Concentric Capital Strategies LP Grows Stake in Lyft, Inc. (NASDAQ:LYFT)

Concentric Capital Strategies LP raised its stake in shares of Lyft, Inc. (NASDAQ:LYFT) by 171.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 176,919 shares of the ride-sharing company’s stock after purchasing an additional 111,861 shares during the period. Concentric Capital Strategies LP’s holdings in Lyft were worth $2,256,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of LYFT. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Lyft during the 3rd quarter valued at $234,000. Point72 Hong Kong Ltd purchased a new stake in shares of Lyft in the third quarter valued at $936,000. True Wealth Design LLC bought a new stake in shares of Lyft in the 3rd quarter worth about $27,000. Maverick Capital Ltd. boosted its stake in shares of Lyft by 251.0% during the 3rd quarter. Maverick Capital Ltd. now owns 170,735 shares of the ride-sharing company’s stock worth $2,177,000 after purchasing an additional 122,096 shares during the period. Finally, Captrust Financial Advisors bought a new position in Lyft during the 3rd quarter valued at about $138,000. 83.07% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Lyft news, Director John Patrick Zimmer sold 2,424 shares of Lyft 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 completion of the transaction, the director now owns 929,638 shares in the company, valued at approximately $10,523,502.16. This trade represents a 0.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Lisa Blackwood-Kapral sold 9,081 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was 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 owns 332,243 shares in the company, valued at approximately $5,987,018.86. This represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,909 shares of company stock valued at $505,686. 3.07% of the stock is owned by company insiders.

Lyft Stock Down 1.1 %

Shares of NASDAQ:LYFT opened at $17.17 on Tuesday. The business’s 50-day moving average is $14.78 and its 200 day moving average is $13.56. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88. Lyft, Inc. has a 1 year low of $8.93 and a 1 year high of $20.82.

Lyft (NASDAQ:LYFT) last released its earnings results on Wednesday, November 6th. The ride-sharing company reported $0.29 EPS for the quarter, topping 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 company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period last year, the business earned ($0.02) EPS. Lyft’s revenue for the quarter was up 31.6% on a year-over-year basis. On average, analysts anticipate that Lyft, Inc. will post 0.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on LYFT. Raymond James initiated coverage on Lyft in a research report on Tuesday, September 24th. They set a “market perform” rating for the company. TD Cowen upped their price objective on Lyft from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Cantor Fitzgerald increased their target price on Lyft from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Wells Fargo & Company reissued a “market perform” rating on shares of Lyft in a research note on Friday, October 18th. Finally, Royal Bank of Canada reduced their price target on shares of Lyft from $24.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Twenty-eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price 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.