Prevatt Capital Ltd Makes New $25.27 Million Investment in Lyft, Inc. $LYFT

Key Points

• Prevatt Capital Ltd disclosed a new stake in Lyft, buying 1.9 million shares valued at about $25.27 million in the first quarter. The position makes Lyft its sixth-largest holding and represents about 0.48% of Lyft.
• Analyst sentiment on Lyft remains mixed: several firms recently reiterated or initiated buy/outperform views, but the overall consensus is still Hold with an average price target of $19.40.
• Lyft shares were up 3.6% to $15.37, while the company’s latest earnings showed $0.04 EPS versus expectations of $0.30, even as revenue rose 17.2% year over year to $1.65 billion.

Prevatt Capital Ltd acquired a new stake in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,900,000 shares of the ride-sharing company's stock, valued at approximately $25,270,000. Lyft accounts for about 6.8% of Prevatt Capital Ltd's holdings, making the stock its 6th biggest position. Prevatt Capital Ltd owned about 0.48% of Lyft at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. bought a new position in shares of Lyft in the 4th quarter worth about $26,000. International Assets Investment Management LLC purchased a new position in Lyft during the 4th quarter valued at about $40,000. Huntington National Bank boosted its stake in Lyft by 171.8% during the fourth quarter. Huntington National Bank now owns 2,174 shares of the ride-sharing company's stock worth $42,000 after acquiring an additional 1,374 shares in the last quarter. CI Investments Inc. boosted its stake in Lyft by 39.1% during the third quarter. CI Investments Inc. now owns 2,321 shares of the ride-sharing company's stock worth $51,000 after acquiring an additional 653 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in Lyft by 410.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,217 shares of the ride-sharing company's stock worth $51,000 after purchasing an additional 2,587 shares during the period. Institutional investors own 83.07% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LYFT. Citigroup assumed coverage on shares of Lyft in a research note on Wednesday, June 17th. They set a "buy" rating for the company. Oppenheimer started coverage on Lyft in a research report on Wednesday, June 17th. They issued an "outperform" rating on the stock. DA Davidson cut their price target on Lyft from $19.00 to $14.50 and set a "neutral" rating on the stock in a research note on Monday, May 18th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Lyft in a research report on Wednesday, May 6th. Finally, Tigress Financial reiterated a "buy" rating and set a $28.00 price objective on shares of Lyft in a research note on Wednesday, June 24th. Thirteen research analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Lyft currently has an average rating of "Hold" and an average target price of $19.40.

Lyft Stock Up 3.6%

NASDAQ:LYFT opened at $15.37 on Friday. The firm has a market cap of $5.84 billion, a P/E ratio of 2.24, a P/E/G ratio of 0.88 and a beta of 1.80. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.58 and a current ratio of 0.58. Lyft, Inc. has a fifty-two week low of $12.46 and a fifty-two week high of $25.54. The firm has a 50-day simple moving average of $14.04 and a two-hundred day simple moving average of $15.20.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the company posted $0.01 EPS. The company's quarterly revenue was up 17.2% on a year-over-year basis. Analysts predict that Lyft, Inc. will post 0.69 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Lindsay Catherine Llewellyn sold 23,661 shares of the company's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $15.00, for a total value of $354,915.00. Following the transaction, the insider directly owned 916,022 shares of the company's stock, valued at approximately $13,740,330. This represents a 2.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jill Beggs sold 2,093 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total value of $28,799.68. Following the completion of the transaction, the director directly owned 30,092 shares in the company, valued at $414,065.92. This trade represents a 6.50% 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 69,196 shares of company stock valued at $992,371 in the last quarter. Insiders own 0.92% of the company's stock.

Lyft Profile

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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