Renaissance Technologies LLC Cuts Stake in Lyft, Inc. $LYFT

Renaissance Technologies LLC cut its stake in Lyft, Inc. (NASDAQ:LYFT) by 7.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,164,632 shares of the ride-sharing company’s stock after selling 708,600 shares during the period. Renaissance Technologies LLC owned approximately 2.30% of Lyft worth $121,890,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. purchased a new position in Lyft during the fourth quarter worth approximately $26,000. Bessemer Group Inc. grew its stake in shares of Lyft by 1,851.9% during the 1st quarter. Bessemer Group Inc. now owns 2,635 shares of the ride-sharing company’s stock valued at $35,000 after buying an additional 2,500 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Lyft during the 4th quarter valued at $40,000. Huntington National Bank increased its holdings in shares of Lyft by 171.8% during the 4th quarter. Huntington National Bank now owns 2,174 shares of the ride-sharing company’s stock worth $42,000 after buying an additional 1,374 shares during the last quarter. Finally, Ascentis Independent Advisors acquired a new stake in shares of Lyft during the 1st quarter worth $43,000. 83.07% of the stock is currently owned by hedge funds and other institutional investors.

Lyft Stock Performance

NASDAQ:LYFT opened at $14.20 on Friday. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of 2.07, a PEG ratio of 0.84 and a beta of 1.80. The firm’s fifty day simple moving average is $14.46 and its 200 day simple moving average is $14.77. Lyft, Inc. has a twelve month low of $12.46 and a twelve month high of $25.54.

Lyft (NASDAQ:LYFT) last announced its quarterly earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.26). Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the company posted $0.01 earnings per share. The firm’s revenue for the quarter was up 17.2% on a year-over-year basis. As a group, equities research analysts expect that Lyft, Inc. will post 0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Erin Brewer sold 15,000 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $13.59, for a total value of $203,850.00. Following the completion of the sale, the chief financial officer owned 705,979 shares of the company’s stock, valued at $9,594,254.61. This represents a 2.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen W. Hope sold 5,460 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total value of $75,129.60. Following the completion of the sale, the chief accounting officer owned 335,463 shares of the company’s stock, valued at approximately $4,615,970.88. This trade represents a 1.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 45,535 shares of company stock worth $637,456 over the last three months. 0.92% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on LYFT shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Lyft in a research report on Wednesday, May 6th. Tigress Financial reissued a “buy” rating and set a $28.00 price target on shares of Lyft in a research report on Wednesday, June 24th. DA Davidson dropped their price target on Lyft from $19.00 to $14.50 and set a “neutral” rating for the company in a research note on Monday, May 18th. Oppenheimer assumed coverage on Lyft in a report on Wednesday, June 17th. They issued an “outperform” rating on the stock. Finally, William Blair lowered Lyft to a “market perform” rating in a research note on Wednesday, June 17th. Thirteen analysts have rated the stock with a Buy rating, twenty have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, Lyft presently has a consensus rating of “Hold” and an average target price of $19.40.

About Lyft

Lyft, Inc (NASDAQ: LYFT) operates a peer-to-peer ridesharing platform that connects passengers with drivers through a mobile application. Since its founding in 2012, the company has expanded beyond traditional ride-hailing to include bike and electric scooter rentals, while also offering rental cars and public transit options in select markets. Lyft’s platform uses GPS mapping and dynamic pricing algorithms to optimize driver-passenger matches and route efficiency.

Headquartered in San Francisco, California, Lyft primarily serves urban and suburban markets across the United States and Canada.