Hillsdale Investment Management Inc. Lowers Stock Position in Lyft, Inc. $LYFT

Hillsdale Investment Management Inc. lowered its position in Lyft, Inc. (NASDAQ:LYFT) by 22.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 200,100 shares of the ride-sharing company’s stock after selling 58,300 shares during the period. Hillsdale Investment Management Inc.’s holdings in Lyft were worth $3,876,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in Lyft during the fourth quarter worth about $40,000. Huntington National Bank increased its holdings in Lyft by 171.8% during the fourth 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. Abich Financial Wealth Management LLC purchased a new stake in Lyft during the third quarter worth about $50,000. CI Investments Inc. increased its holdings in Lyft by 39.1% during the third quarter. CI Investments Inc. now owns 2,321 shares of the ride-sharing company’s stock worth $51,000 after buying an additional 653 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Lyft by 410.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,217 shares of the ride-sharing company’s stock worth $51,000 after buying an additional 2,587 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Lyft Price Performance

LYFT opened at $14.11 on Monday. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of 2.06, a PEG ratio of 0.88 and a beta of 1.82. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.33. The firm has a 50-day moving average price of $13.74 and a 200-day moving average price of $16.44. Lyft, Inc. has a twelve month low of $12.46 and a twelve month high of $25.54.

Lyft (NASDAQ:LYFT) last released its quarterly earnings data on Thursday, May 7th. The ride-sharing company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.26). Lyft had a net margin of 43.82% and a negative return on equity of 2.09%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the business posted $0.01 earnings per share. Lyft’s revenue was up 17.2% compared to the same quarter last year. Equities analysts expect that Lyft, Inc. will post 0.66 EPS for the current year.

Lyft declared that its board has approved a share repurchase plan on Tuesday, February 10th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the ride-sharing company to purchase up to 15.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, Director Jill Beggs sold 2,093 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total value of $28,799.68. Following the completion of the transaction, the director directly owned 30,092 shares in the company, valued at approximately $414,065.92. This trade represents a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 W. Hope sold 5,460 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total transaction of $75,129.60. Following the completion of the transaction, the chief accounting officer owned 335,463 shares of the company’s stock, valued at $4,615,970.88. This trade represents a 1.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 42,705 shares of company stock worth $616,156. 0.92% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on LYFT shares. Jefferies Financial Group decreased their price objective on shares of Lyft from $20.00 to $15.50 and set a “hold” rating for the company in a report on Wednesday, February 11th. Truist Financial raised their price objective on shares of Lyft from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Lyft from $25.00 to $16.00 and set a “hold” rating for the company in a report on Wednesday, February 11th. Morgan Stanley set a $17.00 price objective on shares of Lyft in a report on Wednesday, February 11th. Finally, Canaccord Genuity Group decreased their price objective on shares of Lyft from $16.00 to $15.00 and set a “hold” rating for the company in a report on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.83.

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.