Lyft, Inc. (NASDAQ:LYFT) Sees Significant Drop in Short Interest

Lyft, Inc. (NASDAQ:LYFT) saw a significant decline in short interest in November. As of November 30th, there was short interest totalling 39,460,000 shares, a decline of 21.8% from the November 15th total of 50,470,000 shares. Based on an average trading volume of 14,050,000 shares, the short-interest ratio is presently 2.8 days.

Analysts Set New Price Targets

LYFT has been the topic of a number of analyst reports. Barclays boosted their price objective on shares of Lyft from $14.00 to $20.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Piper Sandler restated an “overweight” rating and set a $23.00 target price (up previously from $17.00) on shares of Lyft in a report on Thursday, November 7th. Loop Capital upped their price target on Lyft from $16.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Susquehanna raised their price objective on shares of Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company restated a “market perform” rating on shares of Lyft in a research note on Friday, October 18th. Twenty-eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $17.77.

Insider Buying and Selling

In other news, Director John Patrick Zimmer sold 2,424 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $11.32, for a total transaction of $27,439.68. Following the transaction, the director now directly owns 929,638 shares of the company’s stock, valued at approximately $10,523,502.16. This trade represents a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $18.02, for a total value of $163,639.62. Following the completion of the sale, the chief accounting officer now directly owns 332,243 shares of the company’s stock, valued at approximately $5,987,018.86. This trade represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,666 shares of company stock worth $454,770. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On Lyft

Several hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC raised its position in Lyft by 3.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 28,454 shares of the ride-sharing company’s stock valued at $363,000 after purchasing an additional 969 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in Lyft by 4.4% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 23,460 shares of the ride-sharing company’s stock worth $330,000 after acquiring an additional 993 shares during the period. XTX Topco Ltd boosted its position in Lyft by 2.5% in the third quarter. XTX Topco Ltd now owns 42,203 shares of the ride-sharing company’s stock valued at $538,000 after buying an additional 1,043 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of Lyft by 9.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,894 shares of the ride-sharing company’s stock worth $196,000 after acquiring an additional 1,160 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Lyft by 1.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 82,690 shares of the ride-sharing company’s stock valued at $1,054,000 after buying an additional 1,315 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors.

Lyft Price Performance

Shares of NASDAQ LYFT traded down $0.71 during mid-day trading on Friday, hitting $14.14. 16,037,705 shares of the company’s stock traded hands, compared to its average volume of 15,085,147. 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 has a 1 year low of $8.93 and a 1 year high of $20.82. The company’s 50-day moving average is $15.32 and its two-hundred day moving average is $13.59. The company has a market capitalization of $5.87 billion, a P/E ratio of -88.38, a PEG ratio of 4.47 and a beta of 2.09.

Lyft (NASDAQ:LYFT) last issued its quarterly earnings data 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. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.44 billion. Lyft had a negative return on equity of 1.58% and a negative net margin of 1.19%. The company’s quarterly revenue was up 31.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.02) earnings per share. On average, equities analysts anticipate that Lyft will post 0.08 EPS 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.