Weiss Asset Management LP Invests $677,000 in Lyft, Inc. (NASDAQ:LYFT)

Weiss Asset Management LP purchased a new position in Lyft, Inc. (NASDAQ:LYFT) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 53,108 shares of the ride-sharing company’s stock, valued at approximately $677,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. CWM LLC lifted its holdings in shares of Lyft by 26.4% in the 2nd quarter. CWM LLC now owns 6,968 shares of the ride-sharing company’s stock worth $98,000 after acquiring an additional 1,457 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Lyft in the second quarter worth about $388,000. New York State Teachers Retirement System purchased a new position in shares of Lyft during the third quarter valued at approximately $423,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Lyft during the second quarter valued at approximately $3,349,000. Finally, Private Advisor Group LLC grew its stake in shares of Lyft by 300.9% during the second quarter. Private Advisor Group LLC now owns 69,697 shares of the ride-sharing company’s stock valued at $983,000 after buying an additional 52,311 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LYFT has been the subject of a number of recent analyst reports. Barclays boosted their price objective on Lyft from $14.00 to $20.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Raymond James assumed coverage on shares of Lyft in a research note on Tuesday, September 24th. They set a “market perform” rating for the company. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Lyft in a research note on Friday, October 18th. DA Davidson boosted their price objective on shares of Lyft from $11.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $23.00 target price (up from $17.00) on shares of Lyft in a research report on Thursday, November 7th. Twenty-eight investment 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.77.

Lyft Stock Performance

LYFT opened at $15.94 on Monday. The company has a market cap of $6.61 billion, a P/E ratio of -99.63, a price-to-earnings-growth ratio of 5.00 and a beta of 2.09. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. The firm’s 50-day moving average price is $15.04 and its 200-day moving average price is $13.57. Lyft, Inc. has a 52-week low of $8.93 and a 52-week high of $20.82.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the prior year, the business posted ($0.02) EPS. Lyft’s revenue for the quarter was up 31.6% compared to the same quarter last year. As a group, equities analysts anticipate that Lyft, Inc. will post 0.08 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John Patrick Zimmer sold 2,424 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $11.32, for a total value of $27,439.68. Following the transaction, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. This represents a 0.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Logan Green sold 10,919 shares of Lyft stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $17.25, for a total transaction of $188,352.75. Following the sale, the director now owns 314,492 shares of the company’s stock, valued at approximately $5,424,987. The trade was a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,909 shares of company stock worth $505,686 in the last 90 days. Insiders own 3.07% of the company’s stock.

Lyft 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.