Lyft, Inc. (NASDAQ:LYFT) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC lowered its stake in Lyft, Inc. (NASDAQ:LYFT) by 3.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 48,083 shares of the ride-sharing company’s stock after selling 1,724 shares during the quarter. HighTower Advisors LLC’s holdings in Lyft were worth $611,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Cinctive Capital Management LP boosted its holdings in Lyft by 8.7% in the 3rd quarter. Cinctive Capital Management LP now owns 245,658 shares of the ride-sharing company’s stock worth $3,132,000 after acquiring an additional 19,611 shares during the period. Concentric Capital Strategies LP boosted its stake in shares of Lyft by 171.9% in the third quarter. Concentric Capital Strategies LP now owns 176,919 shares of the ride-sharing company’s stock valued at $2,256,000 after purchasing an additional 111,861 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Lyft during the 3rd quarter valued at $234,000. Point72 Hong Kong Ltd purchased a new stake in Lyft during the 3rd quarter worth $936,000. Finally, True Wealth Design LLC acquired a new position in Lyft in the 3rd quarter worth $27,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Nomura Securities raised Lyft from a “strong sell” rating to a “hold” rating in a research report on Friday, August 23rd. Bank of America lifted their price objective on Lyft from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and set a $23.00 target price (up from $17.00) on shares of Lyft in a research note on Thursday, November 7th. Benchmark restated a “hold” rating on shares of Lyft in a research note on Thursday, November 7th. Finally, Barclays increased their price objective on shares of Lyft from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.77.

Insider Activity at Lyft

In other Lyft news, Director Logan Green sold 10,919 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.25, for a total transaction of $188,352.75. Following the completion of the transaction, the director now directly owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. This trade represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lindsay Catherine Llewellyn sold 4,242 shares of Lyft stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $17.76, for a total value of $75,337.92. Following the transaction, the insider now owns 755,847 shares in the company, valued at approximately $13,423,842.72. This trade represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,242 shares of company stock worth $427,330 over the last ninety days. 3.07% of the stock is currently owned by corporate insiders.

Lyft Stock Performance

LYFT opened at $13.58 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The business’s 50 day moving average is $15.44 and its 200-day moving average is $13.54. The stock has a market cap of $5.63 billion, a PE ratio of -84.88, a price-to-earnings-growth ratio of 4.47 and a beta of 2.09. Lyft, Inc. has a twelve month low of $8.93 and a twelve month high of $20.82.

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

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.