Symmetry Investments LP Acquires New Shares in Lyft, Inc. (NASDAQ:LYFT)

Symmetry Investments LP bought a new position in Lyft, Inc. (NASDAQ:LYFT) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 118,431 shares of the ride-sharing company’s stock, valued at approximately $1,670,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Lyft by 2.4% in the first quarter. Vanguard Group Inc. now owns 32,899,391 shares of the ride-sharing company’s stock worth $636,603,000 after buying an additional 782,736 shares in the last quarter. Norges Bank purchased a new stake in Lyft in the 4th quarter worth approximately $94,687,000. Primecap Management Co. CA boosted its holdings in Lyft by 1.5% in the 2nd quarter. Primecap Management Co. CA now owns 6,256,080 shares of the ride-sharing company’s stock valued at $88,211,000 after purchasing an additional 94,710 shares during the period. Jacobs Levy Equity Management Inc. grew its position in shares of Lyft by 1.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 5,846,287 shares of the ride-sharing company’s stock valued at $113,126,000 after purchasing an additional 63,461 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Lyft by 39.5% in the second quarter. Bank of New York Mellon Corp now owns 2,870,599 shares of the ride-sharing company’s stock worth $40,475,000 after purchasing an additional 812,926 shares during the period. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Lyft Stock Performance

NASDAQ:LYFT opened at $12.47 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.00. Lyft, Inc. has a twelve month low of $8.85 and a twelve month high of $20.82. The stock has a market cap of $5.03 billion, a P/E ratio of -26.53 and a beta of 2.04. The firm’s fifty day simple moving average is $11.54 and its 200 day simple moving average is $14.70.

Lyft (NASDAQ:LYFT) last released its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Lyft had a negative net margin of 1.27% and a negative return on equity of 8.57%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the firm earned ($0.14) earnings per share. Lyft’s revenue was up 40.6% on a year-over-year basis. As a group, research analysts predict that Lyft, Inc. will post -0.16 EPS for the current year.

Insider Transactions at Lyft

In related news, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $11.32, for a total value of $27,439.68. Following the sale, the director now directly owns 929,638 shares of the company’s stock, valued at $10,523,502.16. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $11.32, for a total transaction of $27,439.68. Following the sale, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Kristin Sverchek sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $13.81, for a total transaction of $41,430.00. Following the transaction, the president now directly owns 47,778 shares of the company’s stock, valued at approximately $659,814.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,164 shares of company stock valued at $470,513. Corporate insiders own 3.07% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Evercore ISI dropped their price objective on Lyft from $18.00 to $17.00 and set an “in-line” rating for the company in a research note on Thursday, August 8th. Nomura upgraded Lyft from a “reduce” rating to a “neutral” rating and dropped their price target for the company from $15.00 to $13.00 in a research report on Friday, August 23rd. Royal Bank of Canada decreased their price objective on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Canaccord Genuity Group dropped their target price on shares of Lyft from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, Cantor Fitzgerald assumed coverage on shares of Lyft in a report on Thursday, September 5th. They issued a “neutral” rating and a $13.00 price target on the stock. Twenty-six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Lyft currently has a consensus rating of “Hold” and a consensus price target of $15.65.

Lyft Company Profile

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.