Russell Investments Group Ltd. Raises Stock Position in Lyft, Inc. $LYFT

by · The Markets Daily

Russell Investments Group Ltd. grew its stake in Lyft, Inc. (NASDAQ:LYFT – Free Report) by 20.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,260,048 shares of the ride-sharing company’s stock after purchasing an additional 214,373 shares during the period. Russell Investments Group Ltd.’s holdings in Lyft were worth $27,741,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Empowered Funds LLC raised its stake in Lyft by 13.7% during the 1st quarter. Empowered Funds LLC now owns 24,213 shares of the ride-sharing company’s stock worth $287,000 after acquiring an additional 2,921 shares in the last quarter. Focus Partners Wealth boosted its stake in Lyft by 44.0% in the first quarter. Focus Partners Wealth now owns 51,102 shares of the ride-sharing company’s stock valued at $607,000 after acquiring an additional 15,621 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Lyft in the second quarter valued at $470,000. Acadian Asset Management LLC grew its holdings in shares of Lyft by 8.7% during the second quarter. Acadian Asset Management LLC now owns 350,799 shares of the ride-sharing company’s stock worth $5,525,000 after purchasing an additional 27,965 shares during the last quarter. Finally, Illinois Municipal Retirement Fund increased its position in shares of Lyft by 111.8% during the second quarter. Illinois Municipal Retirement Fund now owns 195,315 shares of the ride-sharing company’s stock worth $3,078,000 after purchasing an additional 103,118 shares in the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Lyft

In other news, CAO Stephen W. Hope sold 5,284 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $13.83, for a total transaction of $73,077.72. Following the completion of the transaction, the chief accounting officer directly owned 300,570 shares of the company’s stock, valued at approximately $4,156,883.10. This represents a 1.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jill Beggs sold 2,093 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $13.89, for a total value of $29,071.77. Following the completion of the sale, the director directly owned 32,185 shares of the company’s stock, valued at $447,049.65. This represents a 6.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 31,038 shares of company stock worth $416,841 over the last 90 days. Company insiders own 3.07% of the company’s stock.

Lyft Stock Down 2.7%

Shares of NASDAQ:LYFT opened at $12.95 on Friday. Lyft, Inc. has a fifty-two week low of $9.66 and a fifty-two week high of $25.54. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.31. The firm’s 50-day simple moving average is $16.07 and its 200-day simple moving average is $18.85. The company has a market cap of $5.16 billion, a price-to-earnings ratio of 1.90, a PEG ratio of 0.80 and a beta of 1.92.

Lyft announced that its board has approved a share repurchase plan on Tuesday, February 10th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the ride-sharing company to buy up to 15.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Key Stories Impacting Lyft

Here are the key news stories impacting Lyft this week:

  • Positive Sentiment: Safety and demand initiatives: Lyft partnered with road-safety groups and regional programs (including Nevada discounts for St. Patrick’s Day) to promote safe rides and drive incremental trip volume and PR goodwill. Zero Fatalities, Lyft team up to promote road safety
  • Positive Sentiment: EV driver earnings edge: Reports show EV drivers on rideshare platforms have seen relative gains as gas prices rise, which may help Lyft retain or attract drivers and limit supply-side service degradation. EV Owners On Uber, Lyft Benefited From Rising Gas Prices
  • Neutral Sentiment: Legal settlement leads to nationwide policy change: After a Minnesota suit over a blind passenger denied a ride with her service dog, Lyft agreed to a settlement and will guarantee service-animal rides across the U.S., improving compliance and reducing litigation risk but likely adding operational/training costs. Lyft settles MN complaint over denied rides
  • Negative Sentiment: LAX surcharge could reduce ride volume/demand: Los Angeles International Airport approved a substantial per-trip rideshare fee (reports cite up to a $12 surcharge) that will likely push fares higher for riders to/from LAX, potentially reducing trip volume and hurting revenue growth in a key market. Uber and Lyft fees to LAX are going up
  • Negative Sentiment: Near-term margin and sentiment pressure: Coverage notes Lyft is still unprofitable and the stock has moved lower since its last earnings — investors are focused on when operating leverage will meaningfully improve amid higher fuel costs and potential incremental compliance expenses. Lyft (LYFT) Down 4.9% Since Last Earnings Report
  • Negative Sentiment: Driver behavior and fuel-cost headwinds: Rising gas prices are causing some ICE vehicle drivers to ration trips, which can reduce supply and raise per-trip driver costs or lead to higher incentives from Lyft to maintain availability. Drivers rethinking trips amid soaring gas prices

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on LYFT shares. Jefferies Financial Group reduced their target price on Lyft from $20.00 to $15.50 and set a “hold” rating for the company in a report on Wednesday, February 11th. Arete Research set a $20.00 price target on Lyft and gave the stock a “neutral” rating in a research note on Wednesday, December 3rd. Evercore set a $21.00 price target on Lyft in a research report on Wednesday, February 11th. Guggenheim reduced their price objective on Lyft from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Finally, Mizuho decreased their price objective on Lyft from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Ten research analysts have rated the stock with a Buy rating, twenty-two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Lyft currently has an average rating of “Hold” and an average price target of $19.63.

Read Our Latest Research Report on LYFT

Lyft Company Profile

(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.

Featured Articles

Want to see what other hedge funds are holding LYFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lyft, Inc. (NASDAQ:LYFT – Free Report).