HITE Hedge Asset Management LLC Buys New Holdings in Lyft, Inc. (NASDAQ:LYFT)

HITE Hedge Asset Management LLC purchased a new stake in Lyft, Inc. (NASDAQ:LYFT) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 27,996 shares of the ride-sharing company’s stock, valued at approximately $357,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Lyft by 0.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,052,879 shares of the ride-sharing company’s stock valued at $230,174,000 after purchasing an additional 80,675 shares during the period. Pacer Advisors Inc. acquired a new stake in shares of Lyft during the 3rd quarter worth $90,604,000. Primecap Management Co. CA increased its position in shares of Lyft by 3.8% during the third quarter. Primecap Management Co. CA now owns 6,491,590 shares of the ride-sharing company’s stock worth $82,768,000 after buying an additional 235,510 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Lyft by 39.5% during the second quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock valued at $40,475,000 after buying an additional 812,926 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Lyft by 11.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,601,400 shares of the ride-sharing company’s stock valued at $22,580,000 after buying an additional 167,400 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Lyft Price Performance

NASDAQ LYFT opened at $17.17 on Tuesday. The firm’s fifty day moving average is $14.78 and its two-hundred day moving average is $13.56. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. Lyft, Inc. has a one year low of $8.93 and a one year high of $20.82.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.09. Lyft had a negative net margin of 1.19% and a negative return on equity of 1.58%. The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the previous year, the company posted ($0.02) EPS. The business’s revenue was up 31.6% compared to the same quarter last year. On average, analysts forecast that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Lyft

In related news, Director Logan Green sold 10,919 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total value of $188,352.75. Following the completion of the transaction, the director now owns 314,492 shares of the company’s stock, valued at $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Lindsay Catherine Llewellyn sold 4,243 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.00, for a total transaction of $50,916.00. Following the transaction, the insider now directly owns 760,089 shares in the company, valued at approximately $9,121,068. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,909 shares of company stock valued at $505,686. 3.07% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on the company. Royal Bank of Canada reduced their price objective on Lyft from $24.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Jefferies Financial Group upped their price target on shares of Lyft from $10.50 to $13.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Nomura Securities raised shares of Lyft from a “strong sell” rating to a “hold” rating in a report on Friday, August 23rd. Susquehanna increased their price target on Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, BMO Capital Markets boosted their price target on Lyft from $13.00 to $18.00 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Twenty-eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $17.55.

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.