HITE Hedge Asset Management LLC Makes New $357,000 Investment in Lyft, Inc. (NASDAQ:LYFT)

HITE Hedge Asset Management LLC purchased a new stake in shares of Lyft, Inc. (NASDAQ:LYFT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 27,996 shares of the ride-sharing company’s stock, valued at approximately $357,000.

Several other hedge funds have also recently bought and sold shares of LYFT. True Wealth Design LLC purchased a new stake in shares of Lyft during the third quarter valued at $27,000. International Assets Investment Management LLC acquired a new stake in Lyft in the second quarter valued at approximately $35,000. Brown Brothers Harriman & Co. bought a new position in Lyft in the 2nd quarter worth about $35,000. Capital Performance Advisors LLP purchased a new position in shares of Lyft during the third quarter valued at $38,000. Finally, Quarry LP grew its holdings in Lyft by 4,032.6% in the 2nd quarter. Quarry LP now owns 3,554 shares of the ride-sharing company’s stock valued at $50,000 after buying an additional 3,468 shares during the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Lyft

In other news, insider Lindsay Catherine Llewellyn sold 4,243 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $12.00, for a total value of $50,916.00. Following the sale, the insider now directly owns 760,089 shares in the company, valued at $9,121,068. This represents a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $27,439.68. Following the completion of the transaction, the director now owns 929,638 shares of the company’s stock, valued at $10,523,502.16. This trade represents a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,909 shares of company stock worth $505,686. Insiders own 3.07% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on LYFT. DA Davidson lifted their target price on Lyft from $11.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Morgan Stanley raised their price objective on shares of Lyft from $16.50 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. UBS Group boosted their target price on shares of Lyft from $13.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Susquehanna lifted their price target on Lyft from $10.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, Nomura raised Lyft from a “reduce” rating to a “neutral” rating and lowered their price target for the company from $15.00 to $13.00 in a report on Friday, August 23rd. Twenty-eight equities research 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. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $17.55.

Lyft Stock Performance

Lyft stock opened at $17.17 on Tuesday. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $20.82. The company’s 50-day moving average price is $14.78 and its two-hundred day moving average price is $13.56. 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 (NASDAQ:LYFT) last released its quarterly earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $1.52 billion during 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 business’s revenue was up 31.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.02) EPS. As a group, analysts expect that Lyft, Inc. will post 0.08 EPS for the current fiscal year.

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.