% of PDT Partners LLC's holdings, making the stock its 6th biggest holding. PDT Partners LLC owned 0.18% of Lyft worth $8,878,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in LYFT. Rakuten Group Inc. bought a new stake in shares of Lyft during the first quarter worth about $130,434,000. Two Sigma Advisers LP increased its position in shares of Lyft by 828.5% during the fourth quarter. Two Sigma Advisers LP now owns 6,662,535 shares of the ride-sharing company's stock valued at $85,947,000 after acquiring an additional 5,945,000 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Lyft by 26.3% during the first 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. Two Sigma Investments LP increased its position in shares of Lyft by 156.9% during the fourth quarter. Two Sigma Investments LP now owns 8,025,099 shares of the ride-sharing company's stock valued at $103,524,000 after acquiring an additional 4,901,358 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Lyft by 83,744.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,144,991 shares of the ride-sharing company's stock valued at $37,331,000 after acquiring an additional 3,141,240 shares during the last quarter. 83.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on LYFT shares. Citigroup reiterated a "hold" rating and issued a $14.00 target price (down from $22.00) on shares of Lyft in a research note on Friday, June 27th. Canaccord Genuity Group lowered their price target on shares of Lyft from $14.00 to $11.00 and set a "hold" rating on the stock in a research report on Thursday, August 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lyft in a report on Friday, May 9th. Roth Capital raised shares of Lyft from a "neutral" rating to a "buy" rating and set a $19.00 target price on the stock in a report on Thursday, August 7th. Finally, Wells Fargo & Company increased their target price on Lyft from $14.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Lyft has a consensus rating of "Hold" and an average target price of $16.83.

Insider Activity

In other Lyft news, CFO Erin Brewer sold 15,000 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $15.24, for a total transaction of $228,600.00. Following the completion of the sale, the chief financial officer directly owned 540,759 shares in the company, valued at $8,241,167.16. This represents a 2.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 28,356 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $15.85, for a total transaction of $449,442.60. Following the sale, the insider owned 850,388 shares of the company's stock, valued at approximately $13,478,649.80. The trade was a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,821 shares of company stock valued at $701,966. Company insiders own 3.07% of the company's stock.

Lyft Price Performance

LYFT stock traded down $0.13 during mid-day trading on Thursday, hitting $16.79. 17,963,209 shares of the stock were exchanged, compared to its average volume of 18,305,674. The business has a fifty day moving average price of $15.26 and a 200 day moving average price of $14.02. Lyft, Inc. has a 12 month low of $9.66 and a 12 month high of $19.07. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $6.82 billion, a price-to-earnings ratio of 69.96, a PEG ratio of 2.65 and a beta of 2.33.

Lyft (NASDAQ:LYFT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share 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 analysts' expectations of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.24 earnings per share. On average, sell-side analysts anticipate that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft 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.