Voloridge Investment Management LLC Increases Position in Lyft, Inc. (NASDAQ:LYFT)

Voloridge Investment Management LLC raised its position in shares of Lyft, Inc. (NASDAQ:LYFT) by 91.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 760,472 shares of the ride-sharing company’s stock after buying an additional 363,252 shares during the period. Voloridge Investment Management LLC’s holdings in Lyft were worth $48,047,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of LYFT. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Lyft during the first quarter worth about $39,000. M&T Bank Corp purchased a new position in Lyft in the 4th quarter valued at approximately $355,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Lyft in the fourth quarter worth $236,000. Vontobel Holding Ltd. purchased a new stake in shares of Lyft during the fourth quarter worth $271,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Lyft in the fourth quarter valued at $307,000. 81.22% of the stock is owned by institutional investors and hedge funds.

In other Lyft news, Director David Lawee sold 115,537 shares of the company’s stock in a transaction dated Tuesday, April 27th. The shares were sold at an average price of $65.20, for a total transaction of $7,533,012.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 4,514 shares of the stock in a transaction dated Wednesday, May 26th. The shares were sold at an average price of $53.77, for a total transaction of $242,717.78. The disclosure for this sale can be found here. Insiders have sold 171,051 shares of company stock worth $10,830,870 in the last ninety days. 22.86% of the stock is currently owned by corporate insiders.

Shares of Lyft stock traded down $0.87 on Thursday, reaching $54.90. 105,014 shares of the stock were exchanged, compared to its average volume of 4,423,333. The firm has a market capitalization of $18.08 billion, a price-to-earnings ratio of -9.94 and a beta of 2.31. Lyft, Inc. has a 1-year low of $21.34 and a 1-year high of $68.28. The stock’s fifty day simple moving average is $56.73. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.16 and a quick ratio of 1.16.

Lyft (NASDAQ:LYFT) last released its earnings results on Tuesday, May 4th. The ride-sharing company reported ($0.35) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.98) by $0.63. The company had revenue of $609.00 million for the quarter, compared to analysts’ expectations of $554.70 million. Lyft had a negative return on equity of 80.71% and a negative net margin of 88.32%. The firm’s quarterly revenue was down 36.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.31) EPS. On average, sell-side analysts anticipate that Lyft, Inc. will post -2.51 earnings per share for the current fiscal year.

LYFT has been the topic of several recent research reports. Citigroup upped their price target on Lyft from $76.00 to $80.00 in a report on Thursday, May 6th. Wolfe Research started coverage on shares of Lyft in a report on Thursday, April 1st. They issued a “peer perform” rating and a $54.00 target price on the stock. Morgan Stanley boosted their price target on shares of Lyft from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 5th. DA Davidson increased their price objective on shares of Lyft from $66.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, May 5th. Finally, Vertical Research started coverage on shares of Lyft in a research report on Friday, March 26th. They set a “buy” rating and a $85.00 price objective for the company. Seven analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $69.69.

Lyft Company Profile

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company operates multimodal transportation networks that offer riders personalized and on-demand access to various mobility options. It provides Ridesharing Marketplace, which connects drivers with riders; Express Drive, a flexible car rentals program for drivers; Lyft Rentals that provides vehicles for long-distance trips; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.

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Institutional Ownership by Quarter for Lyft (NASDAQ:LYFT)

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