Maple Rock Capital Partners Inc. Acquires 2,838,000 Shares of Lyft, Inc. (NASDAQ:LYFT)

Maple Rock Capital Partners Inc. grew its holdings in Lyft, Inc. (NASDAQ:LYFT) by 84.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,186,000 shares of the ride-sharing company’s stock after buying an additional 2,838,000 shares during the period. Lyft accounts for about 2.2% of Maple Rock Capital Partners Inc.’s portfolio, making the stock its 8th biggest holding. Maple Rock Capital Partners Inc. owned approximately 1.51% of Lyft worth $78,872,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in LYFT. Comerica Bank boosted its holdings in shares of Lyft by 310.3% during the first quarter. Comerica Bank now owns 102,576 shares of the ride-sharing company’s stock worth $1,985,000 after acquiring an additional 77,578 shares during the period. Harbor Capital Advisors Inc. acquired a new position in Lyft in the 2nd quarter valued at $659,000. CWM LLC increased its position in Lyft by 26.4% during the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock worth $98,000 after buying an additional 1,457 shares during the period. QRG Capital Management Inc. lifted its holdings in shares of Lyft by 6.1% during the second quarter. QRG Capital Management Inc. now owns 24,854 shares of the ride-sharing company’s stock worth $350,000 after buying an additional 1,437 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Lyft by 401.2% in the second quarter. SG Americas Securities LLC now owns 326,779 shares of the ride-sharing company’s stock valued at $4,608,000 after acquiring an additional 261,582 shares during the period. 83.07% of the stock is currently owned by institutional investors.

Lyft Price Performance

Lyft stock opened at $16.92 on Wednesday. The business has a fifty day moving average price of $14.86 and a 200-day moving average price of $13.57. The firm has a market capitalization of $7.02 billion, a P/E ratio of -105.75, a PEG ratio of 4.98 and a beta of 2.09. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick 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 issued its quarterly earnings data on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the previous year, the company earned ($0.02) earnings per share. Lyft’s revenue for the quarter was up 31.6% on a year-over-year basis. As a group, equities research analysts forecast that Lyft, Inc. will post 0.08 EPS for the current year.

Insider Transactions at Lyft

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This represents a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Logan Green sold 10,919 shares of Lyft stock in a transaction that occurred 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 transaction, the director now directly owns 314,492 shares in the company, valued at $5,424,987. This trade represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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 company insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Roth Mkm lifted their price objective on shares of Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Barclays boosted their price target on Lyft from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Wedbush restated a “neutral” rating and set a $20.00 price objective (up previously from $12.00) on shares of Lyft in a research note on Thursday, November 7th. Morgan Stanley upped their target price on Lyft from $16.50 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, BMO Capital Markets raised their price target on Lyft from $13.00 to $18.00 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. Twenty-eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target 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.