Invenomic Capital Management LP Has $26.42 Million Stock Holdings in Lyft, Inc. (NASDAQ:LYFT)

Invenomic Capital Management LP reduced its position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 51.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,048,165 shares of the ride-sharing company's stock after selling 2,151,795 shares during the period. Lyft makes up about 1.3% of Invenomic Capital Management LP's investment portfolio, making the stock its 17th largest position. Invenomic Capital Management LP owned approximately 0.49% of Lyft worth $26,421,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Van ECK Associates Corp grew its holdings in Lyft by 14.0% during the fourth quarter. Van ECK Associates Corp now owns 398,880 shares of the ride-sharing company's stock worth $5,146,000 after acquiring an additional 49,138 shares during the period. Pacer Advisors Inc. increased its stake in Lyft by 32.4% in the 4th quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock worth $121,369,000 after purchasing an additional 2,302,248 shares in the last quarter. Paragon Capital Management Inc. purchased a new position in Lyft during the 4th quarter valued at about $1,681,000. Renaissance Technologies LLC grew its stake in Lyft by 282.0% during the 4th quarter. Renaissance Technologies LLC now owns 8,623,227 shares of the ride-sharing company's stock valued at $111,240,000 after acquiring an additional 6,365,727 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in Lyft by 1,957.5% during the 4th 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. 83.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on LYFT. Citigroup reiterated an "overweight" rating on shares of Lyft in a report on Wednesday, February 12th. Susquehanna lifted their price target on Lyft from $15.00 to $18.00 and gave the company a "neutral" rating in a report on Monday. JPMorgan Chase & Co. lifted their price target on Lyft from $14.00 to $16.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Needham & Company LLC restated a "hold" rating on shares of Lyft in a report on Friday, May 9th. Finally, Morgan Stanley reduced their target price on Lyft from $17.00 to $15.00 and set an "equal weight" rating for the company in a report on Thursday, April 17th. One analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Lyft has a consensus rating of "Hold" and an average target price of $16.56.

Lyft Stock Down 0.7%

LYFT stock traded down $0.11 during mid-day trading on Wednesday, reaching $16.92. The company had a trading volume of 7,098,774 shares, compared to its average volume of 16,008,992. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.76 and a quick ratio of 0.75. The stock has a 50 day simple moving average of $12.03 and a two-hundred day simple moving average of $13.64. The company has a market capitalization of $7.07 billion, a price-to-earnings ratio of 282.77, a PEG ratio of 1.90 and a beta of 2.14. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $19.07.

Lyft (NASDAQ:LYFT - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The ride-sharing company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.19). Lyft had a net margin of 0.39% and a return on equity of 8.03%. The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.47 billion. During the same period in the previous year, the business earned $0.15 earnings per share. The business's quarterly revenue was up 13.5% on a year-over-year basis. As a group, equities analysts predict that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft declared that its Board of Directors has initiated a share repurchase plan on Tuesday, February 11th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the ride-sharing company to purchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, Director John Patrick Zimmer sold 2,424 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total transaction of $30,348.48. Following the sale, the director now owns 911,922 shares in the company, valued at $11,417,263.44. The trade was a 0.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 22,736 shares of the business's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $12.45, for a total value of $283,063.20. Following the sale, the insider now owns 959,697 shares in the company, valued at $11,948,227.65. This represents a 2.31% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,143 shares of company stock worth $486,841. Insiders own 3.07% of the company's stock.

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.