49,800 Lyft, Inc. $LYFT Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. reduced its stake in Lyft, Inc. (NASDAQ:LYFT) by 3.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,562,500 shares of the ride-sharing company’s stock after selling 49,800 shares during the quarter. Hennessy Advisors Inc.’s holdings in Lyft were worth $23,453,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of LYFT. Plato Investment Management Ltd purchased a new stake in shares of Lyft during the 2nd quarter valued at $27,000. Boreal Capital Management LLC purchased a new stake in Lyft during the first quarter valued at about $31,000. Bessemer Group Inc. grew its position in Lyft by 1,851.9% during the first quarter. Bessemer Group Inc. now owns 2,635 shares of the ride-sharing company’s stock valued at $35,000 after acquiring an additional 2,500 shares during the period. Signaturefd LLC raised its holdings in shares of Lyft by 166.5% in the 3rd quarter. Signaturefd LLC now owns 2,593 shares of the ride-sharing company’s stock worth $39,000 after purchasing an additional 1,620 shares during the period. Finally, Ascentis Independent Advisors purchased a new stake in shares of Lyft during the 1st quarter worth about $43,000. Institutional investors and hedge funds own 83.07% of the company’s stock.

Wall Street Analysts Forecast Growth

LYFT has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on Lyft from $18.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Zacks Research upgraded Lyft from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Morgan Stanley lifted their price objective on Lyft from $17.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Piper Sandler reiterated an “overweight” rating and set a $21.00 price objective (up from $20.00) on shares of Lyft in a research note on Friday, August 7th. Finally, Bank of America upgraded Lyft from an “underperform” rating to a “buy” rating in a research note on Friday, August 7th. Ten analysts have rated the stock with a Buy rating, twenty-six have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Lyft presently has a consensus rating of “Hold” and a consensus target price of $19.20.

Insider Activity at Lyft

In other news, insider Lindsay Llewellyn sold 13,204 shares of Lyft stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $16.64, for a total transaction of $219,714.56. Following the sale, the insider owned 781,152 shares of the company’s stock, valued at approximately $12,998,369.28. This trade represents a 1.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Stephen Hope sold 5,982 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $17.34, for a total transaction of $103,727.88. Following the completion of the sale, the chief accounting officer directly owned 299,974 shares in the company, valued at approximately $5,201,549.16. The trade was a 1.96% 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. In the last 90 days, insiders have sold 75,806 shares of company stock worth $1,266,066. Insiders own 0.92% of the company’s stock.

Lyft Price Performance

LYFT stock opened at $16.16 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.33. Lyft, Inc. has a 12-month low of $12.46 and a 12-month high of $25.54. The company has a 50 day moving average of $16.21 and a two-hundred day moving average of $15.16. The company has a market cap of $6.12 billion, a price-to-earnings ratio of 2.35, a PEG ratio of 1.00 and a beta of 2.06.

Lyft (NASDAQ:LYFT) last posted its earnings results on Thursday, August 6th. The ride-sharing company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). Lyft had a net margin of 42.32% and a negative return on equity of 1.20%. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter last year, the business earned $0.10 earnings per share. Lyft’s quarterly revenue was up 16.1% on a year-over-year basis. On average, equities analysts anticipate that Lyft, Inc. will post 0.81 earnings per share for the current fiscal year.

Lyft Company Profile

Lyft, Inc is a technology company that operates a transportation network platform in the United States and Canada. Its platform connects passengers with drivers through a mobile application and website, primarily offering on-demand rides in private vehicles, taxis and other transportation options.

The company also provides access to bicycles and scooters in select markets, as well as vehicle rentals and transportation solutions for businesses, healthcare organizations and other institutions.