Renaissance Technologies LLC Has $13.01 Million Stock Position in Lyft, Inc. (NASDAQ:LYFT)

Renaissance Technologies LLC lessened its stake in Lyft, Inc. (NASDAQ:LYFT) by 73.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 922,700 shares of the ride-sharing company’s stock after selling 2,493,929 shares during the quarter. Renaissance Technologies LLC owned about 0.23% of Lyft worth $13,010,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of LYFT. FinTrust Capital Advisors LLC raised its position in shares of Lyft by 277.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,360 shares of the ride-sharing company’s stock valued at $26,000 after buying an additional 1,000 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Lyft during the first quarter worth $41,000. GAMMA Investing LLC boosted its holdings in shares of Lyft by 42.9% in the 1st quarter. GAMMA Investing LLC now owns 2,213 shares of the ride-sharing company’s stock valued at $43,000 after purchasing an additional 664 shares in the last quarter. Kapitalo Investimentos Ltda bought a new position in shares of Lyft in the 4th quarter valued at $34,000. Finally, Brown Brothers Harriman & Co. acquired a new position in shares of Lyft during the 2nd quarter worth $35,000. Institutional investors own 83.07% of the company’s stock.

Insider Transactions at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the company’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 directly 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 SEC, which is available through the SEC website. In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the business’s stock in a transaction on 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 approximately $10,523,502.16. The sale 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 stock in a transaction on Monday, July 1st. The stock was sold at an average price of $13.81, for a total value of $41,430.00. Following the sale, the president now owns 47,778 shares in the company, valued at approximately $659,814.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,164 shares of company stock worth $470,513. 3.07% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Melius Research started coverage on Lyft in a research note on Monday, July 22nd. They issued a “hold” rating and a $15.00 price objective on the stock. Evercore ISI lowered their price objective on shares of Lyft from $18.00 to $17.00 and set an “in-line” rating for the company in a research report on Thursday, August 8th. Wedbush cut their target price on shares of Lyft from $19.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Cantor Fitzgerald started coverage on shares of Lyft in a research note on Thursday, September 5th. They set a “neutral” rating and a $13.00 target price on the stock. Finally, Loop Capital dropped their price target on Lyft from $20.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. Twenty-six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $15.65.

Lyft Stock Down 0.5 %

LYFT opened at $12.47 on Monday. Lyft, Inc. has a fifty-two week low of $8.85 and a fifty-two week high of $20.82. The firm has a market capitalization of $5.03 billion, a P/E ratio of -26.53 and a beta of 2.04. The company’s 50-day moving average is $11.54 and its 200 day moving average is $14.66. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.74.

Lyft (NASDAQ:LYFT) last posted its quarterly earnings results on Wednesday, August 7th. The ride-sharing company reported $0.24 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $1.39 billion. During the same quarter in the prior year, the business earned ($0.14) earnings per share. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. Research analysts expect that Lyft, Inc. will post -0.16 earnings per share for the current fiscal year.

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.