Lyft, Inc. (NASDAQ:LYFT) Position Lowered by Maple Rock Capital Partners Inc.

Maple Rock Capital Partners Inc. reduced its position in shares of Lyft, Inc. (NASDAQ:LYFT - Free Report) by 12.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,435,000 shares of the ride-sharing company's stock after selling 751,000 shares during the quarter. Lyft accounts for approximately 2.1% of Maple Rock Capital Partners Inc.'s holdings, making the stock its 3rd biggest position. Maple Rock Capital Partners Inc. owned about 1.31% of Lyft worth $70,112,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LYFT. Mercer Global Advisors Inc. ADV raised its stake in shares of Lyft by 90.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,544 shares of the ride-sharing company's stock worth $368,000 after buying an additional 13,528 shares during the period. Westerly Capital Management LLC raised its stake in Lyft by 50.0% during the 4th quarter. Westerly Capital Management LLC now owns 375,000 shares of the ride-sharing company's stock worth $4,838,000 after acquiring an additional 125,000 shares during the period. PDT Partners LLC purchased a new position in Lyft during the fourth quarter valued at approximately $4,309,000. Schonfeld Strategic Advisors LLC lifted its holdings in Lyft by 194.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 502,563 shares of the ride-sharing company's stock valued at $6,483,000 after purchasing an additional 331,792 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Lyft by 60.9% during the 4th quarter. AQR Capital Management LLC now owns 4,823,906 shares of the ride-sharing company's stock valued at $62,228,000 after buying an additional 1,825,761 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Lyft Stock Performance

Lyft stock traded up $0.55 during trading hours on Monday, hitting $13.20. 17,318,913 shares of the stock traded hands, compared to its average volume of 15,530,467. Lyft, Inc. has a 1 year low of $8.93 and a 1 year high of $19.07. The firm's 50 day moving average price is $11.76 and its 200-day moving average price is $13.60. 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 market capitalization of $5.52 billion, a price-to-earnings ratio of 220.00, a P/E/G ratio of 1.90 and a beta of 2.14.

Lyft (NASDAQ:LYFT - Get Free Report) last issued its earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. As a group, equities analysts expect that Lyft, Inc. will post 0.22 EPS for the current fiscal year.

Lyft declared that its Board of Directors has authorized a share repurchase plan on Tuesday, February 11th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the ride-sharing company to reacquire up to 8.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Insider Activity at Lyft

In related news, Director John Patrick Zimmer sold 2,424 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the completion of the transaction, the director now owns 911,922 shares of the company's stock, valued at approximately $11,417,263.44. This represents a 0.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Logan Green sold 11,411 shares of the business's stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $13.34, for a total transaction of $152,222.74. Following the completion of the sale, the director now directly owns 297,640 shares of the company's stock, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,143 shares of company stock worth $486,841. 3.07% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on LYFT shares. Evercore ISI reduced their price objective on shares of Lyft from $19.00 to $15.00 and set an "in-line" rating on the stock in a research report on Wednesday, February 12th. Oppenheimer initiated coverage on shares of Lyft in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $15.00 price target on the stock. BMO Capital Markets cut their price objective on Lyft from $18.00 to $15.00 and set a "market perform" rating for the company in a research report on Wednesday, February 12th. Loop Capital reduced their target price on Lyft from $23.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, March 18th. Finally, Barclays dropped their price target on Lyft from $20.00 to $19.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Lyft currently has an average rating of "Hold" and an average target price of $16.45.

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.