CenterBook Partners LP Buys 114,234 Shares of Lyft, Inc. $LYFT

by · The Markets Daily

CenterBook Partners LP increased its stake in shares of Lyft, Inc. (NASDAQ:LYFT – Free Report) by 260.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 158,149 shares of the ride-sharing company’s stock after purchasing an additional 114,234 shares during the period. CenterBook Partners LP’s holdings in Lyft were worth $3,063,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Heartland Advisors Inc. boosted its position in shares of Lyft by 68.2% during the third quarter. Heartland Advisors Inc. now owns 594,800 shares of the ride-sharing company’s stock worth $13,092,000 after acquiring an additional 241,250 shares during the last quarter. Strs Ohio boosted its position in shares of Lyft by 4,527.6% during the fourth quarter. Strs Ohio now owns 440,405 shares of the ride-sharing company’s stock worth $8,531,000 after acquiring an additional 430,888 shares during the last quarter. Nierenberg Investment Management Company Inc. boosted its position in shares of Lyft by 1,811.8% during the third quarter. Nierenberg Investment Management Company Inc. now owns 813,555 shares of the ride-sharing company’s stock worth $17,906,000 after acquiring an additional 771,000 shares during the last quarter. American Century Companies Inc. lifted its position in Lyft by 56.8% during the third quarter. American Century Companies Inc. now owns 1,571,726 shares of the ride-sharing company’s stock valued at $34,594,000 after purchasing an additional 569,074 shares during the last quarter. Finally, Neo Ivy Capital Management lifted its position in Lyft by 331.4% during the third quarter. Neo Ivy Capital Management now owns 117,646 shares of the ride-sharing company’s stock valued at $2,589,000 after purchasing an additional 90,376 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

Insider Buying and Selling

In related news, Director Jill Beggs sold 2,093 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $13.76, for a total value of $28,799.68. Following the transaction, the director owned 30,092 shares of the company’s stock, valued at $414,065.92. This trade represents a 6.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lindsay Catherine Llewellyn sold 23,661 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $15.00, for a total transaction of $354,915.00. Following the completion of the transaction, the insider directly owned 916,022 shares in the company, valued at $13,740,330. This represents a 2.52% 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 have sold 54,196 shares of company stock valued at $788,521 in the last 90 days. Company insiders own 0.92% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on LYFT. Oppenheimer set a $20.00 price objective on shares of Lyft in a research report on Friday, May 8th. JPMorgan Chase & Co. increased their price objective on shares of Lyft from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Lyft in a research report on Wednesday, May 6th. Truist Financial increased their price objective on shares of Lyft from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Lyft from $25.00 to $16.00 and set a “hold” rating for the company in a research report on Wednesday, February 11th. Eight research 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 MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $18.83.

Get Our Latest Stock Report on Lyft

Lyft Trading Up 2.7%

LYFT stock opened at $14.02 on Tuesday. The company has a market capitalization of $5.32 billion, a PE ratio of 2.05, a P/E/G ratio of 0.85 and a beta of 1.82. Lyft, Inc. has a 12 month low of $12.46 and a 12 month high of $25.54. The firm’s 50-day moving average is $13.85 and its 200 day moving average is $16.06. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.58 and a quick ratio of 0.58.

Lyft (NASDAQ:LYFT – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The ride-sharing company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.26). The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Lyft had a negative return on equity of 2.09% and a net margin of 43.82%.The company’s quarterly revenue was up 17.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.01 EPS. On average, research analysts anticipate that Lyft, Inc. will post 0.66 EPS for the current year.

Lyft declared that its board has approved a stock buyback program on Tuesday, February 10th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the ride-sharing company to reacquire up to 15.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

About Lyft

(Free Report)

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.

Further Reading

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